The Fasten Rewards Visa stands out for allowing cardholders to earn points for car lease and car loan payments, along with other car-related expenses like insurance and government fees. Read on to learn more about the Fasten Rewards Visa, including benefits, redemption options and alternative choices.
[Read: Best Credit Cards.]
Benefits of the Fasten Rewards Visa
The Fasten Rewards Visa offers few benefits beyond the ability to earn rewards on monthly car loan or lease payments. You can earn two points per dollar on monthly lease or auto loan payments made through a checking account linked via the Fasten app. However, you must make at least $500 in purchases during the same month to qualify for this unique benefit. You can only earn points on up to $1,000 in monthly auto loan or lease payments.
Unlike other no-annual-fee cards, it offers few perks — no welcome bonus, 0% promotional period for annual percentage rate, nor travel protections.
How to Redeem Rewards
To redeem rewards, log into your Fasten Rewards account and choose one of four redemption options:
— Statement credit with Fasten Partners. Redeem your points as a statement credit on purchases with Fasten Rewards. The value of this reward is 1 cent per point.
— Statement credit on other purchases. You can also redeem points as a statement credit for other purchases, but the redemption value is just .5 cent per point.
— Digital gift cards. Redeem points for virtual gift cards at 1 cent per point.
— Flights and hotels. You can redeem points for flights and hotels at a rate of 1 cent per point through the Fasten travel portal.
[Read: Best No-Annual-Fee Credit Cards.]
Alternative Cards to Consider
The Bilt World Elite Mastercard allows cardholders to earn rewards points for paying rent without a processing fee or annual fee. Bilt World Elite Mastercard earns five points per dollar on dining purchases with Bilt partners and on Lyft purchases; three points on other dining purchases; two points on travel and one point on rent. The maximum amount of points you can earn for rent each year is 100,000. Unlike the Fasten Rewards Visa, it allows you to transfer points to travel partners.
If you’re looking for a no-annual-fee card that offers more benefits, the Chase Freedom Unlimited® offers a $200 welcome bonus after you spend $500 within the first three months, along with trip cancellation and interruption insurance. You’ll also enjoy a 0% introductory APR for 15 months on balance transfers and purchases, then 18.99% to 28.49% variable APR.
Should You Get the Fasten Credit Card?
The Fasten Rewards Visa works best for those who want to earn rewards on monthly auto loan and lease payments but don’t mind having a low redemption value for their points. However, if you’re looking for a card that offers a welcome bonus and higher redemption values for points, it’s best to explore other no-annual-fee credit cards.
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The Fasten Visa Rewards Gives You Points for Car Payments originally appeared on usnews.com
