M1 to Remove Annual Fee for Owner’s Rewards Card and Changes Coming
M1 Finance has announced today upcoming updates to The Owner’s Rewards Card by M1, the personal finance platform’s first credit card that was launched last year. The changes described below will be going into effect on November 9, 2022.
Starting on that date, there will no longer be an annual fee associated with the Owner’s Rewards Card for current or future cardholders. M1 wants to encourage even more clients to apply for the card and participate in its unique rewards structure, so it removed the original $95 annual fee, which was only waived for Plus members.
Additionally, shareholding is no longer a requirement to earn top-tier rewards. By lifting the shareholder requirement, investors will be able to maintain their investment strategies while still earning cash back, therefore ensuring the program benefits all investors.
But, even though you won’t be required to hold stock in an eligible company in order to earn 2.5%, 5% and 10% cash back, these increased rates will now be exclusive to M1 Plus members. Without an M1 Plus membership, the card will offer a flat 1.5% cash back. The cash back is automatically invested into cardholders’ portfolios, helping to maximize rewards and grow long-term wealth through everyday transactions.
Along with these changes, M1 is offering a limited-time promotion to some eligible users who have an Owner’s Rewards Card without an M1 Plus membership – they will receive the opportunity to purchase a membership at $75 ($50 off regular price) and unlock the top-tier benefits of being a cardholder. Eligible users will be able to access this promotion until 10/7.
You can read more about these changes here.