Credit Cards » Credit Card Reviews » The Owner’s Rewards Card by M1 Review
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

The Owner’s Rewards Card by M1 Review

Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

In this Review

M1 Finance is a well-established investment and savings platform, but it has expanded with the aim of creating a one stop shop for your basic financial needs. While it started off with investment accounts and offering line of credit against your investments, now M1 Finance has a personal banking option and The Owner’s Rewards Card.

This credit card is issued by Celtic Bank and powered by Deserve. However, unlike traditional rewards cards, the structure of this card is more like a shareholder loyalty program.

You’ll earn rewards with the companies that you have investments in via your M1 portfolio. There are approximately 80 companies on the eligible list, but this does include some popular brands such as Amazon, Target, Peloton and Apple.

However, while these companies are the most attractive draw for this card offering up to 10% in rewards, you can still earn 1.5% if you spend outside the list of brands. The specific amounts of cash back you can earn will depend on what tier the brand is in on the bonus list.

For example, Amazon is in the tier offering 2.5% cash back, but this does mean that you’ll earn 2.5% on purchases with any Amazon company including Zappos and Whole Foods. Just bear in mind to access this higher cash back, you will need to have Amazon shares in your M1 Portfolio.

Owner’s Rewards Card by M1

Owner’s Rewards Card by M1  Review

Rewards Plan

Up to 10% cashback Get 10%, 5% or 2.5% cash back on purchases with eligible brands and 1.5% standard cash back on everything else

Sign up Bonus

None None

0% Intro

None

PROS

CONS

APR

20.24% – 30.24%

Annual Fee

$95 (waived for active M1 Plus customers)

Foreign Transfer Fee

$0

Credit Requirements

Good - Excellent

Main Features & Benefits

The Owner’s Reward Card by M1 is quite innovative and offers some unique features that you may not find with other reward cards. These include:

The card is designed to reward you for patronizing the companies that you own stock in. This is a very unique and innovative way approach to a credit card reward structure.

Although the basic M1 membership is sufficient for most investors, M1 Plus offers some additional perks. 

But, you need to pay a subscription to upgrade to M1 Plus. However, new cardholders can enjoy a year of M1 Plus for free.

If you’re an M1 Plus member, you won’t need to pay the annual fee.

While you can withdraw your accumulated rewards in the form of cash back, M1 can also automatically reinvest them into your M1 investment Pies to provide maximum long term returns. 

This is a great way to boost your investment portfolio, if you don’t have a great deal of funds to use.

The Owner’s Rewards Card is a Visa Signature credit card, so you can access the benefits package associated with this. 

This includes top notch ID theft protection, travel and emergency assistance services, roadside dispatch and personalized support. You can also gain higher status at over 900 luxury hotel partners.

Drawbacks

The first potential downside to this card is that any rewards will need to be offset against the $95 (waived for active M1 Plus customers) annual fee. 

While this is negated by the free year of M1 Plus, in year two, you’ll need to compensate for the fee with your rewards or pay the $125 to remain an M1 Plus member., and this while there are many alternative no annual fee cards.

Currently, the list of companies that offer elevated rewards is limited to approximately 80, but there is potential for this list to expand over time.

The nature of this card’s reward structure encourages M1 users to buy and hold individual stocks to achieve the top tier rewards. 

This may not be the best move for your specific investment aims and goals.

To access the higher rewards tier for your purchases, you need to own at least a fractional share in the companies on the list of eligible stocks. 

Since high profile brands such as Amazon can run to thousands of dollars per share, you’ll still need to make a decent investment.

Since M1 Finance operates on the basis of Pies, it can be difficult to see the individual companies that you are actually invested in.

 Additionally, with the auto portfolio rebalancing feature active, the list of your investment companies could change overnight.

The rewards are capped at $200 per month.

How's M1 Customer Service?

M1 has a great website and app (rating of 4.7 on AppStore, 4.6 on Google Play) that not only provides access to the customer service team, but offers extensive resources for any queries or questions.

If you do need help for a specific issue, there are a number of ways to access the team.

