M1 Finance launched today the Owner’s Rewards Card by M1 which is a credit card that earns 1.5% cashback on all purchase which are automatically added and invested in your portfolio.
The card comes with a $95 annual fee, waived for M1 Plus clients. M1 Plus has a $125 membership fee (waived the first year).
The card also offers up to 10% cashback at select retailers if you own their stock, including the likes of Amazon, Netflix, Starbucks, Spotify, Nike, Target, AMC, Tesla, Delta and Doordash. Presumably these offers for 10% cashback will rotate and/or come with limits (e.g. limit $3 in rewards) – not much detail is given in the press release.
I can’t find the actual link to apply for the credit card – it might only be available for customers in the M1 Finance login. Not sure if there’s a foreign transaction fee or signup bonus.
Likely the card isn’t worthwhile for most of our readers, though the auto-invest feature is neat. It’s also possible that – at launch – they’ll have some nice 10% offers which could make it interesting in the beginning. Obviously only makes sense for someone in the M1 ecosystem. Feel free to share your thoughts or additional info in the comments below.
- M1 Finance Investing Review, Plus Up to $4,375 Brokerage Bonus and $50 Referral Bonus
- M1 Finance 1% APY Checking Account (First Year Free)
Hat tip to reader Matt