When consumers think about utilizing their everyday spending on a credit card to earn rewards, their investment portfolio often doesn’t come to mind. But both activities can have a significant impact on a consumer’s financial health. Luckily, Marqeta’s partner, M1 Finance, has launched a unique product that connects these two activities in a mutually beneficial way.
In the latest addition to their comprehensive portfolio of financial products, M1 Finance has launched the Owner’s Rewards Card for investors, which allows users to earn extra rewards with brands they already hold shares in through M1. The card was highly anticipated with tens of thousands of users on the waitlist before launch.
Here is how the card works: If a user owns Netflix stock in an eligible M1 -Invest account, for example, they can earn up to 10% cash back on their TV subscription spend. The benefits are twofold: The cardholder earns extra rewards (which can be automatically reinvested into eligible M1 Invest accounts) and at the same time contributes to the growth of companies they have ownership in.
M1 Finance was able to launch this innovative card via our partnership with Deserve. With their years of credit program management expertise, Deserve provides unique credit application and underwriting, customer service, and risk management, while Marqeta powers all aspects of card configuration and issuing, transaction processing, and ledger management.
We sat down with Ben Reid, General Manager of M1 Spend, to discuss the success of their recent launch.
How did you come up with this unique credit card value proposition?
Our vision has always been to give clients a single platform for all of their financial needs. Rather than launch a standalone credit card that earns the standard rewards, we wanted to launch a card that truly connected multiple facets of our offering. The Owner’s Rewards Card now connects M1 Invest and M1 Spend in a way that makes each one, and therefore the overall M1 experience, more valuable to our clients.
What was the process to design and launch this card?
Choosing the right partners was essential. We wanted to create a truly unique credit card experience offering investor-focused rewards, so we needed partners who would not only offer speed, but also a deep level of trust and space for customizability. With Deserve’s unparalleled underwriting capabilities and flexible API-based architecture that could connect seamlessly to M1’s existing app, and Marqeta’s proven technology allowing for customized card issuing and tokenization and real-time transaction data, we were able to create and launch a native credit card perfectly designed for investors, in months. Together, Marqeta and Deserve were the perfect partnership for us: They made it easy to design and launch the Owner’s Rewards Card without compromising our initial vision.
What’s next for M1?
With verticals like M1 Invest, M1 Borrow, M1 Spend, and now the Owner’s Rewards Card, the future of M1 is to become a one-stop shop for financial services, including credit, debit, investing, and lending. Partners like Deserve and Marqeta, which can embed their services seamlessly into our app, will continue to be essential for our growth and expansion of services.1
Not available for US territory residents. The Owner’s Rewards Credit Card by M1 is Powered by Deserve and issued by Celtic Bank, A Utah-Chartered Industrial Bank, Member FDIC. Maximum of $200 in cashback rewards per calendar month. Review Cardholder Agreement and Rewards Terms for important information about the Owner’s Rewards Card by M1. For informational purposes only and not a trade recommendation. All product and company names are trademarks or registered trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
Brokerage products are offered by M1 Finance LLC, Member FINRA/ SIPC. All investing involves risk, including the risk of loss, borrowing on margin can add to these risks.
Applications are exclusively available for M1 Plus members. M1 Plus is an annual membership that confers benefits for products and services offered by M1 Finance LLC and M1 Spend LLC.