M1 Credit Card Review: Earn Cash Back With the M1 Owner’s Rewards Card

M1’s new credit card lets you earn cash back from the companies whose stock you own. You can support the businesses you like, including Amazon, Tesla, and Starbucks, and get up to 10% cash back. Keep reading to find out if this unique card is a good choice for you.

SustainFi   Updated December 31st, 2021

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M1 Owner’s Rewards Card

Rating: Excellent (4.5 / 5)

Annual feeWaived for M1 Plus members ($95/year otherwise)
Regular APR14.99%-24.99%
Cash back1.5%-10%
Foreign transaction fee0%
Credit scoreGood/Excellent
  • Earn 2.5% – 10% cash back when spending at merchants whose stock you own
  • Earn 1.5% on all other purchases
  • Automatically reinvest your cash back in your portfolio

Pros

  • Very high cash back (up to 10%) from select merchants if you own their stock
  • A very competitive 1.5% cash back if you don’t own shares in the company where you shop
  • Automatically reinvest your cash back earnings in your portfolio
  • M1 Finance offers fractional shares, so you can buy less than the full share to earn rewards
  • No annual fee for M1 Plus members
  • No foreign transaction fees

Cons

  • Must be an M1 Plus member to apply
  • $95 annual fee applies if you are no longer an M1 Plus member
  • Must own the shares of the company where you shop to get 2.5%-10% cash back (if not, you only get 1.5%)
  • Cash back capped at $200/month
  • No intro APR
  • No balance transfers

What is M1 Finance?

M1 Finance is a financial services company best known for helping you build investment portfolios made up of stocks and ETFs for free. The portfolios are called “pies,” and they are easy to create and rebalance. In addition, M1 lets you buy fractional shares and borrow against your investment portfolio for any reason. As of July 2021, M1 Finance had over $4.5 billion in assets under management. It has raised money from SoftBank’s Vision Fund, among other investors.

More than just an investment platform, M1 Finance is quickly evolving to become a financial one stop shop. It also offers checking accounts and, now, a credit card that lets you earn cash back from the companies whose shares you own.

🔔 Read the full review of M1 Finance.

How the M1 Owner’s Rewards Credit Card works

The M1 Owner’s Rewards Card lets you earn up to 10% cash back if you buy from certain brands you own in your investment portfolio. And you can reinvest the cash back in your portfolio using M1 automation.

The card is a sleek, contactless metal Visa card. Because M1 Finance is a fintech company, not a bank, the card is issued by Celtic Bank, member FDIC. The Rewards Card comes with Visa Signature benefits, including:

  • Zero liability policy for unauthorized transactions
  • Roadside dispatch
  • Travel and emergency assistance services
  • Emergency card replacement
  • Emergency cash disbursement
  • Visa Signature luxury hotel collection premium perks
  • Visa Signature concierge services

Cash back with the M1 Owner’s Rewards Card

If you shop with select brands whose stocks are in your portfolio, you can earn up to 10% cash back. 1.5% cash back applies to other purchases.

The card has three participating brand tiers, letting you earn 2.5%, 5%, and even 10% back. Brands owned by a parent company with a listed stock are eligible, too. For example, Amazon is the parent company of Audible, Whole Foods, and Zappos. So if you shop at any of these brands and own Amazon stock, you are eligible for rewards in the Amazon tier.

M1 Finance supports fractional shares, so you can only buy some of an expensive share to be eligible for 2.5%-10% cash back.

