by Daniel | Last Updated Feb 14th, 2021
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In this article, I’m going to talk about the new credit cards that are on offer from the company Save.
Basically, I’ll go over everything you need to know about each card, who Save actually is and then I’ll also go over a few simple steps you need to take to open an account.
So one of the first things you might have seen in the headline of this video is the fact that one of the Save cards in this review actually earn an average of 6% cash back on purchases, which is really good, and in some cases, it is said to earn up to 18% on pre-select spending categories, or what Save call ‘Preferred Brands’.
And this includes Companies such as Tesla, Peloton, SoulCycle, and Electrify America.
So if Save is able to provide these kinds of returns from its Credit cards it would make them extremely valuable and we’ll worth considering.
Now currently, Save is offering two different credit cards which are essentially cash back credit cards, the first one is the Save Wealth Plus card and the second is the Save Wealth Premium card.
And according to Save, both cards are expected to be available and shipped out to customers by the end of February.
Now one of the most interesting thing about both of these cards is the cash back that they can potentially offer.
According to Save, the Wealth Plus card is expected to have an average cash back of 4.03%, whereas the Wealth Premium card is expected to have an average cash back of 6.04%, which is really good!
How Does Save Achieve Such A High Cash Back?
Basically what Save does is invest an equvilant amount of money into different stock portfolios on your behalf that is expected to earn you a return, which ends up being the cash back you will receive.
So with the Wealth Plus card they invest apporximaltey $1 in to a stock-portfolio for every dollar that you spend on the card, and with the Wealth Premium card Save will invest $2.17 on your behalf for every $1 that you spend on the card.
A Choice Of Different Portfolios
Now another nice option that comes with these cards is that fact that you can actually choose what type of portfolio is most suited to you, whether that be a somewhat conservative portfolio or a relatively aggressive portfolio.
And depending on which portfolio you choose, will effect the type of returns that you get.
Currently Save is offering three different portfolio options to choose from:
- Global Diversified Markets
- ESG Focused
- Alternative Assets/Crypto
How Long Is The Money Invested For?
Now it’s important to know that the money that they invest on your behalf stays invested for just over one year, so you will have to wait at least 12 months to see any actual return, and it’s worth noting that there is also a management fee of 0.79%.
Eventually, Save will deposit any returns (minus their fees) in to your bank account as cash.
Along with this, it’s important to remember that you don’t get to keep the money that they invest on your behalf, what you do get to keep is any earnings that are made over the 12 month period.
Earning Even More Cash Back
Now besides earning the already decent 4.03% or 6.04% cash back, there is also the possibility of earning between 9% and 18% cash back from a variety of different companies that include Whole Foods, Apple and Tesla.
And this is part of their Preferred Brands selections.
Basically what Save does to achieve the higher percentage return is actually invest more money into the investment portfolio when you shop at one of the Preferred Brands so they can get as close to the desired return as possible.
Benefits and User Perks
So now let’s take a closer look at some of the benefits that come with these cards, and although the benefits for each card are similar, there are a few key differences.
And as I mentioned before, the Wealth Plus card has an expected average return of 4.03% whereas the Wealth Premium card expects to have an average return of 6.04%.
Now a really nice benefit that comes with both of these cards is that they have no minimum spend requirements and are not limited by how much you can earn.
And this can potentially result in you being able to earn quite a lot of money.
It also gives the Save cards an advantage over other cash back cards as it is not uncommon for other cards to be limited in how much they can actually earn in cash back at their highest percentage rate offer.
Now for new sign-ups of for either card you will receive a $10,000 investment signup bonus, and for anyone that you personally refer you will earn an additional $2,500 investment with the Wealth Plus card, and a $5,000 investment with the Wealth Premium card.
So the value of this sign-up bonus assuming you get a 4% return on the $10,000 that is invested on your behalf is approximately $400 for both cards.
Now the annual fee for each card is quite different.
With the Wealth Plus card, you will be charged an annual fee of $300, and with the Wealth Premium card, the annual fee is $750.
So its more than twice the price each year to maintain the Wealth Premium card, but if you spend a lot of money on this credit card there is the potential to earn quite a lot more cash back from its higher 6.04% return.
