New Fasten Credit Card Promises Rewards on Car Payments

AAA’s 2024 Your Driving Cost study reveals that owning and operating a new car costs $1,024.71 per month. The Fasten Rewards Visa offers a way to earn back some of this expense, with the highest rewards rate and optimal redemption option available for services at specific dealerships.

Although the card is not yet available and is expected to launch later in 2025, here is what you can anticipate:

Developed by financial technology company Highnote and issued by Celtic Bank, the $0-annual-fee Fasten Rewards Visa Card allows you to earn:

• 3 points per $1 on services at in-network dealerships, gas, tolls, parking, electric vehicle charging, and car washes. The 3x rate is applicable up to $2,500 in combined spending per quarter in these categories.

• 2 points per $1 on car loan, lease, or insurance payments from a linked account (up to $1,000 in monthly spending, requiring $500 or more monthly spending in these categories to earn 2x rewards), and on auto insurance payments (up to $2,500 in spending per quarter).

• 1 point per $1 on all other purchases.

It’s important to note that to earn the enhanced rewards rate for car services, they must be performed at specific dealerships within your network, as outlined in the rewards program terms.

Additionally, to earn 2x rewards on car-related payments, you need to link your bank account to the Fasten app. This allows you to accrue rewards for your monthly payments in these categories.

There are three options for redeeming your points, with only one providing a redemption rate of 1 cent per point:

• Use them for services at in-network dealerships at a value of 1 cent per point.

• Exchange them for an Amazon gift card at a value of 0.75 cent per point.

• Request cash back in the form of a statement credit at a value of 0.5 cent per point. This option only allows redemption of points earned from transactions in the previous year.

While the latter two options offer flexibility, their per-point values may be disappointing compared to typical cash-back cards that usually earn 1-2% cash back. However, you can redeem points for statement credits at a value of 1 cent each.

At present, applications for the Fasten Rewards Visa Card are not open. You can join the waitlist to receive notification when the card becomes available in 2025.