M1 is making major changes to its Owner’s Rewards credit card. There will be no annual fee or shareholder requirements with the card, with the changes rolling out in early November. Here is everything you need to know about the exciting changes coming to the Owner’s Rewards Card from M1:
M1 Waives Annual Fee and Shareholder Requirements
Beginning November 9, 2022, the M1 Owner’s Rewards Card will no longer charge an annual fee for current or future cardholders. Initially $125 per year, the annual fee was removed for premium tier M1 members in February. Now that fee is gone for all users.
M1 is also removing the shareholder requirement for its top-tier rewards. Previously, M1 credit cardholders needed to own company shares to earn up to 10% cash back rewards on purchases. Now, that requirement is gone, with M1 Plus members earning the following accelerated rewards:
- 10% cash back on purchases from brands like Netflix, Spotify, Ulta, Tesla, Lululemon, and more
- 5% cash back on purchases from brands like American Airlines, Delta, Chipotle, JetBlue, Southwest, Marshalls, Mcdonald’s, and more
- 2.5% cash back on purchases from brands like Audible, Whole Foods, Apple, Airbnb, Walgreens, Verizon, and more
Streamlined Cash Back for Non-M1 Plus Members
Owner’s Rewards cardholders without an M1 Plus membership earn a flat 1.5% cash back. The cash back is automatically invested into cardholders’ portfolios, helping to maximize rewards and grow long-term wealth through everyday transactions.
Eligible M1 Owner’s Rewards cardholders without an M1 Plus membership will receive the opportunity to purchase a membership at $75 ($50 off the regular price) and unlock the top-tier benefits of being a cardholder. Eligible users can access this promotion offer until it ends on October 7, 2022.
What is M1 Plus?
The M1 Plus membership tier provides much more value than up to 10% back on purchases. 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.
- Access to a special afternoon trading window if the account has more than $25,000 in the investment portfolio
Check out our Owner’s Rewards Card by M1 review for more information on the card, its rewards program, and how to apply.
Related Article: The Best Cash Back Credit Cards of 2022
Featured image by M1 Finance
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