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Save replaces card rewards with investments. (Credit: Save.)
Save, a fintech company that helps consumers earn a higher yield on cash and spend, announced their partnership with Visa, a world leader in digital payments, today for the launch of the first Save Wealth credit cards in February 2022.
The Wealth card will match customers’ spending with investments in personalized portfolios which are expected to include globally diversified allocations, sustainable investments, and alternative assets with managed crypto exposure. Customers keep all the returns of the investments (minus the Save Wealth management fee of 0.79%), with a minimum return of 0%. Early adopters of the card will receive $10,000 in equivalent investments2 for signing up to receive the card. Existing customers can receive $5,000 in equivalent portfolio investments3 for referring others to the Wealth card. Both receive the returns of any such investments after one year.
“We are very pleased to partner with Visa on the rollout of the first Save Wealth credit cards,” said Michael Nelskyla, Founder and CEO of Save. “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.”
“At Save, we believe the benefits of market returns should be expanded beyond traditional investment vehicles,” said Adam Watts, President and COO of Save.
“I’m excited Visa will be a partner for Save in this upcoming card launch,” said Patrick Williams, Head of North American Digital Partnerships at Visa. “With the Wealth card, Save is offering more options for consumers to maximize their spending power.”
The card also comes with access to Save’s enhanced FDIC-insured cash management tools including a Premium Market Savings account and a high yield checking account, which currently pays 0.50% interest on cash deposited. Neither account has any deposit limits outside of the $250,000 maximum for eligibility for FDIC insurance provided by Save’s bank partners.5
Save partners with Visa as the payment network for the Wealth credit card and Apex Clearing Corporation, Member FINRA/SIPC provides brokerage and clearing services for the securities traded with Save. In addition, Save is partnering with Solid as the FinTech platform provider for Save’s banking and cards infrastructure. Save serves as a fiduciary advisor to manage customers’ investments on their behalf. Save investment advisory fee only applies if the customer’s matching investments earn a yield of at least that amount.
Source: Company Press Release