M1 Launches a New Credit Card
M1 Finance is best known for it’s free automated investing app. 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.
The card comes with a $95 annual fee that can be waived and 3% earning for the first 90 days. Let’s see how this card works, and whether is makes sense for you.
Owner’s Rewards Card by M1
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.
That means that using M1 automation, you can reinvest your rewards in your portfolio for continued growth.
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.
- Introductory offer: Card holders will receive 3% cash back on all purchases within the first 90 days of card activation if they spend $5K or more (so 1.5% baseline rewards goes to 3% and 2.5% rewards go to 3% if the user spends at least $5K in the first 90 days).
- Earn 10% (Netflix), 5% (Starbucks, Delta) or 2.5% (Amazon, Target) cash back on purchases with some of the most popular brands
- Earn 1.5% cash back on all other purchases.
- Visa Signature benefits.
- No Foreign Transaction Fees
- Manage and freeze your card easily from your M1 account.
- $95 Annual Fee (waived for M1 Plus members)
- Join Waitlist
The card is not very appealing for most readers. The $95 annual fee is right away a turn-off. Then the 1.5% earning rate on most purchases is lower than several other cards that have no annual fee at all.
The card could make sense for those that are already part of M1 Finance and especially if you have M1 Plus which waives the annual fee. But even then, M1 needs to offer more merchants with increased cash back rates to make this product more appealing.
Let us know what you think!