Newest card on the market by M1 - upto 10% Cash Back

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manuvns
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Newest card on the market by M1 - upto 10% Cash Back

Post by manuvns »

M1 Finance finally reveals details on their newest credit card which provides users with a whopping 10% Cashback on the companies they invest in. (I.e - if you have Amazon or Apple or Microsoft in your portfolio , you earn 10% back on their products. They haven’t specified spending caps yet, but I can already see users gamifying this, since you can buy as little as $5 of any stock to max out the amount of brands you’d be earning 10% back on, with minimal downside risk)

It will also allow you to automatically reinvest your cash back into your investment portfolio, similar to the SoFi 2% cashback card.

The card comes with a $95 annual fee which is waived for M1 Plus users.

https://www.businesswire.com/news/home/ ... f-its-Kind
Thanks!
atdharris
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by atdharris »

What does up to 10% entail? So it can be less? Obviously getting 10% back on every Amazon purchase or Apple purchase sounds too good to be true.
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manuvns
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by manuvns »

atdharris wrote: Wed Jul 28, 2021 10:54 am What does up to 10% entail? So it can be less? Obviously getting 10% back on every Amazon purchase or Apple purchase sounds too good to be true.
The Owner’s Rewards Card by M1 is the first ever credit card where M1 Plus clients can earn up to 10% cash back when they shop at select companies whose stock they own. Some of the best-known companies in the world are eligible, including Amazon, Netflix, Starbucks, Spotify, Nike, Target, AMC, Tesla, Delta, and DoorDash.
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manuvns
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by manuvns »

it depends
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sycamore
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by sycamore »

manuvns wrote: Wed Jul 28, 2021 10:50 am The card comes with a $95 annual fee which is waived for M1 Plus users.
I'm not an M1 customer but it appears M1 Plus itself is free the first year but $125/year thereafter.
wilshuer
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by wilshuer »

atdharris wrote: Wed Jul 28, 2021 10:54 am What does up to 10% entail? So it can be less? Obviously getting 10% back on every Amazon purchase or Apple purchase sounds too good to be true.
This was what I could find.

"Today, M1 Finance announced the details of a new rewards credit card that replaces points to spend with stocks to hold.

It's called the M1 Owner's Rewards Card, and it comes with some eye-popping bonus payouts: 10% cash back on your Netflix subscription, 5% back on Delta Air Lines purchases, 5% back at Starbucks, and 2.5% at Amazon and Target. Other names with bonus incentives include Spotify, Nike, Doordash, and AMC."
Nathan Drake
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by Nathan Drake »

So I buy VTSAX and VTIAX and it’s effectively a 10% cash back across the board?
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manuvns
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by manuvns »

wilshuer wrote: Wed Jul 28, 2021 11:06 am
atdharris wrote: Wed Jul 28, 2021 10:54 am What does up to 10% entail? So it can be less? Obviously getting 10% back on every Amazon purchase or Apple purchase sounds too good to be true.
This was what I could find.

"Today, M1 Finance announced the details of a new rewards credit card that replaces points to spend with stocks to hold.

It's called the M1 Owner's Rewards Card, and it comes with some eye-popping bonus payouts: 10% cash back on your Netflix subscription, 5% back on Delta Air Lines purchases, 5% back at Starbucks, and 2.5% at Amazon and Target. Other names with bonus incentives include Spotify, Nike, Doordash, and AMC."
i am going to add these names to my M1 pie buy 1 stock of each and get this card .
Thanks!
aristotelian
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by aristotelian »

"Up to" being the key words. Yawn. Nothing to see here. I already get more than 2.5% back at Amazon through BofA Cash Rewards.
atdharris
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by atdharris »

Ah, likely not worth it. I already earn 5% back at Amazon with the Prime Visa and 5.25% off on most online things with the BofA Cash card
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by MBB_Boy »

manuvns wrote: Wed Jul 28, 2021 11:13 am
wilshuer wrote: Wed Jul 28, 2021 11:06 am
atdharris wrote: Wed Jul 28, 2021 10:54 am What does up to 10% entail? So it can be less? Obviously getting 10% back on every Amazon purchase or Apple purchase sounds too good to be true.
This was what I could find.

"Today, M1 Finance announced the details of a new rewards credit card that replaces points to spend with stocks to hold.