Here are the current rewards tiers:

10% cash back

  • Adobe (ADBE)
  • AMC (AMC)
  • Chewy (CHWY)
  • Dropbox (DBX)
  • GameStop (GME)
  • Bath & Body Works (BBWI)
  • Victoria’s Secret (VSCO)
  • Lululemon (LULU)
  • Netflix (NFLX)
  • Purple (PRPL)
  • Peloton (PTON)
  • Stitch Fix (SFIX)
  • Spotify (SPOT)
  • Tesla (TSLA)
  • Ulta Beauty (ULTA)
  • Wayfair (W)

5% cash back

  • American Airlines (AAL)
  • Chipotle (CMG)
  • Delta (DAL)
  • Dollar General (DG)
  • Domino’s Pizza (DPZ)
  • Etsy (ETSY)
  • Reverb (ETSY)
  • FedEx (FDX)
  • JetBlue (JBLU)
  • Southwest Airlines (LUV)
  • Converse (NKE)
  • Nike (NKE)
  • Starbucks (SBUX)
  • HomeGoods (TJX)
  • Homesense (TJX)
  • Marshalls (TJX)
  • Sierra (TJX)
  • TJ Maxx (TJX)
  • United Airlines (UAL)
  • UPS (UPS)

2.5% cash back

  • Apple (AAPL)
  • Airbnb (ABNB)
  • Amazon (AMZN)
  • Audible (AMZN)
  • Twitch (AMZN)
  • Whole Foods (AMZN)
  • Zappos (AMZN)
  • Best Buy (BBY)
  • Comcast (CMCSA)
  • Costco (COST)
  • Caviar (DASH)
  • Doordash (DASH)
  • Ebay (EBAY)
  • Home Depot (HD)
  • Lowe’s (LOW)
  • Lyft (LYFT)
  • McDonald’s (MCD)
  • Burger King (QSR)
  • Popeye’s (QSR)
  • Tim Hortons (QSR)
  • AT&T (T)
  • DirecTV (T)
  • HBO (T)
  • Target (TGT)
  • Sprint (TMUS)
  • T-Mobile (TMUS)
  • Postmates (UBER)
  • Uber (UBER)
  • Uber Eats (UBER)
  • Verizon (VZ)
  • Duane Reade (WBA)
  • Walgreens (WBA)
  • Bonobos (WMT)
  • Moosejaw (WMT)
  • Sam’s Club (WMT)
  • Walmart (WMT)
  • KFC (YUM)
  • Pizza Hut (YUM)
  • Taco Bell (YUM)

You get 1.5% cash back on everything else. Cash back rewards are automatically transferred to your M1 Invest or M1 Spend (checking) account. Rewards never expire.

Note: There is a cap of $200 cash back per calendar month, and retirement, trust, and custodial accounts are not eligible for rewards.

M1 Plus membership

Only M1 Plus members can apply for the Owner’s Rewards Card. The first year’s membership is free; after that, you need to pay $125 / year. However, the M1 Plus membership comes with extra perks, including:

  • 2% interest rate on margin loans (which let you borrow against the value of your investment portfolio)
  • 1% APY and cash back on M1 checking accounts, four monthly ATM fee reimbursements, and no debit international fees
  • An extra trading window
  • Smart transfers
  • Custodial accounts

M1 Owner’s Rewards Credit Card Fees

There is no annual fee if you have an active M1 Plus membership, which you need to apply for the M1 Card. The $95 / year fee applies if you are no longer an active M1 Plus member.

Other fees apply:

  • Late payment fee: up to $25
  • Returned payment fee: up to $37

How to apply

To apply for the M1 Owner’s Rewards Card, you need to join M1 Plus first. The first year is free, and you can sign up here. Getting approved for the credit card requires a good or excellent credit score.

💰 Is the M1 Finance Owner’s Rewards Card a good choice?

  • The M1 Finance Owner’s Rewards Card is the best option if you are an investor who wants to support the businesses you own in your investment portfolio. Check out the list of businesses above and see if you invest in or spend money at any of them
  • Because you need to be an M1 Plus member to apply for the card, it makes sense if you can also benefit from the other perks an M1 Plus membership entails
  • Perks include low-interest margin loans, an extra trading window, custodial accounts, and the ability to earn a 1% APY on your checking account. For example, if you want to borrow against your portfolio, M1 Borrow has some of the cheapest borrow rates in the market
  • But, if you don’t invest at all, M1 Owner’s Rewards Card may not be the best option for you

🔔 Want to learn more? Read the full review of M1 Finance.

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