Fintech firm Save has introduced what they are calling the world’s first high-yield credit card. Dubbed the Save® Wealth credit card, the new card offers 6.04% cash back on average through its unique investments as rewards structure. Here’s what you need to know about the new Save Wealth Visa Signature credit card:
Save Launches Save Wealth Visa Signature Credit Card
Save is a fintech seeking to help consumers earn a higher yield on their investments. As such, the firm has partnered with Visa and SoFi to launch a new rewards credit card: the Save® Wealth Visa Signature.
The new Save Wealth credit card is actually two distinct credit cards, depending on which option the account holder opts for. The Save Wealth Premium credit card is expected to have the highest return potential of any premium credit card available, with an average return of 6.04%, according to Save. However, for that impressive return comes a steep annual fee of $750. The Save Wealth Plus is the “budget” option, featuring an average return on investment of 4.03% for a more manageable annual fee of $300.
The card will also provide access to specific premium card benefits, including increased investments and yield potential for purchases done with the select brands, like Tesla, Apple, Microsoft, Samsung, Amazon, Wholefoods, SoulCycle, and Peloton. Neither version of the card features any caps, category restrictions, or minimums.
How Does the Wealth Card Work?
The Wealth Card works differently from other types of rewards credit cards – and even other investment credit cards. Wealth matches a cardholder’s spending by investing in personalized portfolios.
For every $1 spent on purchases, Save Wealth invests $2.17 on the cardholder’s behalf. After sitting in the cardholder’s account for one year, all returns (minus Save’s fee) from the investment are deposited into the accountholder’s bank account as cash. Any investments made on the cardholder’s behalf will be charged a wealth management fee (0.79%) if there are returns. If returns are less than 0.79%, there’s no wealth management fee. There is no spending minimum required to earn investments.
Other investment credit cards, such as the Owner’s Rewards Card from M1, offer a streamlined approach to investing by offering automated funding of brokerage accounts through credit card rewards, but Save takes this a step further by investing for the client and offering even greater dividends.
“More Options to Maximize Spending Power”
“We are very pleased to partner with Visa on the rollout of the first Save Wealth credit cards,” said Michael Nelskyla, Founder and CEO of Save, in a press release. “The Wealth card is designed for consumers who are looking for the potential of better economic value from their credit card in a low-interest-rate environment, and with high inflation.”
“At Save, we believe the benefits of market returns should be expanded beyond traditional investment vehicles,” Added Adam Watts, Save’s president and COO.
“I’m excited Visa will be a partner for Save in this upcoming card launch,” said Patrick Williams, Head of North American Digital Partnerships at Visa. “With the Wealth card, Save is offering more options for consumers to maximize their spending power.”
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