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

Gas Prices Reach New Record Highs Ahead of Memorial Day Holiday

With the Memorial Day holiday weekend ahead, motorists are likely to be paying more to fill their tanks. According to the latest figures from GasBuddy, average gas prices hit new record highs this past week — marking the fifth week in a row that prices have climbed. The app's data (collected from more than 150,000 stations across the country) show an average price of $4.57 per gallon, which is up 11¢ from...

Progressive Announces "Driving Small Business Forward" Grant Program

Small business owners hoping to add some wheels to their operation may have a chance to do so thanks to a newly-announced grant opportunity. The well-known insurance provider Progressive has announced the launch of its Driving Small Business Forward grant program. Partnering with the accelerator Hello Alice, this program is specifically aimed at Hispanic entrepreneurs and will include 10 $25,000 grant winners. These funds can then be used toward the...

Banking-as-a-Service Platform Unit Raises $100 Million

Put another tally mark on FinTech "megadeal" board for 2022. This week, Unit announced that it had closed a $100 million round. The Series C was led by Insight Partners. Existing investors such as Accel, Better Tomorrow Ventures, and Flourish Ventures also participated along with newcomers Moving Capital and Stepstone. Notably, the round valued the company at $1.2 billion, earning it "unicorn" status. To date, Unit has now raised a...