Credit Cards That Let You Invest Rewards
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Credit cards that allow cardholders to redeem rewards for cash back only are a sliver of today’s market. Many cards now have a menu of redemption options from statement credits to gift cards to travel; others let you use rewards to pay down student loans, save for a down payment on a house or finance a new car.
Then, there are cards that let you funnel rewards into a 529 plan or retirement account, or buy cryptocurrency. Using rewards in this way can certainly supplement a comprehensive investment strategy, but it’s not a replacement for consistent saving toward long-term goals. These credit cards also tend to restrict cardholders to investing in products from a particular financial institution. And investments carry inherent risk, maybe none more so than cryptocurrency.
As long as you’re mindful of these limitations, credit cards with an investment redemption option can help you achieve your savings goals.
» SEE: Best credit cards right now
Bank of America® credit cards
Annual fee: Varies.
Rewards: Varies.
Redemption: Bank of America®’s cash-back credit cards have a range of redemption options, including a deposit into a qualifying 529 plan with Merrill. Cardholders must have at least $25 to redeem rewards in this way.
Bank of America® cardholders who keep a good chunk of investment change in a qualifying Merrill account may be eligible for a 25% to 75% boost in credit card rewards thanks to the bank's Preferred Rewards program.
Fidelity® Rewards Visa Signature® Card
Annual fee: $0.
Rewards: Unlimited 2% cash back on all purchases. Cardmembers who participate in the Fidelity Rewards+ program earn 3% cash back. A $250,000 asset minimum is required to enroll in Fidelity Rewards+.
Redemption: Cardholders may redeem their rewards into several Fidelity investment vehicles including a traditional IRA, Roth IRA, rollover IRA, SEP IRA, HSA and 529 plan. Rewards are worth 1 cent each when redeemed into an investment account. To redeem rewards, your credit account must be in good standing, and you must have at least 2,500 points.
Fisher-Price College Savings Mastercard
Annual fee: $0.
Rewards:
Unlimited 2% cash back when you deposit rewards into a 529 plan.
Unlimited 1% cash back for non-529 plan redemptions.
Redemption: The Fisher-Price credit card earns rewards in the form of the aptly named College Savings Rewards Points. Those points may be redeemed as a deposit into a linked 529 plan. A minimum $25 deposit is required to redeem.
Gemini credit card
Annual fee: $0.
Rewards:
4% back on gas and EV charging stations. (On up to $200 spent per month for one year. After that, gas and EV charging purchases earn 1%.)
3% back on dining.
2% back on groceries.
1% back on everything else.
Redemption: Rewards are earned as cryptocurrency; cardholders may choose from over 40 cryptocurrencies including Bitcoin. The Gemini card is also one of the few products that lets you redeem rewards as soon as you earn them rather than making you wait until the end of the billing cycle.
Neon Money Club Cream American Express Card
Annual fee: $128.
Rewards: Unlimited 1.5x points on all spending. (This rate can be doubled; see the next section.)
Redemption: Points are converted to invest into the stock market. Neon Money Club offers a 100% match on your rewards when you choose to invest them in eligible exchange-traded funds (ETFs).
Owner’s Rewards Card
Annual fee: $0. To earn rewards rates of 2.5% and above, you’ll need an M1 Plus subscription, which costs $36 a year.
Rewards: Earn 1.5%, 2.5%, 5% or 10% cash back. Cardholders earn the highest rewards rate if they shop at a merchant within the Owner’s Rewards Program. Purchases from retailers outside of the program earn 1.5%. Cash back earned from all rewards tiers is capped at $200 per month.
Redemption: Rewards are automatically deposited into an eligible M1 Invest account. Cash back cannot be deposited into the following M1 investment accounts: traditional IRA, Roth IRA, SEP IRA, trust account or custodial account.
Robinhood Gold Card
Annual fee: $0. However, to get the card, you must have a Robinhood Gold subscription, which costs $5 a month. If you pay for a yearly subscription, it’s $50.
Rewards:
5% cash back on travel booked through the Robinhood travel portal.
3% cash back on everything else.
Redemption: Rewards earned with the Robinhood Gold Card may be redeemed as cash that can be deposited into a Robinhood Financial Brokerage Account. One point is worth 1 cent for this redemption option.
Cardholders must have the Robinhood credit card app to redeem rewards.
SoFi Unlimited 2% Credit Card
Annual fee: $0.
Rewards:
3% cash back rewards on trips booked through SoFi Travel.
Unlimited 2% cash back rewards on all other purchases.
Redemption: SoFi credit card rewards are earned as points worth 1 cent each when redeemed into a SoFi Active Invest account. There’s no minimum to redeem rewards, but you can’t fulfill a redemption if you have an overdue balance on your credit card.
Upromise Mastercard
Annual fee: $0.
Rewards:
Unlimited 1.529% cash back on purchases when your Upromise account is linked to one of the eligible college savings plans on this list.
Unlimited 1.25% cash back on purchases if your Upromise account isn’t linked to an eligible college savings plan.
Redemption: Rewards redemption is overseen by Upromise, a loyalty program that aims to help people save for big goals like a college education. Upromise makes redemption effortless: Rewards earned with the Upromise Mastercard are automatically deposited into a linked eligible college savings plan. Rewards won’t accrue on accounts that are past due.
Venmo Credit Card
Annual fee: $0.
Rewards:
Unlimited 3% cash back in your top spending category for the month (from one of eight possible categories, including travel, dining, groceries, entertainment and bills/utilities.
Unlimited 2% back in your second-highest spending category for the month (from one of the remaining seven possible categories).
Unlimited 1% back on all other purchases, including any purchase that doesn’t fall into one of the spending categories listed below.
Redemption: If cardholders opt-in to the Cash Back to Crypto program, cash back earned with the Venmo Credit Card is automatically used to purchase one of four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum or Litecoin. A nominal minimum of $1 is required to purchase cryptocurrency.
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