MENTOR, Ohio– Cardinal Credit Union said it is partnering with Bits of Stock to offer a stock rewards program geared to Cardinal checking account holders ages 18 to 28.
According to the $334-million Cardinal CU, the new program, integrated through its digital banking platform and provided by Lumin Digital, enables student and young investors to start building wealth through fractional stock ownership (less than one full equity share of stock), while supporting early investment habits and fostering financial education.
Automatic Rewards
“Once enrolled, young investors can automatically earn stock rewards on every VISA debit card purchase, which can be redeemed into fractional shares of certain publicly traded stocks of their choosing,” Cardinal CU said. “Through the Bits of Stock brokerage account-like dashboard, members can begin executing stock trades to build their portfolio, while learning first-hand about stock ownership and investing.”
Cardinal added that student investors benefit from the program in many ways, including leveraging everyday spending for long-term growth, and to “enable their financial goals over time while limiting risk and building confidence.”
In announcing the new offering, Cardinal CU pointed to industry research that shows that 67% of Generation Z members (ages 13 to 28) consider the ability to start trading with small amounts a key factor in their decision to invest.
‘Stronger Foundation’
“We are helping student and younger members build a strong financial foundation while making investing accessible and rewarding,” CEO Christine Blake said in a statement. “There is tremendous value in this program as it encourages investors to learn about accumulating assets and building wealth in early adulthood.”
Cardinal said the new offering aligns with its mission to provide members with tools that promote financial education and well-being, while differentiating its offerings from other area financial institutions.
