M1 is removing the M1 Plus subscription requirement from its Owner’s Rewards Card by M1. The official change occurred earlier this morning, with new applicants not needing to sign-up for the premium investment and spending account to access the fintech/investment rewards credit card. Here is everything you need to know:
M1 Removes M1 Plus Requirement from Owner’s Rewards Card
The Owner’s Rewards Card by M1 is a lucrative investment credit card that provides the ability to earn bonus cash back on purchases with companies in which the cardholder already invests. M1 advertises the bonus rates for the card include 10% back, 5% back, or 2.5% cash back with select brands, including major names like Apple, Amazon, Converse, Delta, Target, and more.
What is M1 Plus?
Previously, the M1 Owner’s Rewards Card required an M1 Plus account. This enhanced membership account (a $125 annual fee) provides additional benefits to members outside of access to the credit card.
M1 Plus members enjoy access to a higher APY with the M1 Spend account, a special edition of the M1 Spend Visa® Debit Card (including their choice of five unique metal card designs), and more, including:
- 2% loans through M1 Borrow. Members receive a 1.5% reduction on the base rate of M1 Borrow, the firm’s portfolio line of credit.
- Special afternoon trading window if the account has more than $25,000 in the investment portfolio
Annual Fee Waived with Premium Tier
Now, however, that account requirement is a thing of the past. Effective immediately, the annual fee for the M1 credit card will be waived for active M1 Plus members. The annual fee for applicants without an M1 Plus subscription is $95 per year.
The switch to the new pricing model is welcome news for potential applicants previously put off by the requirement for M1 Plus. Still, the Owner’s Rewards Card offers its best rewards and rebates through the M1 Plus program, meaning the serious M1 customer might not even notice the changes – let alone be impacted by the change itself.
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Featured image by M1
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