It's called the M1 Owner's Rewards Card, and it comes with some eye-popping bonus payouts: 10% cash back on your Netflix subscription, 5% back on Delta Air Lines purchases, 5% back at Starbucks, and 2.5% at Amazon and Target. Other names with bonus incentives include Spotify, Nike, Doordash, and AMC."
i am going to add these names to my M1 pie buy 1 stock of each and get this card .
Only need part of a stock, no need to buy a full share
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anon_investor
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by anon_investor »

Wish it was 10% CB at Costco...
BHawks87
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Post by BHawks87 »

I wonder if the cash back will be able to invest in anything in your pie or if it will only be investable into the company's stock that gives you the cash back :confused
jmch1990
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by jmch1990 »

Looks like a tiered system for rewards. My guess would be it depends on how much you have invested in each, or simply different tiers for different companies.

"Shop with certain brands you believe in and invest in with M1 to earn cash back. Get 10%, 5% or 2.5% cash back on purchases with some of the most popular brands—and 1.5% standard cash back on everything else."

https://www.m1finance.com/how-it-works/credit/
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cos
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by cos »

This card really only makes sense if you already pay for M1 Plus.
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JoMoney
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Post by JoMoney »

cos wrote: Wed Jul 28, 2021 8:31 pm This card really only makes sense if you already pay for M1 Plus.
I don't think we know enough about it yet, at 10% discount at certain stores would be worth a $95 a year fee to me, but we don't know which "select stores" will be included, and we don't know what the terms will be to get 10%.
If the terms are good enough I'm in, but I'm already cynically expecting it won't (for me). I don't really want to own individual stocks, but I'd buy a few Walmart shares and a few others to get 5-10% back.
2.5% isn't enough for me to bother with, and I don't think I'd have a lot of money at M1, I'm not interested in anything but basic brokerage services Im already getting Fidelity.. And I would be hesitant to transfer large amount of assets to M1. M1 doesn't have much of a history/reputation yet, and they don't have the easy to find public fraud guarantee statements and additional (beyond SIPC) insurance like the other big brokerages.
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by cos »

JoMoney wrote: Wed Jul 28, 2021 9:20 pm
cos wrote: Wed Jul 28, 2021 8:31 pm This card really only makes sense if you already pay for M1 Plus.
I don't think we know enough about it yet, at 10% discount at certain stores would be worth a $95 a year fee to me, but we don't know which "select stores" will be included, and we don't know what the terms will be to get 10%.
If the terms are good enough I'm in, but I'm already cynically expecting it won't (for me). I don't really want to own individual stocks, but I'd buy a few Walmart shares and a few others to get 5-10% back.
2.5% isn't enough for me to bother with, and I don't think I'd have a lot of money at M1, I'm not interested in anything but basic brokerage services Im already getting Fidelity.. And I would be hesitant to transfer large amount of assets to M1. M1 doesn't have much of a history/reputation yet, and they don't have the easy to find public fraud guarantee statements and additional (beyond SIPC) insurance like the other big brokerages.
I suppose you're right; I might be a little too cynical. Here's hoping the deals are truly that good!
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manuvns
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by manuvns »

MBB_Boy wrote: Wed Jul 28, 2021 6:58 pm
Only need part of a stock, no need to buy a full share
thanks will buy few $ for each stock
Thanks!
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by zaplunken »

manuvns wrote: Wed Jul 28, 2021 10:50 am M1 Finance finally reveals details on their newest credit card which provides users with a whopping 10% Cashback on the companies they invest in. (I.e - if you have Amazon or Apple or Microsoft in your portfolio , you earn 10% back on their products. Just how would M1 know what you own? Why would you want them to know? They haven’t specified spending caps yet, but I can already see users gamifying this, since you can buy as little as $5 of any stock to max out the amount of brands you’d be earning 10% back on, with minimal downside risk)

It will also allow you to automatically reinvest your cash back into your investment portfolio, similar to the SoFi 2% cashback card. Why would you trust/want M1 with having access to your investment accounts?

The card comes with a $95 annual fee which is waived for M1 Plus users.

https://www.businesswire.com/news/home/ ... f-its-Kind And who the heck is M1? Maybe someone you don't want to know anything about you? 10% cash back, you are the product! No thanks!
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Post by mutedbytes »

zaplunken wrote: Sun Aug 01, 2021 4:13 pm And who the heck is M1? Maybe someone you don't want to know anything about you? 10% cash back, you are the product! No thanks!
Perhaps you should have spent a minute looking this up yourself. M1 itself is an investment platform/brokerage, so you would be buying shares directly with their platform and thus them inherently gaining this information.
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by JackoC »

