(Bloomberg) — Robinhood Markets Inc., best known for offering commission-free trading, is introducing a credit card for U.S. consumers as it looks to become a broader financial services provider.

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The Robinhood Gold Card, which will be offered exclusively to members of the company’s subscription-based Gold program, will have no annual fees or foreign transaction fees, according to a statement Tuesday. The card offers 3% cash back on all purchase categories, while rivals such as the Chase Sapphire Reserve from JPMorgan Chase & Co. offer such rewards only for certain transactions.

“Our goal is to enter this market on a large scale,” CEO Vlad Tenev said in an interview. “We don’t want to just roll out a credit card that our customers will adopt. We want to roll out a product that can lead and move the industry forward.”

The company’s shares rose as much as 6.6% Wednesday morning, rising 2.9% to $19.83 at 11:46 a.m. This year they are up 56%, which is better than the 9.1% gain for the Russell 1000 Index.

Robinhood is expanding its offerings beyond the retail brokerage services that made the company a household name. Early last year, the Menlo Park, California-based company announced a retirement product. Customers had opened about 500,000 Robinhood retirement accounts by the end of last year, with deposits worth $1.7 billion. They nearly doubled to more than $3 billion by February, Tenev said in the interview.

“There’s an ecosystem benefit to having all their finances in one place — not just for the customers, but for Robinhood, the company — and we think that will accelerate with the credit card,” Tenev said in a separate Bloomberg Television interview on Wednesday . “Even though we’re growing quickly, there’s just a lot of room to run and capture a lot of market share, and we’ve captured market share not just on the trading side, but also on the asset side.”

Robinhood bought credit card issuer X1 Inc. last year. for about $95 million, and company co-founder Deepak Rao became general manager of credit cards for Robinhood and oversaw the rollout of the Gold Card.

Customers can access charting services through a new app that is separate from the Robinhood trading platform. They can also create virtual cards with disposable numbers for privacy, and add as many as five family members to an account. Through a referral program, some customers can get a card made of 10-karat gold.

“The goal is for all of our customers to keep all of their assets in Robinhood, and for all of their trades to go through there,” Tenev said.

As it looks to expand beyond its U.S. trading focus, Robinhood also recently expanded its zero-fee brokerage services to customers outside the country. The company made commission-free trading available across the UK last week and is looking to offer additional features including options trading and margin investing. Margin lending efforts have been put on hold pending discussions with UK regulators.

Read more: Robinhood introduces app in Britain and pauses margin lending plan

In Tuesday’s announcement, the company also said it will offer Robinhood Gold members an unlimited 1% boost on all incoming broker deposits starting in early May to support trading demand, which soared among individual investors as Covid-19 lockdowns hit them kept at home during the first months. days of the pandemic.

(Updates with stock price in fourth paragraph, CEO comments in sixth.)

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