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, Deserve’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 Marqeta. With our 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.
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.
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, Deserve and Marqeta were the perfect partnership for us: They made it easy to design and launch the Owner’s Rewards Card without compromising our initial vision.
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.