M1 Spend Visa Debit Card is Best for
- Increasing the annual percentage yield (APY) of your checking account;
- Investors looking to integrate investing, banking, and borrowing;
- Cardholders who want to avoid annual fees;
- Cardholders interested in collecting cash-back rewards;
- Users who want to avoid high foreign transaction fees.
Advantages of M1 Spend Card
The M1 Spend checking account and its Visa debit cards offer an array of advantages to cardholders, providing them with a streamlined approach to banking and investing. Depending on whether you choose the standard M1 Visa debit card or the premium M1 Plus Visa debit card, you’ll enjoy some of the following benefits.
No annual fees with the M1 Visa debit card
The M1 Visa debit card comes with no annual fees, so the standard M1 Spend checking account is the way to go if you’re looking for an affordable checking solution. However, expect high annual fees if you want to upgrade to a premium account. The M1 Plus Visa debit card will cost you $125 annually, although this fee is waived in the first year. Of course, this high fee unlocks many perks that might prove to be well worth it.
If you opt for the M1 Plus account, you will receive 1% cash back rewards on all qualifying purchases for goods and services. Transactions that don’t count as qualifying purchases include fees, interest charges, P2P payments, ATM transactions, loan payments, and account funding. Unfortunately, the standard M1 Visa debit card has no cash back rewards that you can earn. This perk is only available with the premium Plus checking account.
Early direct deposits
Whether you use the standard or the premium version of M1 Spend, you could be eligible for early direct deposits, which allow you to withdraw your payroll up to two days before the regular payroll date. However, this benefit depends solely on your employer. Provided that your employer allows for it, all you have to do is send your M1 bank account and routing number to them. They can then send your payroll information to M1 in advance. M1 will gain insight into your payroll amount and enable you to withdraw the funds two days earlier.
The M1 Spend Plus Visa debit card has some of the most competitive annual percentage yields on the market, standing at 1%. Considering that some of the best rates stand at just 0.40% and the national average is a mere 0.06%, a 1% APY is a staggering perk. You can use APY (and cash back rewards) to make purchases that earn more cash or transfer more funds to your M1 investment account.
Low foreign transaction fees
If you’re a frequent traveler who needs a suitable debit card for making transactions abroad, the M1 Visa debit card could be a great option. The standard card has low foreign transaction fees of between 0.8% to 1% (compared to the national average of 3%), while the premium M1 Plus Visa debit card has no foreign transaction fees whatsoever. Keep in mind that despite the 0% foreign transaction fee, you’re still subject to currency conversions which will impact your available funds.
Smart transfers with M1 Plus Visa debit card
One of the greatest benefits of using M1 Visa debit cards might just be the smart transfer option between your checking and investing accounts. M1 allows you to set up automatic, scheduled deposits to your investment account from your checking account. You can also set up automatic deposits based on the amount of money you have in the checking account. Simply set up a threshold on your checking account, such as $1,000, and have all the excess cash automatically invested.
What are M1 Spend Visa Debit Card Cons
Although the M1 Visa debit card offers some unique advantages, it’s not without faults. Take a look at its most significant disadvantage.
Limited functionality with the basic M1 Visa debit card. M1 Spend checking account unlocks excellent perks, but only if you opt for the premium version. The standard M1 Visa debit card only allows for smart transfers, early direct deposits, and $0 annual fees. If you want to enjoy high APYs, cash back rewards, 0% foreign transaction fees, and more, you will need to upgrade to the premium M1 Plus checking account and its Visa debit card.
What Makes M1 Debit Card Different
The M1 Visa debit card is an interesting offer by M1 bank. It allows you to seamlessly integrate banking and investing by setting up smart transfers and becoming an independent investor with ease. It has better APY and cash back rewards than many competitors and comes with an intuitive app that helps you stay on top of your investment portfolio.
Similar Offers and Alternatives
- Yotta Debit Mastercard – has no annual fee, free digital checking account, and gives you lottery tickets for card use – you can win 10mln!
- Porte Visa Debit Card – No annual fee, 0% APR, free checking, cashback rewards, and charitable giving
- Save Wealth Premium Visa – high return, $10,000 investment signup bonus, and instant online approval
The M1 Visa debit card can be well worth it if you already have an M1 investment account. However, if you want to enjoy all the perks of M1 Spend, you’ll need to upgrade to the relatively expensive M1 Spend Plus account. Don’t forget to check the Owner’s Rewards Card by M1 Finance, too.
Frequently Asked Questions