cos wrote: Wed Jul 28, 2021 9:24 pm
JoMoney wrote: Wed Jul 28, 2021 9:20 pm
cos wrote: Wed Jul 28, 2021 8:31 pm This card really only makes sense if you already pay for M1 Plus.
I don't think we know enough about it yet, at 10% discount at certain stores would be worth a $95 a year fee to me, but we don't know which "select stores" will be included, and we don't know what the terms will be to get 10%.
If the terms are good enough I'm in, but I'm already cynically expecting it won't (for me). I don't really want to own individual stocks, but I'd buy a few Walmart shares and a few others to get 5-10% back.
2.5% isn't enough for me to bother with, and I don't think I'd have a lot of money at M1, I'm not interested in anything but basic brokerage services Im already getting Fidelity.. And I would be hesitant to transfer large amount of assets to M1. M1 doesn't have much of a history/reputation yet, and they don't have the easy to find public fraud guarantee statements and additional (beyond SIPC) insurance like the other big brokerages.
I suppose you're right; I might be a little too cynical. Here's hoping the deals are truly that good!
Sooner or later somebody will have a better cash* back CC system then BOA/Merrill Preferred Rewards at Platinum Honors level, either because somebody beats it or BOA pulls back. So I don't rule it out in principal, will monitor this to see if/when the details allow a clear comparison. I have >$100k in ETF's at Merrill pretty much just to qualify for 'Platinum Honors' (plus I got an opening bonus) so buying a few shares of individual stocks and having them sit at M1, even if I did nothing else with M1, would be fine with me *if* I could get enough extra cash back after fees, compared with 2.625%, 3.5% or 5.25% with various BOA cards now. M1's own site does not give any more details but does include "Get 10%, 5% or 2.5% cash back on purchases with some of the most popular brands—and 1.5% standard cash back on everything else", really depends whether 10% happens on a significant or not so significant % of charges.
https://www.m1finance.com/how-it-works/credit/

*not talking about miles/points systems where it's IME much more subjective what value you're actually getting.
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ClevrChico
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by ClevrChico »

I signed up for the waiting list on this new card.

A few days later someone from "M1 Finance Client Development" called me, clearly interested in having me use their brokerage and transfer money there. (And dangled an average brokerage bonus as a carrot.) It wasn't high pressure, but something to consider before giving them your contact info before details of the card are released.

They couldn't give any real details on the card. It seems like a marketing gimmick to get money into their brokerage, subscribe to M1 Plus, etc.
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by aristotelian »

The deals have been unveiled: https://www.m1finance.com/ownersrewards/

The best deals for me would be Chewy, Netflix, and Gamestop (10%); American/Delta/United, Chipotle, Dollar General, TJ Max/Marshalls (5%). Everything else I believe I would get better details using my BofA Travel Rewards or Cash Rewards (online shopping) cards. Tempting...
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ClevrChico
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by ClevrChico »

aristotelian wrote: Thu Aug 05, 2021 11:07 am The deals have been unveiled: https://www.m1finance.com/ownersrewards/

The best deals for me would be Chewy, Netflix, and Gamestop (10%); American/Delta/United, Chipotle, Dollar General, TJ Max/Marshalls (5%). Everything else I believe I would get better details using my BofA Travel Rewards or Cash Rewards (online shopping) cards. Tempting...
Interesting, thanks. I think for the average person, the zero annual fee Fidelity card is going to be better with 2% back on everything.
atdharris
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by atdharris »

No reason to get this card, especially if you are using the BofA Platinum honors cashback combo with the Cash Rewards/Premium rewards cards.
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by MBB_Boy »

I'm a longtime M1 user, and joined the waitlist a few minutes ago after looking at the tiers and companies. I already have M1+, so the card is "free" to me. Not sure how much I'll get with 10% at Chewy / Wayfair or the various 5% airlines, but its better than I'd get with other cards. I'm not going to renew the CSR (4.5% minimum cash back on travel, hefty annual fee) because I picked up the US Bank cards (4% on dining and travel, $95 annual fee between the two cards). This will replace some of that travel spend, and obviously nothing touches the 10% categories.

If i wasn't already M1+, I'd have to do some math to determine if it's worthwhile. Regardless, I found it a very interesting product and wish there was a way to invest in M1 before they get acquired. They've found a way to offer investing, unsecured loans, a "checking account/debit card, and now a credit card, in slick bundled package without having to deal with the full regulatory burden of being a bank. This is an innovative rewards program, much different in kind than what's on the market and clearly developed to deepen users into their ecoystem and cross-sell.

