Update 10/28/22: M1 has announced they are removing the annual fee on the card, effective November 9th.
Update 3/31/22: M1 has now added 7 major brands to the list of companies where you can earn 5% cashback on purchases if you own a portion in that companies stock, including many big gas brands: Amoco, BP, Chevron, Exxon, Mobil, Texaco, and Spectrum communications. 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.
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%.
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.
- 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:
- Adobe
- AMC Theaters
- Dollar General
- DropBox
- LuluLemon
- Netflix
- Purple
- Peloton
- Stitch Fix
- Spotify
- Tesla
- Ulta
5% Cash Back:
- Amoco gas
- BP gas
- Chevron gas
- Exxon gas
- Mobil gas
- Texaco gas
- American Airlines
- Chewy
- Chipotle
- Converse
- Delta
- Domino’s
- Etsy
- FedEx
- Gamestop
- Homegoods
- Homesense
- Jetblue
- Marshalls
- Nike
- Reverb
- Sierra
- Southwest
- Spectrum
- Starbucks
- TJ Maxx
- United Airlines
- UPS
- Wayfair
2.5% Cash Back:
- Apple
- Airbnb
- Amazon
- AT&T
- Audible
- Best Buy
- Bonobos
- Burger King
- Comcast
- Caviar
- DirecTV
- Doordash
- Duane Reade
- Ebay
- HBO
- Home Depot
- KFC
- Lowe’s
- Lyft
- Mcdonald’s
- Moosejaw
- Pizza hut
- Popeyes
- Postmates
- Sam’s Club
- Sprint
- T Mobile
- Target
- Taco Bell
- Tim Horton’s
- Twitch
- Uber
- Uber Eats
- Verizon
- Walgreens
- Walmart
- Whole Foods
- Zappos
Card Details
- 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.
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.
Related Posts:
- 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