Now it’s worth noting that each card is associated with a personal checking account which has an APY of 0.5%, and you will be able to get 3 free cards per account, at no extra cost.
Visa Signature Rewards
Now finally as both of these cards are Visa Signature credit cards you will also get quite a lot of extra benefits and insurance related coverage.
First of all you will receive an auto rental collision damage waiver that covers you in case of any damage or theft of a rental vehicle, and to use this benefit you will need to pay for the entire car rental with the card and then decline the rental agencies collision damage waiver.
Next up there is Trip cancellation/ Trip interruption reimbursement that can help to reimburse you for the cost of a passenger fare in the event that your trip was interrupted or you had to cancel it for a covered reason.
And this covers any travel by air, rail, bus, ferry or cruise ship.
There is also the Visa Signature Luxury Hotel Collection which gives you special guest status at over 900 luxury hotels and resorts world wide.
And this includes perks such as an automatic room upgrade on arrival assuming it is available, complimentary breakfast for two, a $25 food or beverage credit and late check-out upon request.
Just A Reminder
So obviously it is important to take into account that the returns with this card will most probably vary and are not guaranteed.
If the stock market doesn’t perform well, you won’t make much if anything back in the way of cash back.
But, if the market is doing extremely, you have the potential to earn quite a lot more than the average return of each card.
Also, it’s worth taking into account that to actually see a return on these cards you will need to spend a fair amount of money each year just to cover the annual fee.
With the Wealth Plus card, assuming you do get the expended 4.03% return, you will need to spend about $7,500 to make up for the $300 annual fee.
And this the Wealth Premium card assuming you receive the 6.04% return, you will need to spend just over $12,400 to make up for the $750 Annual fee.
So it’s a fair amount to money spend, but just keep in mind that new sign-ups of either card will receive a $10,000 investment bonus which should help to cover some of the annual fee, and if you refer some of your friends or work colleagues you will get even more money invested as a bonus from Save.
Who is Save And What Do They Do?
So you might be asking yourself ’who is Save?’
Back in December 2018, Save was founded by it’s now CEO Michael Nelskyla.
And before before becoming the CEO and founder of Save he worked for companies such as Goldman Sachs as a Managing Director, the Royal Bank of Scotland as the Head of Sales and the Head of Investor Solutions at UBS Americas.
In September 2020, Save teamed up with Radius Bank in a deal that was worth aproximately $3 billion dollars.
And this was to assist the start-up of their new Save Debit Invest card, which is similar to the new Wealth credits cards they are about to release.
And it’s worth noting that all accounts that are held with Save are insured by the FDIC and SIPC, which basically means that any deposits and investments are covered by federal insurance.
Now I just thought I’d leave their contact information here as it can sometimes be a bit difficult to find it on their website.
To contact Save there are a few options:
- You can call them at 1-844-940-7283 any time between 9am – 5pm CST (not including holidays)
- Their email for technical support is: support@joinsave.com
- Or you can talk directly with them on their website through the chat feature that is located on the bottom lefthand corner of the page, and this is available any time between 9am – 5pm CST (not including holidays)
If you are interested in either of these cards you can learn more about them here, and by signing up with this link you can actually receive $1,500 in equivalent portfolio investments, and just a disclaimer, this is an affiliate link which helps me to continue creating content, so if you do click on the link I really do appreciate it.
How To Order The New Save Wealth Credit Card
Now to sign-up for one of the Save Wealth Credit Cards, it’s pretty straightforward, first of all, you go to the Save Website here, And at the top of the page, you can click the ‘Wealth Card’ button.
On the next page right on the center of the page click ‘Order My Card’
And then on this next page, you will see that you have the option of choosing either the Wealth Plus card or the Wealth Premium card.
So click on whichever card you prefer where it says ‘Get Started’
And then finally you fill out the form on the next page.
Final Thoughts
So what are my thoughts about these new credit cards?
Overall, I think that the new Wealth credit cards from Save are an interesting option and have the potential to earn you quite a lot of cash-back if the markets are performing well.
But at the same time if there did happen to be a bear market for an extended period of time, the cards would probably not prove to be very valuable.
But again, who knows what the market will actually do in the future.
Now if these new credit cards from Save are not your thing, why not check out some of the other credit card reviews on my YouTube channel here.