Owning a new car can be quite the financial commitment. According to AAA’s 2024 Your Driving Cost study, the monthly expense for owning and operating one is about $1,024.71. Enter the Fasten Rewards Visa, which seems designed to help ease some of those vehicle-related outlays by offering a cashback system. However, it’s important to note that the best rewards and redemption values are tied to services at specific dealerships.
Although the card won’t hit the market until later in 2025, here’s a sneak peek at what’s in store:
### Earning Rewards
The Fasten Rewards Visa Card, a result of a collaboration between financial tech company Highnote and Celtic Bank, comes with no annual fee and offers various rewards:
– You’ll earn 3 points per dollar on services at affiliated dealerships, gas, tolls, parking, EV charging, and car washes, but this is capped at $2,500 in combined spending quarterly across these categories.
– There are 2 points per dollar for car loan, lease, and insurance payments from linked accounts (up to a $1,000 monthly limit if you spend $500 or more monthly in these categories), plus auto insurance payments on up to $2,500 quarterly.
– And for all other purchases, it’s a straightforward 1 point per dollar.
In this deal, “in-network dealerships” refers to the specific dealership group where you initiated your card membership. If you’re after those top-tier rewards for car maintenance, your choice of service centers is somewhat restricted.
To capitalize fully on the 2x rewards for loans, leases, or insurance, your bank account needs to be synced with the Fasten app. Just follow the process there to start earning as you pay your monthly bills.
### Redeeming Rewards
You have three options to redeem your points, though only one gives you a full return of 1 cent per point:
– Spending points on services at partnered dealerships will yield 1 cent per point.
– Trading points for an Amazon gift card returns 0.75 cent per point.
– Opting for cash back via a statement credit gives you 0.5 cent per point, but that’s only from points accrued in the preceding year.
While the latter two choices offer more versatility, their per-point values are less than thrilling. Other cash-back cards generally offer between 1-2% cash back, so it’s worth keeping that in mind when comparing options.
### Getting the Card
Currently, applications for the Fasten Rewards Visa Card aren’t open. However, you can join a waitlist to be informed when it launches, which is projected for some time in 2025.
