MENTOR, Ohio—The $335-million Cardinal Credit Union, official credit union of the Cleveland Browns, has teamed up with fintech firm Bits of Stock to launch a stock rewards program for members ages 18 to 28, ATM Marketplace reported.
The initiative aims to help students and young investors build wealth and improve financial habits through fractional stock ownership, the credit union announced.
Under the program, checking account holders can earn rewards on each Visa debit card purchase, which can be redeemed as fractional shares of select publicly traded companies. Participants will also have access to a Bits of Stock brokerage dashboard to manage trades. Cardinal said it chose the platform in response to industry research showing that 67% of Gen Z investors prefer to start with small-dollar investments.
"We are helping student and younger members build a strong financial foundation while making investing accessible and rewarding," stated Christine Blake, CEO of Cardinal Credit Union. "There is tremendous value in this program as it encourages investors to learn about accumulating assets and building wealth in early adulthood."
Bits of Stock is directly integrated into Cardinal Credit Union's digital banking platform.
"Bits of Stock is redefining how people think about rewards and investing," Arash Asady, CEO of Bits of Stock. "This initiative is a game-changer for younger investors, allowing them to start building wealth through everyday spending and to watch their investments grow."