Ford has a new member in its credit card fleet: the Ford Rewards Visa Signature® Credit Card. Not only does it help loyal Ford drivers earn double-digit points on Ford-related purchases, but cardholders also can get a lot of mileage out of their road-related spending, too. Learn why this no-annual-fee card could make sense for serious Ford drivers — and who should pump the brakes on applying.
[Read: Best Credit Cards.]
All We Know About the Launch
The company announced its new Ford Rewards Visa Signature® Credit Card in a blog. The card, which is issued by Comenity Capital Bank, has a $0 annual fee, and you can prequalify without a hit to your credit score. You must be a Ford Rewards member, which is free to join, to apply for the card.
The card has a variable purchase annual percentage rate of 21.24% to 34.24% based on creditworthiness.
Top Features of This Card
— The sign-up offer accelerates earnings. Earn 15,000 Ford Rewards Points (up to a $75 redemption value) as a Ford Rewards member with your first card purchase in the first 90 days from card opening. If you spend $1,500 in that same period, you’ll also earn a $100 statement credit.
— Lots of earnings routes to take. Cardholders earn six points per dollar spent on Ford.com and Ford dealership purchases. When added to the 10 points you already get as a Ford Rewards Member for eligible Ford service and Ford.com purchases, that’s 16 points per dollar. In addition, you can also earn six points on purchases at grocery stores, restaurants, gas and EV charging stations, and on auto insurance, tolls and parking. Everything else earns two points per dollar.
— A bridge to higher status. Using the card for one purchase in a calendar year moves you from Bronze to Silver Tier in the Ford Rewards program — which gives you a 5% bonus on points earned. If you reach $25,000 in spending for the calendar year, you move to the Blue Tier and get 10% more on your earned points.
[Read: Rewards Credit Cards]
Who Should Consider This Card
Ford vehicle owners who get their cars serviced at the dealership or those planning to buy or lease a new Ford could get some decent value out of this card. Especially if you’re a heavy driver, this could become your go-to “car spending” card since it also awards bonus points in road-related categories like gas, auto insurance, tolls and parking.
On the downside, redemption options are limited to:
— Ford service, like oil changes, tires and brakes
— Ford accessories, like floor mats
— Ford parts, including wiper blades and air filters
— Connected services in the vehicle
— Promotional Bronco merchandise
Alternative Card to Consider
If you don’t spend a lot of time behind the wheel or enjoy pampering your Ford vehicle, you might be better suited for a general rewards card like the Blue Cash Preferred® Card from American Express. In addition to the industry-leading 6% cash back you get at U.S. supermarkets (up to $6,000 per year, then 1%) and on select U.S. streaming subscriptions, drivers and commuters have a lot of earning potential, as well.
The card offers unlimited 3% cash back at eligible U.S. gas stations and on transit, including taxis, ride-hailing, parking, tolls, trains and buses. You’ll also get a better welcome offer, though the spending requirements are higher: Earn as high as $300 cash back after spending $3,000 in purchases on your new card in the first six months.
Though there is a $0 intro annual fee for the first year, then $95. See Rates & Fees
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New Ford Credit Card Hits the Road originally appeared on usnews.com