Speedy Rewards® Mastercard® from First National Bank of Omaha Review

Credit cards are indispensable tools in managing personal finances, providing a blend of convenience, security, and rewarding benefits that can enhance your purchasing power. Today, I will be reviewing the Speedy Rewards® Mastercard® from First National Bank of Omaha, a card that promises substantial rewards for those who frequently shop at Speedway. This review will delve into various aspects of the card, including key takeaways, pros and cons, benefits, and a conclusion to help you decide if this card is the right fit for your financial needs.

Speedy Rewards® Mastercard® Review

Overview

The Speedy Rewards® Mastercard® is tailored for individuals who frequently find themselves at Speedway gas stations and convenience stores. The card offers an impressive 50x points per dollar spent at Speedway, which can translate into significant savings and rewards for loyal customers. Beyond Speedway purchases, the card also provides a respectable 10x points per dollar spent on all other purchases. Additionally, there’s a generous introductory offer of 25,000 bonus points when you spend at least $500 in the first three billing cycles.

Interest Rates and Fees

One of the critical aspects to consider when evaluating a credit card is the interest rates and associated fees. The Speedy Rewards® Mastercard® comes with a variable APR of 29.99% for purchases, balance transfers, and cash advances. While this APR is on the higher side, it’s crucial to note that the card does not charge an annual fee, which can make it an attractive option for those who are diligent in paying off their balance each month.
However, if you tend to carry a balance month-to-month, the high-interest rates can quickly negate any rewards earned. The card also imposes fees for balance transfers (either $10 or 5% of the amount of each transfer, whichever is greater) and cash advances (either $15 or 5% of the amount of each cash advance, whichever is greater). Additionally, there are penalty fees for late payments (up to $40) and returned payments (up to $35).

Rewards Program

The rewards program is where the Speedy Rewards® Mastercard® truly shines. Cardholders earn 50x points per dollar spent at Speedway locations, which can be a game-changer for those who frequently fuel up or shop at Speedway. For all other purchases, the card offers 10x points per dollar spent, which is still a competitive rate compared to many other rewards cards on the market.

Sign-Up Bonus

As an added incentive, new cardholders can earn 25,000 bonus points after spending at least $500 within the first three billing cycles. This bonus can provide a substantial boost to your rewards balance right out of the gate, making it easier to start enjoying the benefits of the card.

Speedy Rewards® Mastercard® Key Takeaways

– High Reward Rates: Earn 50x points per dollar spent at Speedway and 10x points per dollar on all other purchases.
– Generous Sign-Up Bonus: Earn 25,000 bonus points after spending $500 in the first three billing cycles.
– No Annual Fee: Enjoy the benefits of the card without the burden of an annual fee.
– High APR: Variable APR of 29.99% for purchases, balance transfers, and cash advances.
– Penalty Fees: Late payment fee of up to $40 and returned payment fee of up to $35.

Speedy Rewards® Mastercard® Pros and Cons

Pros

– No Annual Fee: One of the standout features of the Speedy Rewards® Mastercard® is the absence of an annual fee. This allows cardholders to maximize their rewards without worrying about offsetting the cost of an annual fee.
– High Reward Rates: The card offers an exceptional 50x points per dollar spent at Speedway, which can lead to significant savings and rewards for frequent Speedway customers. The 10x points per dollar spent on all other purchases is also competitive.
– Generous Sign-Up Bonus: The 25,000 bonus points after spending $500 in the first three billing cycles is a substantial incentive that can help cardholders quickly accumulate points.
– Fraud Protection: The card offers robust fraud protection features, ensuring that cardholders’ information and transactions are secure.
– Free Credit Score: Cardholders have access to their credit score, allowing them to monitor their credit health and make informed financial decisions.

Cons

– High APR: The variable APR of 29.99% for purchases, balance transfers, and cash advances is quite high. This can be a significant drawback for those who carry a balance from month to month.
– Balance Transfer and Cash Advance Fees: The fees for balance transfers and cash advances can add up quickly, making these transactions costly.
– Penalty Fees: The late payment fee of up to $40 and returned payment fee of up to $35 can be burdensome for those who occasionally miss a payment.
– High Foreign Transaction Fee: The 3% foreign transaction fee makes this card less attractive for international travelers.

Speedy Rewards® Mastercard® Benefits

Reward Points

The primary benefit of the Speedy Rewards® Mastercard® is its robust rewards program. With 50x points per dollar spent at Speedway, cardholders can quickly accumulate points that can be redeemed for various rewards, including fuel discounts, merchandise, and gift cards. The 10x points per dollar spent on all other purchases further enhances the card’s value, allowing cardholders to earn rewards on everyday spending.

Sign-Up Bonus

The 25,000 bonus points available to new cardholders who spend at least $500 in the first three billing cycles is a significant benefit. This bonus can be redeemed for a variety of rewards, providing an excellent head start for new cardholders.

No Annual Fee

The absence of an annual fee is a notable benefit, as it allows cardholders to enjoy the rewards and features of the card without the burden of an additional cost. This makes the Speedy Rewards® Mastercard® an attractive option for those looking to maximize their rewards without incurring extra expenses.

Fraud Protection

The card offers comprehensive fraud protection features, ensuring that cardholders’ information and transactions are secure. This includes zero liability for unauthorized purchases, which provides peace of mind for cardholders.

Free Credit Score

Cardholders have access to their credit score, allowing them to monitor their credit health and make informed financial decisions. This feature can be particularly beneficial for those looking to improve their credit score or keep track of their credit status.

Flexible Redemption Options

The points earned with the Speedy Rewards® Mastercard® can be redeemed for a variety of rewards, including fuel discounts, merchandise, and gift cards. This flexibility allows cardholders to choose rewards that best suit their needs and preferences.

Conclusion

The Speedy Rewards® Mastercard® from First National Bank of Omaha is a compelling option for those who frequently shop at Speedway gas stations and convenience stores. The card offers an impressive 50x points per dollar spent at Speedway, which can lead to significant savings and rewards for loyal Speedway customers. Additionally, the 10x points per dollar spent on all other purchases is competitive, making this card a strong contender among rewards cards.
The generous sign-up bonus of 25,000 points after spending $500 in the first three billing cycles is an excellent incentive for new cardholders, providing a substantial boost to their rewards balance right from the start. The absence of an annual fee further enhances the card’s value, allowing cardholders to maximize their rewards without incurring extra costs.
However, the high variable APR of 29.99% for purchases, balance transfers, and cash advances is a significant drawback, particularly for those who carry a balance from month to month. The fees for balance transfers and cash advances, as well as penalty fees for late and returned payments, can also add up quickly.
Overall, the Speedy Rewards® Mastercard® is best suited for individuals who shop frequently at Speedway and are diligent in paying off their balance each month. For those who can take full advantage of the card’s rewards program and avoid carrying a balance, the benefits and rewards can be substantial. However, for those who tend to carry a balance or make frequent balance transfers and cash advances, the high APR and associated fees may outweigh the card’s rewards.
In conclusion, the Speedy Rewards® Mastercard® offers a robust rewards program, a generous sign-up bonus, and no annual fee, making it an attractive option for frequent Speedway customers. However, potential cardholders should carefully consider their spending habits and ability to manage their balance to determine if this card is the right fit for their financial needs.