The amount of rewards you can earn with the owner’s card depends on which companies on their list are in your M1 wallet and how much you spend at those companies. Whenever you use the card at a company on their high rewards list where you also own stocks through your M1 wallet, you will earn rewards of 2.5%, 5%, or 10%, depending on the level of rewards in which the company is located. All other expenses report 1.5%.
The rewards are automatically invested in your M1 wallet. You can also choose to deposit the rewards into an M1 expense account, which is M1’s banking product. With your M1 spending account, you can withdraw money just as you would any other checking or savings account.
Forbes Advisor uses data from various government agencies to determine both basic income and average expenses in various categories. The 70th percentile of salaried households report $ 100,172 per year and $ 52,820 in standard expenses. Assuming that 50% of these expenses were charged to this card, the total annual expenses for the card would be $ 26,410.
We estimate that about a third of this amount could be spent on businesses that earn bonuses at any of the M1 wallet companies participating in the Owner Card Reward program. To put it simply, we estimated that the different reward tiers averaged 5% rewards on those spend, which works out to roughly $ 440 in rewards.
If the rest of your credit card spending was also on the owner’s reward card, that spending would earn 1.5% rewards, for an additional $ 264, meaning you would earn a total of $ 704. cash back every year if your spending habits match. our assumptions.