The Speedway Credit Card is a financial tool designed for frequent commuters and loyal Speedway customers who want to earn rewards on their daily purchases. By combining the benefits of a traditional credit card with the Speedy Rewards program, users can accumulate points quickly to save on fuel and in-store items. This guide explains how the card works, the benefits it offers, and how you can manage your account effectively.
Understanding the Speedway Credit Card
The Speedway Credit Card is a co-branded Mastercard issued by the First National Bank of Omaha (FNBO). Because it is a Mastercard, it is accepted at millions of locations worldwide, not just at Speedway gas stations.
While you can use the card anywhere, it is specifically designed to reward you most when you shop at Speedway. It integrates directly with your Speedy Rewards account, meaning every purchase you make helps you earn points toward free food, drinks, and significant discounts on gasoline.
Following the acquisition of Speedway by 7-Eleven, the rewards ecosystem has become even more robust. Cardholders can often find cross-promotional benefits that apply to both brands, making it a versatile choice for those who live near these convenience store chains.
Key Benefits and Rewards Structure
The primary reason to carry the Speedway Credit Card is the accelerated earning potential for Speedy Rewards points. Unlike the standard loyalty card, the credit card offers multiple tiers of point accumulation.
- Speedway Purchases: You typically earn 50 points for every $1 spent on qualifying purchases at Speedway locations, including fuel and convenience store items.
- Other Purchases: For all other purchases made anywhere Mastercard is accepted, you earn 10 points for every $1 spent.
- Sign-up Bonuses: New cardholders often receive a substantial points bonus after making their first purchase or meeting a minimum spending requirement within the first few months.
- No Annual Fee: One of the most attractive features of this card is that it usually comes with no annual fee, allowing you to earn rewards without an upfront cost.
These points are added to your existing Speedy Rewards balance. Because the earning rate is much higher than the standard loyalty program, frequent drivers find they can earn free rewards much faster than they would otherwise.
How to Apply for the Speedway Credit Card
Applying for the Speedway Credit Card is a straightforward process that can be completed online or through the Speedway mobile app. Before you apply, it is helpful to understand the requirements and steps involved.
To be eligible, you generally need a steady source of income and a fair-to-good credit score. Since this is a rewards credit card, the issuer will perform a hard credit inquiry as part of the application process.
Step-by-Step Application Process
- Visit the Official Website: Go to the Speedway website or the FNBO application portal specifically for the Speedway Mastercard.
- Provide Personal Information: You will need to enter your full name, social security number, date of birth, and contact information.
- Financial Details: The application will ask for your annual gross income and your monthly housing payment to determine your creditworthiness.
- Speedy Rewards Number: If you already have a Speedy Rewards account, make sure to provide your account number. This ensures your new credit card is linked to your existing points balance.
- Review and Submit: Carefully read the terms and conditions, including the APR and fee schedule, before submitting your application.
Many applicants receive an instant decision. If your application requires further review, you will typically receive a notification via mail within 7 to 10 business days.
Managing Your Speedway Credit Card Account
Once you are approved and receive your card in the mail, you should set up online access immediately. Managing your account digitally allows you to track your spending and ensure you never miss a payment.
The First National Bank of Omaha (FNBO) provides a dedicated online portal for Speedway cardholders. Through this portal, you can perform several essential tasks.
- Make Payments: You can set up one-time payments or enroll in autopay to ensure your bill is paid on time every month.
- View Statements: Access your monthly billing statements to review your transactions and monitor your rewards progress.
- Monitor Credit: Many cardholders get access to a free FICO score through their online account, helping them keep track of their credit health.
- Set Alerts: You can configure email or text notifications for large purchases, payment due dates, or when you approach your credit limit.
The Speedway mobile app is also a vital tool. While the FNBO app handles the financial side, the Speedway app is where you will track and redeem your points for rewards.
Redeeming Your Speedy Rewards Points
Accumulating points is only half the benefit; knowing how to redeem them for maximum value is equally important. Your points can be used for a variety of items at Speedway locations.
The most common redemption is for fuel discounts. You can use points to take a specific amount off per gallon, which can lead to significant savings when filling up a large tank. Alternatively, you can redeem points for in-store merchandise.
Common redemption options include:
- Fresh food items like pizza, hot dogs, and breakfast sandwiches.
- Beverages, including coffee, fountain drinks, and bottled water.
- Speedway gift cards or third-party gift cards available in the rewards catalog.
- Coupons for cents-off per gallon on your next fuel purchase.
To redeem, you can simply scan your card or the app at the pump or the checkout counter. The system will prompt you if you have enough points for a reward.
Fees and Interest Rates to Consider
While the Speedway Credit Card offers great rewards, it is important to use it responsibly to avoid costs that could outweigh your savings. Like any credit card, there are interest rates and fees associated with its use.
The Annual Percentage Rate (APR) for purchases is variable and based on the market Prime Rate. If you carry a balance from month to month, the interest charges can be significant. To get the most value out of the rewards program, it is best to pay your statement balance in full every month.
Other potential fees include late payment fees and returned payment fees. However, because there is typically no annual fee, the card costs nothing to keep in your wallet as long as you pay on time and avoid interest charges.
Speedway Credit Card vs. Speedy Rewards Loyalty Card
It is important to distinguish between the standard Speedy Rewards loyalty card and the Speedway Credit Card. Anyone can sign up for the loyalty card for free to earn basic points on purchases.
The credit card is an upgrade for those who want to earn points much faster. For example, while a loyalty member might earn a set number of points per gallon, a credit card holder earns those points plus the points generated by the credit card spend itself.
If you only visit Speedway occasionally, the standard loyalty card may be sufficient. However, if Speedway is your primary gas station, the credit card offers a much higher return on your daily spending.
Tips for Maximizing Your Rewards
To get the most out of your Speedway Credit Card, consider these practical tips:
Use the Card for Everything: Since you earn 10 points per dollar on non-Speedway purchases, using the card for groceries, utility bills, and dining out can help your points balance grow rapidly.
Watch for Bonus Point Items: Speedway often features specific products in-store that offer thousands of bonus points. Using your credit card to buy these items creates a “double-dip” effect on your rewards.
Combine with the App: Check the Speedway app frequently for digital coupons. These can be stacked with your credit card rewards to lower your overall spending even further.
Conclusion
The Speedway Credit Card is a valuable tool for anyone looking to reduce their fuel costs and earn rewards on everyday spending. By offering high point multipliers at Speedway locations and a steady stream of points elsewhere, it simplifies the process of earning free food, drinks, and gas discounts. To make the most of the card, remember to pay your balance in full each month and keep an eye on the Speedway app for the latest redemption offers.
If you found this guide helpful, be sure to explore our other articles on managing personal finances, understanding credit scores, and finding the best rewards programs for your lifestyle at SearchAndHelp.com.