Review: Speedway Credit Card

speedway-credit-card-225Speedway gas stations, in partnership with First Bankcard / First National Bank of Omaha, offers a credit card that allows you to earn Speedy Rewards on every purchase. Our overview / review of the Speedway credit card is below:

The first thing to know is that the Speedway Speedy Rewards credit card is a MasterCard, meaning it is accepted anywhere MasterCard is accepted, which is just about everywhere. This is good — if you’re going to open a new credit line that could cause a bit of a ding in your credit score, it’s better to open it for a card that can be used widely. (Note that Speedway also offers a commercial credit card that can only be used at Speedway; that card is not being reviewed here.)

The Speedway MasterCard allows you to earn Speedy Rewards points using the following formula:

  • Earn 50 points per dollar on Speedway purchases
  • Earn 10 points per dollar on all other card purchases.

You can also get 25,000 bonus points if you use the card for at least $500 in purchases within the first 3 months of having it.

Now, before you get too excited about these big point giveaways, you should know that each Speedy Rewards point has very little value on its own. While there is no strict formula in terms of what a point is worth, by looking at the potential rewards we can estimate that each point is worth roughly 1/10 of a cent, maybe a tad more depending on the reward. In other words, it takes roughly 1000 points to get $1 worth of rewards. So, 50 points per dollar on Speedway purchases equates to roughly 5 cents worth of rewards. This is not bad at all, but you should understand it so you don’t too caught up in thinking you’re earning more in points than you really are.

The Speedway MasterCard has no annual fee, but its interest rate could be anywhere from 16.24% to 23.24%, depending on your credit history. If you ever carry a balance on your credit cards, you don’t want this one — you’re likely to pay more in interest than you earn in rewards.

That said, if you are a regular Speedway customer who always pays your credit card bills in full, the Speedway credit card is an OK choice. You can apply online via this application.

You might also want to check out our Gasoline Credit Cards page to compare the Speedway credit card to similar gas rebate cards.

See also: Instant Approval Credit Cards, Which is the best credit card?, Speedway Credit Card Payment, Login, and Customer Service Information