I don't know if they make money (doubtful) or ever will as a business, but the people who founded it and work there are going to be very rich eventually
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Post by gobel »

atdharris wrote: Thu Aug 05, 2021 11:44 am No reason to get this card, especially if you are using the BofA Platinum honors cashback combo with the Cash Rewards/Premium rewards cards.
The one that really stands out is 10% off Tesla. If you could actually charge a whole car, it'd probably be worth getting the card just for that.
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Post by Nathan Drake »

gobel wrote: Thu Aug 05, 2021 3:05 pm
atdharris wrote: Thu Aug 05, 2021 11:44 am No reason to get this card, especially if you are using the BofA Platinum honors cashback combo with the Cash Rewards/Premium rewards cards.
The one that really stands out is 10% off Tesla. If you could actually charge a whole car, it'd probably be worth getting the card just for that.
Limited to $20 cash back per purchase

This card is very gimmicky
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Post by anon_investor »

Nathan Drake wrote: Thu Aug 05, 2021 4:57 pm
gobel wrote: Thu Aug 05, 2021 3:05 pm
atdharris wrote: Thu Aug 05, 2021 11:44 am No reason to get this card, especially if you are using the BofA Platinum honors cashback combo with the Cash Rewards/Premium rewards cards.
The one that really stands out is 10% off Tesla. If you could actually charge a whole car, it'd probably be worth getting the card just for that.
Limited to $20 cash back per purchase

This card is very gimmicky
Merrill Edge/Bank of America Platinum Honors Tier Preferred Rewards status with Bank of America credit cards sound like a better deal.
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gobel
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Post by gobel »

Nathan Drake wrote: Thu Aug 05, 2021 4:57 pm
gobel wrote: Thu Aug 05, 2021 3:05 pm
atdharris wrote: Thu Aug 05, 2021 11:44 am No reason to get this card, especially if you are using the BofA Platinum honors cashback combo with the Cash Rewards/Premium rewards cards.
The one that really stands out is 10% off Tesla. If you could actually charge a whole car, it'd probably be worth getting the card just for that.
Limited to $20 cash back per purchase

This card is very gimmicky
heh, I hadn't seen that. I was kind of kidding about buying a Tesla, but a $200 purchase limit on a Peloton (expensive exercise equipment) or Purple (expensive mattresses) or a $400 limit on airplane tickets (5% category) would be a problem.
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Re: Newest card on the market by M1 - upto 10% Cash Back

Post by Soysauceonrice »

Nathan Drake wrote: Thu Aug 05, 2021 4:57 pm
gobel wrote: Thu Aug 05, 2021 3:05 pm
atdharris wrote: Thu Aug 05, 2021 11:44 am No reason to get this card, especially if you are using the BofA Platinum honors cashback combo with the Cash Rewards/Premium rewards cards.
The one that really stands out is 10% off Tesla. If you could actually charge a whole car, it'd probably be worth getting the card just for that.
Limited to $20 cash back per purchase

This card is very gimmicky
The M1 CEO answered a few questions on the subreddit and said that they are still finalizing details but the 20 cap per transaction is not true.
Nathan Drake
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Post by Nathan Drake »

Soysauceonrice wrote: Thu Aug 05, 2021 9:43 pm
Nathan Drake wrote: Thu Aug 05, 2021 4:57 pm
gobel wrote: Thu Aug 05, 2021 3:05 pm
atdharris wrote: Thu Aug 05, 2021 11:44 am No reason to get this card, especially if you are using the BofA Platinum honors cashback combo with the Cash Rewards/Premium rewards cards.
The one that really stands out is 10% off Tesla. If you could actually charge a whole car, it'd probably be worth getting the card just for that.
Limited to $20 cash back per purchase

This card is very gimmicky
The M1 CEO answered a few questions on the subreddit and said that they are still finalizing details but the 20 cap per transaction is not true.
Good to know, I guess that article I read was incorrect.

Still expecting quite a few restrictions though
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Post by Soysauceonrice »

Nathan Drake wrote: Fri Aug 06, 2021 11:01 am
Soysauceonrice wrote: Thu Aug 05, 2021 9:43 pm
Nathan Drake wrote: Thu Aug 05, 2021 4:57 pm
gobel wrote: Thu Aug 05, 2021 3:05 pm
atdharris wrote: Thu Aug 05, 2021 11:44 am No reason to get this card, especially if you are using the BofA Platinum honors cashback combo with the Cash Rewards/Premium rewards cards.
The one that really stands out is 10% off Tesla. If you could actually charge a whole car, it'd probably be worth getting the card just for that.
Limited to $20 cash back per purchase

This card is very gimmicky
The M1 CEO answered a few questions on the subreddit and said that they are still finalizing details but the 20 cap per transaction is not true.
Good to know, I guess that article I read was incorrect.

Still expecting quite a few restrictions though
You’re probably correct. Personally for me, the 5 percent cash back on so many airlines is very attractive. Before covid I spent quite a bit on flights for work. That and 5% back on chipotle :greedy :greedy. Depending on the finalized limitations, i could see myself getting rid of my citi double cash for this.
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