Owner’s Rewards Card by M1 Review, A New Card That Helps You Invest
Update: Starting November 9, 2022, there will no longer be an annual fee associated with the Owner’s Rewards Card for current or future cardholders. Additionally, shareholding is no longer a requirement to earn top-tier rewards. But, 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. Read more about these changes here.
M1 Finance is a free investing app. It currently offers a $50 bonus for new users. Now the company is getting into the credit card game with the launch of the Owner’s Rewards Card by M1.
One of the features that sets this credit card apart, is that cardholders can earn up to 10% cash back when they shop at select companies whose stock they own. Some of the best-known companies in the world are eligible, such as Amazon (2.5% back), Target (2.5% back), Starbucks (5% back), Netflix (10% back) etc. More will be announced in the coming weeks. Let’s get into this Owner’s Rewards Card by M1 review, and see if it makes sense for you.
Owner’s Rewards Card by M1 Review
The new Owner’s Rewards Card by M1 brings the card holder’s finances together in one place, while helping those card holders grow and maximize their wealth with everyday transactions. The Owner’s Rewards Card by M1 gives M1 Plus clients even greater control and simplicity when it comes to their financial well-being, with the following benefits:
- Owner’s Rewards: The Owner’s Rewards Card by M1 is the first ever credit card where M1 Plus clients can earn up to 10% cash back when they shop at select companies whose stock they own. Some of the best-known companies in the world are eligible, including Amazon, Netflix, Starbucks, Spotify, Nike, Target, AMC, Tesla, Delta, BP, Exxon, Spectrum and DoorDash. Additionally, card holders receive 1.5% cash back on all other purchases.
- Convenience: Card holders’ cash back can be automatically invested into their portfolio. This allows them to maximize rewards and grow their wealth with everyday transactions.
The card has a sleek metal design. You can use the physical card to pay, or pay with tap-to-pay through Apple Pay and Google Pay for a contactless shopping experience. The Owner’s Rewards Card by M1 is a credit card powered by Deserve and issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.
Sign Up Bonus
New Introductory Offer: Spend $4,000 with your new Owner’s Rewards credit card in the first 90 days and earn a $300 statement credit.
The Owner’s Rewards Card by M1 comes with a $95 annual fee. The fee is waived for Plus members who are approved for the Credit Card.
M1 Plus offers exclusive features and rewards and costs $125 per year. But if you sign up for a new M1 Invest account, you get a $50 bonus and a free year of M1 Plus.
The Owner’s Rewards Card by M1 earns the following rates:
- Earn 10%, 5%, or 2.5% cash back on purchases with select companies whose stock you hold in eligible M1 invest accounts
- Earn 1.5% cash back on all other purchases.
Using M1 automation, you can reinvest your rewards in your portfolio for continued growth.
You can find them all here.
- Visa Signature benefits.
- Manage and freeze your card easily from your M1 account.
- No Foreign Transaction Fees
With a 1.5% earning rate on most purchases and a $95 annual fee, this card will not be very exciting for most readers. It gets better if you are already part of M1 Finance and especially if you have M1 Plus which waives the annual fee. It’s also interesting that they offer increased cashback at companies whose stock you own. But the list of those companies is very short for now.
Another feature of this card is that it makes is easier to invest. M1 will automatically invest the cash back for you. That might not be ideal for most people, but I guess it does encourage more investing in the long run, if you are not an active investor. However, you would be better of using a 2% cash back credit card and then investing that cash with M1 Finance or whatever brokerage that you prefer.
I hope they offer some kind of welcome bonus, or add more merchants with increased cash back rates to make this product more appealing.