  • Instant Help: This is a 24/7 automated function that you can access online and via the app. You just need to click the chat icon at the bottom of the screen for the fastest response.
  • Email: If you send M1 an email, a representative will usually respond within one business day. M1 classes business days as when the U.S stock market is trading, which is usually Monday through Friday.
  • Phone: If you have an urgent issue, you can call the M1 team. The lines are open from 9 am to 4 pm ET Monday through Friday unless it is a market holiday. However, if you have a credit card specific issue, there is a dedicated phone line that is available 9 am to 9 pm ET Monday through Friday and 10 am to 3 pm ET on Saturdays.

How to Maximize The M1 Owner’s Rewards Card?

The best way to earn the maximum rewards is to browse the list of eligible brands and look for some of your favorite retailers.

To access the higher tier rewards, you will need to invest in these companies, but M1 Finance does offer fractional shares.

However, there are other ways to maximize the benefits from this card including:

  • Upgrade to M1 Plus: While this does incur a cost, you won’t need to pay the card annual fee. You’ll also gain access to the M1 Plus membership perks including additional trading windows and preferential rates.
  • Browse the Visa Signature Rewards: Since there are a number of Visa Signature credit cards on the market, each with their own benefits, many cardholders tend to overlook the perks offered. This includes features like the Luxury Hotels collection, where you can make your vacation a little more special or the concierge services to help you book tickets to events.

How to Apply for The Owner’s Rewards Card by M1:

When you visit the M1 website, you’ll find the credit card under the “Spend” tab. This will provide you with an overview of the card and an “Apply” button.

m1 owner card application step 1

Since you need to be an M1 member to have this card, you’ll now be redirected to a log in screen.

However, there is a prompt to sign up, if you’re not already a member.

 

m1 owner card application step 2

After you log in or create your account, you will be directed to the application page. M1 provides a breakdown of what you’ll need to start the application.

However, M1 will prefill some of the fields as per your membership profile, which will speed up the application.

m1 owner card application step 3

From this point, the application process is quite straightforward. You’ll need to provide additional personal information such as your annual income and typical expenses.

However, once you click submit, M1 will assess your application and provide a prompt approval decision.

FAQs

M1 does not have any formal income requirements to qualify for the card. In fact, on the company website, it states that you only need to be an M1 member and live in one of the 50 U.S states.

However, since you need to have good to excellent credit to qualify, your income and current debt will play a role in whether you are approved along with your general creditworthiness.

The website application does not have any facility for getting pre approval or seeing if you qualify with a soft credit check. However, it is possible that members may receive a pre approval marketing message at some point.

There are no formal initial credit limit guidelines for this card. M1 will calculate your credit limit according to the details on your application including your current expenses, debt and income. Likewise, there is no formal credit limit increase schedule.

So, you may need to use the card and make your payments on time for at least six months before asking if you can have an increase.

This card is specifically designed for investors on the M1 platform. So, if you are not interested in investing or don’t like using the M1 platform, this is not the right card for you.

M1 currently does not allow cardholders to add authorized users to their accounts.

The main unique characteristic of this card is that it encourages you to shop with the brands that you invest in. This is a great incentive and since you can have your rewards automatically reinvested, it could help you to build an impressive portfolio.

Obviously, M1 members are the target customers for this card, but not every M1 member would benefit from it. The customers who can most benefit are the ones who already shop with the top reward tier countries and are already planning to invest in them

M1 has an impressive website and app to manage investments and the financial products offered. So, as a cardholder you should expect a good digital experience

In most cases, you can expect an almost immediate approval decision. However, there may be cases where you need to wait a few days to learn if your application has been approved or declined.

In addition to using the email and chat methods to contact the customer service team, The Owner’s Rewards Cardholders have a dedicated phone line. This is available 9 am to 9 pm ET Monday through Friday and 10 am to 3 pm ET on Saturdays.

Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Search
Best Cards Per Category

#1 In credit Cards

Our Newsletter

Sign up to our newsletter for secret credit card tips, insider advice, and exclusive deals straight to your inbox

Start saving smarter with

Our Credit Card Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive offers

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.