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Contents
The Offer
M1 Finance has a credit card which earns up to 10% back at select retailers when you own a piece of that retailer’s stock. They’ve now launched a new signup offer on the card:
- Get $300 statement credit when you sign up for the card and spend $4,000 within 90 days from card activation.
There is a $95 annual fee on the card. However, there is no annual fee for M1+ members; M1+ costs $125 per year, but the fee is waived for the first year.
Our Verdict
Spend threshold isn’t small, but still a nice cash bonus for someone who can do that spend. The $300 reward is on top of the 1.5% cashback earned on all purchases, or even higher than that at select retailers.
Thanks to all the readers who sent in this offer. Some people might already have an account with M1 Finance for their 1% checking account, their brokerage account with a $50 referral signup offer, or their brokerage bonus.
Has anyone else received/not received their bonus? I spent well over $4000 in 3 months. No bonus.
No bonus. Filing CFPB.
Received an email today saying $300 posted. It is a credit to the CC card. Check yours.
No credit posted to my M1 credit card. Hmm?
Anyone received their $300 sign up bonus?
@chuck this offer is expired now.
Anyone have issues using this credit card as a funding source at bank financial instutitions? I cannot even use this credit card to pay on paypal.
I USED FOR 4K$ BANK ACCOUNT FUNDING AND GOT 0$ IN REWARDS ….
LOL THIS BANK SUCKS.
Additional documentation is required for a decision to be made on your M1 Credit Card application.
ANY DPS PLZ ON WHEN THIS BONUS POSTS PLUS REWARDS POST? MY STATEMENT HIT BUT SEE I NOTHING FOR BOTH
NVR MIND LOOKS LIKE THEY ARE SLOW ON BONUSES L O L :
“You are only eligible to receive a one-time statement credit of three hundred dollars ($300) (the “Promotional Credit”) under this Promotion. The Promotional Credit will be applied as a statement credit onto your Owner’s Reward Card by M1 statement on July 29, 2022 (the “Pay-out Date”) provided that you satisfy the conditions stated herein. To the extent the Promotional Credit is applied as a statement credit, the Promotional Credit will only reduce your credit card principal balance, and will neither eliminate your obligation to make your minimum statement balance payment when due nor advance your next payment. M1 reserves the right to revoke the Promotional Credit if the total aggregate spend value, after any adjustments or returns, does not equal at least four thousand dollars ($4,000). “
I’m going to disagree with doctorofcredits verdict on this. Based on other cards with similar spend amounts, I would put that your bonus offer should be at least 10% (cash basis, not spend through portal crap) of the spend amount. This ratio is pretty standard. So if you have to spend $4,000 then you should get a $400 cash back bonus sign up offer. Many cards are even higher than the 10% minimum standard.
Nice – thanks for sharing! I’m an M1 Plus user, and I got approved and received this card about a week ago. Got this card primarily for the Tesla 10% benefit, since it works for Tesla Supercharger payments. Since I regularly invest in assets using M1’s investment platform, this card made sense for me once I realized the superchargers counted for 10%.
To be honest, I don’t really think this card justifies a precious 5/24 slot if you don’t have a very specific reason to use it (i.e. for me, the Tesla supercharging alone is worth it). I just sent in a support request to ask about the signup offer since I literally got this card less than 1 week ago, and there wasn’t an offer then. I don’t really expect the request to get honored, but will post back here if it does!
I’ll point out that M1 has an offer where you can get M1 Plus for the first year for free. So technically you can get the first year of this card’s annual fee waived if you created an account at m1finance.com first, got in on the Plus promotion, then applied for this card. …. A lot of extra steps, but there’s that.
Confirmed this cannot be applied retroactively. Here is the message from M1 customer support:
“Unfortunately this promotion cannot be retroactively applied as the guidelines call for users to,
1. First, activate a credit card anytime between today (1/18) and 3/31, AND
2. Spend $4,000 within 90 days of activating the card, THEN
3. Receive a $300 statement credit
If any of the following above is not met, then the statement credit cannot be offered.
If there’s anything else we can assist with, please let us know.”
Not necessarily better (particularly when you consider the welcome offer here), but the Point Debit card has been offering 10% back at Tesla Superchargers on up to $250 per month since last summer. No 5/24 impact since it’s a debit card.
I’m 10/24 so I applied anyways. Over 30 hard inquiries and shit like that. They’re desperate for credit card applications.
Hard Pulls in last 3 mo———— 2
Hard Pulls in last 6 mo ——————-7
Hard Pulls in last 1 yr ———————–9
New accounts in last 3 mo ————2
New accounts in last 6 mo ——-7
New accounts in last 1 yr ——– 9