Save Wealth Premium Credit Card Offers Rewards Tied to Market Returns

As FinTechs have begun to migrate from reimagining debit cards to designing their own credit cards, we’ve seen some innovative options emeger. For example, the recently-launched Owner’s Rewards Card by M1 offers consumers enhanced rewards rates when they make purchases from select companies they own stock in. Now, another credit card that includes an investing twist is ready to hit the market as well.

This week, the FinTech Save announced that it would be launching the Wealth Premium credit card next month. According to Save’s site, for every $1 a customer spends with the Wealth card, the company invests $2.17 on their behalf. Then, these funds remain invested for “a little more than a year.” After that time, returns from the investment will be deposited in the customer’s account as cash. However, these returns are subject to a 0.79% management fee.

Currently, Save estimates that the average return of the Wealth Premium card will be more than 6% annually. That would easily top most flat-rate rewards credit cards, which offer 2% or less. Of course, Save does note that actual returns may be less than the stated 6% (or could potentially be more) depending on market performance. Additionally, the Premium Wealth card charges an annual fee of $750.

Notably, while Save’s press release focuses on the Premium card specifically, the site does also mention another option called the Plus Wealth card. In this case, the card comes at a lower $300 per year cost but estimates a 4% average annual return compared to the Premium’s 6%.

Commenting on the debut of the Wealth card, Save founder and CEO Michael Nelskyla said, “We are very pleased to partner with Visa on the rollout of the first Save Wealth credit cards. 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.”

Visa’s Head of North American Digital Partnerships Patrick Williams said of working with Save, “I’m excited Visa will be a partner for Save in this upcoming card launch. With the Wealth card, Save is offering more options for consumers to maximize their spending power.”

Overall, the Save Wealth Premium Credit Card certainly has an intriguing concept. However, the $750 annual fee could be hard to swallow for some. Plus, depending on what type of a year it turns out to be for the market, the card’s appeal could easily wain. Regardless, it’s always interesting to see FinTechs thinking outside of the box — and for big companies like Visa to join them for the ride.


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Crypto Checking Account Juno Closes $18 Million Series A

Despite the so-called "Crypto Winter" continuing, a FinTech that bills itself as a checking account for crypto natives has just secured a significant investment. This week, Juno announced that it had raised $18 million in funding. The Series A was led by ParaFi Capital’s Growth Fund with additional participation from Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures and Abstract Ventures. Previously, the company closed a...

Hawaiian Airlines Introduces Enhanced Bag Benefit for Cardholders

When it comes to travel credit cards, there are several routes that consumers can take. For some, a generic catch-all card may make sense, while others may prefer to leverage their brand loyalty by adding a co-branded travel card to their wallet. With the latter, travelers can often enjoy perks specific to their preferred airlines or hotel, allowing them to save money and/or time. Case in point: Hawaiian Airlines and...

Debt Payoff App Tally Raises $80 Million

A well-known FinTech app that offers debt consolidation to consumers has just secured a major investment. Today, Tally announced that it had raised $80 million in its latest funding round. The Series D was led by Sway Ventures, while Menora Mivtachim along with previous investors Kleiner Perkins, Andreessen Horowitz, Shasta Ventures, Cowboy Ventures also participated. With the new funding, Tally plans to further expand its debt pay-down platform and continue...