[Expired] M1 Plus Members Get 5% Cashback Everywhere (Max $40 Cashback) On Debit Card Spend

The Offer

Direct Link to offer

• M1 is offering M1 Plus members a chance to earn 5% cash back on retail purchases using their M1 Spend Plus checking account during November and December 2020.

The Fine Print

• Existing M1 Plus members and customers who sign up for an M1 Plus membership during the promotion period, will be eligible to earn 5% cash back on retail purchases (up to $40 maximum) during the promotion period. M1 Plus members typically earn 1% cash back on qualifying debit card purchases.
• Promotion period: This promotion will run from November 1, 2020 from 12:00 a.m. ET to December 31, 2020 11:59 p.m. ET.
• Eligibility: This offer requires each of the following elements to be met
  • An active M1 Plus membership
  • An M1 Spend checking account
  • An M1 VISA® debit card
• How it works:
  • If you do not already have an M1 Plus membership or an M1 Spend checking account:
    • Go to the M1 Plus screen and click on “Join M1 Plus” during the promotion period. Check out the full M1 Plus Payment Terms & Conditions.
    • Submit your payment details.
    • Your membership perks will be automatically activated.
    • Go to the M1 Spend screen and click on “Begin enrollment” and follow instructions to open sign up for an M1 Spend checking account. If you are approved for an M1 Spend Plus checking account, your account will be activated immediately and you’ll see your member perks in the M1 app. If approved, you can request your debit card and start using M1 Spend.
  • M1 Plus subscription lasts one year. At the end of the annual period, M1 will automatically renew your Plus subscription unless you cancel. By signing up, you agree to renew at the standard rate of $125/year unless otherwise indicated.
  • To qualify for cash back, you must make at least one (1) qualifying debit card purchase in the retail category of $0.99 or more during the promotion period.
  • Qualifying debit card purchases are when the card is swiped or the 16 digit debit card number is entered online.
    • Any transfers of funds, including those facilitated via a card transaction, are not eligible for cash back.
  • Limitations on promotional double cash back:
    • The maximum cash back earning potential for this promotion is 5%
    • The maximum 5% cash back provides cardholders the opportunity to earn an additional 4% above their typical 1% cash back. This additional 4% is capped at a maximum of $40 for this promotion
    • Qualifying purchases made after the maximum double cash back limit is reached will continue to earn 1%
    • Transactions must be posted by December 31, 2020 at 11:59 p.m. ET
  • Promotional cash back will be paid out as one lump sum after the promotion period ends, and is expected on or around January 11, 2021.

Our Verdict

Max out the $40 with $800 in spend. It’s not a full $40 gain since you are giving up using a rewards credit card, but still a worthwhile deal for M1 Plus users.

We wrote about M1 Finance investing here; I haven’t ever analyzed the Spend account details, but it looks like there’s $125 annual fee and 1% debit card benefit and 1% APY benefit and no forex fees.

Hat tip to reader WB