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.
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.
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%.
- Get $300 statement credit when you sign up for the card and spend $4,000 within 90 days from card activation.
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:
- AMC Theaters
- Bath & Body Works
- Lulu Lemon
- Stitch Fix
- Victoria’s Secret
5% Cash Back:
- Amoco gas
- BP gas
- Chevron gas
- Exxon gas
- Mobil gas
- Spectrum gas
- Texaco gas
- American Airlines
- Dollar General
- TJ Maxx
- United Airlines
2.5% Cash Back:
- Best Buy
- Burger King
- Duane Reade
- Home Depot
- Pizza hut
- Sam’s Club
- T Mobile
- Taco Bell
- Tim Horton’s
- Uber Eats
- Whole Foods
- The card comes with a $95 annual fee, waived for M1 Plus clients. M1 Plus has a $125 membership fee. (Note: membership fee is waived the first year; there’s also a $50 bonus you can get when signing up via referral.)
- No foreign transaction fees (source)
- Visa signature benefits
- Contactless metal card; works with mobile wallets as well
- You can freeze your card from within your online login/app
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.
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.
- 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