[Update] M1 Finance Launches Owner’s Rewards Credit Card, 1.5% Cashback & Up to 10% on Select Retailers

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Update 3/31/22: M1 has now added 7 major gas brands to the list of companies where you can earn 5% cashback on purchases if you own a portion in that companies stock: Amoco, BP, Chevron, Exxon, Mobil, Spectrum and Texaco. These are nice additions here.

Update 1/18/22: Added the new $300 signup bonus, below. Update 11/1/21: Card is now live for anyone to apply. Update 9/23/21: There is now a $200 monthly limit for cash back. Update 8/6/21: Added full list of cash back retailers. Again, we don’t know if these are set in stone or meant to be constantly changing.

Original Post:

M1 Finance launches the Owner’s Rewards Card which is a credit card which has a $95 annual fee and earns 1.5% cashback on all purchase which are automatically added and invested in your portfolio. It also earns up to 10% cashback at select retailers if you are invested in those companies.

Press Release | Direct Link

Signup Bonus

  • Launch offer: New card holders will receive 3% cash back on all purchases within the first 90 days of card activation if they spend $5K or more (extra 1.5% cashback).
    • On category purchases, the cashback will bump up to 3%, e.g. 2.5% category will get an extra .5%.

New Signup bonus offer:

  • Get $300 statement credit when you sign up for the card and spend $4,000 within 90 days from card activation.

Rewards

The card also offers up to 10% cashback at select retailers if you own their stock, including the likes of Amazon and Doordash (2.5%), Netflix (10%), Starbucks (5%), Spotify, Nike, Target (2.5%), AMC, Tesla, Delta (5%) and various major gas brands (5%). Everywhere else the regular cash back rate of 1.5% applies.

  • You can only receive a maximum of $20 cash back per transaction (CNBC). false
  • There is a $200 monthly limit on cash back rewards.
  • Remember: the tiered cashback rate is in place of the regular cashback, not in addition to the 1.5%.
  • Not clear if the categories are set or if they’ll change the categories periodically.
  • ETFs do not qualify you for Owner’s Rewards. Only individual stocks in your taxable or IRA Invest account, whether whole or fractional, count towards the cash back tiers. (source)

10% Cash Back:

  1. Adobe
  2. AMC Theaters
  3. Bath & Body Works
  4. Chewy
  5. DropBox
  6. GameStop
  7. Lulu Lemon
  8. Netflix
  9. Purple
  10. Peloton
  11. Stitch Fix
  12. Spotify
  13. Tesla
  14. Ulta
  15. Victoria’s Secret
  16. Wayfair

5% Cash Back:

  1. Amoco gas
  2. BP gas
  3. Chevron gas
  4. Exxon gas
  5. Mobil gas
  6. Spectrum gas
  7. Texaco gas
  8. American Airlines
  9. Chipotle
  10. Converse
  11. Delta
  12. Dollar General
  13. Domino’s
  14. Etsy
  15. FedEx
  16. Homegoods
  17. Homesense
  18. Jetblue
  19. Marshalls
  20. Nike
  21. Reverb
  22. Sierra
  23. Southwest
  24. Starbucks
  25. TJ Maxx
  26. United Airlines
  27. UPS

2.5% Cash Back:

  1. Apple
  2. Airbnb
  3. Amazon
  4. AT&T
  5. Audible
  6. Best Buy
  7. Bonobos
  8. Burger King
  9. Comcast
  10. Costco
  11. Caviar
  12. DirecTV
  13. Doordash
  14. Duane Reade
  15. Ebay
  16. HBO
  17. Home Depot
  18. KFC
  19. Lowe’s
  20. Lyft
  21. Mcdonald’s
  22. Moosejaw
  23. Pizza hut
  24. Popeyes
  25. Postmates
  26. Sam’s Club
  27. Sprint
  28. T Mobile
  29. Target
  30. Taco Bell
  31. Tim Horton’s
  32. Twitch
  33. Uber
  34. Uber Eats
  35. Verizon
  36. Walgreens
  37. Walmart
  38. Whole Foods
  39. Zappos

Card Details

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. Card is not available for US Territory residents.

Our Verdict

Likely the card isn’t interesting for most of our readers, though the auto-invest feature is neat. I suppose if someone makes a lot of purchases at the increased cashback retailers it could make sense, but we don’t know if those categories are set for the long term. The 3% signup bonus is mildly interesting as well. Feel free to share your thoughts or additional info in the comments below.

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Hat tip to reader Matt



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