As its title suggests, the Jeep Rewards Mastercard is a pleasant match for Jeep fanatics who’re about to buy a brand new or used automobile. Through the use of the Jeep bank card to purchase a automobile — and even fund a down cost — you’ll get 7% money again, a fee that’s unmatched by most normal cash-back bank cards. Higher nonetheless, you received’t pay something for that 7% fee for the reason that Jeep bank card’s annual price is $0.
The cardboard additionally earns 2% again on every part else, making the Jeep bank card a robust top-of-wallet contender for the Jeep loyalist. Plus, the cardboard’s imagery options the long-lasting Jeep grill, so each swipe is a chance to flex your membership within the #jeepfam.
Listed below are 5 issues to know concerning the Jeep Rewards Mastercard, issued by First Nationwide Financial institution of Omaha.
1. Rewards charges are beneficiant
The rewards construction on the Jeep bank card is straightforward but strong. The cardboard earns:
A limiteless 7% money again on dealership purchases.
A limiteless 2% money again on all different purchases.
Dealership purchases embody service, equipment, components or perhaps a new automobile (although you might solely be capable of swipe for the down cost — sellers normally received’t let you cost all the price of the automobile to a bank card). The 7% fee applies to purchases at Jeep dealerships and in addition sibling manufacturers Chrysler, Dodge, Ram and Fiat.
The cardboard’s limitless 2% fee on all different purchases is superb, because it’s a bit greater than the business commonplace of 1.5%.
2. Redemption choices are assorted
As famous, the Jeep bank card earns 2%-7% money again, relying on the acquisition sort. Money again is earned as factors, which could be redeemed for:
Chrysler, Dodge, Jeep, Ram and Fiat components (together with Mopar components and equipment) and companies at collaborating U.S. dealerships.
Credit score towards the acquisition or lease of a brand new or used Chrysler, Dodge, Jeep, Ram or Fiat automobile at collaborating U.S. dealerships.
Merchandise from a cardholders’ redemption web site, e.g., jewellery, electronics or housewares.
Present playing cards and certificates.
Airline, resort and automobile leases which may be booked in FNBO’s redemption portal.
Money again within the type of an announcement credit score, direct deposit to any checking or financial savings account or examine despatched by mail.
Level values fluctuate relying on the redemption possibility; nevertheless, one level is value 1 cent when redeemed for money. Money again could also be redeemed in denominations of $25, $50, $100, $250 and $1,000.
Redemptions for components and companies have to be made in individual with a collaborating U.S. dealership, however all different redemptions could be fulfilled on-line. In the event you’re a giant spender who has saved up rewards for a hefty downpayment, there’s a restriction to concentrate on: The utmost worth of redemptions made in at some point is capped at $10,000.
Rewards earned from the Jeep bank card expire on or after seven years from when they’re first earned.
3. Signal-up bonus is first rate
The Jeep bank card comes with the next welcome provide (as of September 2023): Spend $100 in dealership purchases inside your first billing cycle after account opening and get a $100 assertion credit score.
New cardholders also can earn a further bonus: Earn 20,000 bonus factors value $200 while you spend $10,000 inside the first 12 billing cycles after account opening.
With this limited-time welcome provide, it’s potential to return away with $300 in assertion credit after spending $10,000 with the Jeep card inside the first 12 billing cycles. That quantity represents the most effective sign-up bonuses amongst playing cards with a $0 annual price. For instance, the Wells Fargo Lively Money® Card earns a flat 2% again on all purchases and has the next welcome provide: Earn a $200 money rewards bonus after spending $500 in purchases within the first 3 months.
4. Intro APR interval is brief
In the event you spend $499 or extra on dealership purchases, you received’t be charged curiosity on that quantity for six billing cycles. After that, the cardboard’s rate of interest can be 21.24%-30.24%, relying on the cardholder’s creditworthiness.
A six-month intro APR interval is on the shorter aspect. For individuals who need extra time to pay down their bank card purchases with out accruing curiosity, try the very best bank cards with lengthy 0% APR durations. Take the Chase Freedom Flex℠. It affords rewards as much as 5%, plus 0% intro APR on purchases and Stability Transfers for 15 months, after which the continuing APR of 20.49%-29.24%, Variable APR.
5. It costs overseas transaction charges
Whereas the Jeep Mastercard is a good sidekick for street journeys, you will not wish to take it off-roading previous U.S. borders. You will be charged a 3% overseas transaction price for any purchases made overseas on the cardboard. In the event you’re in search of a $0-annual price card that earns money again and does not cost a overseas transaction price, the Capital One SavorOne Money Rewards Credit score Card is a smoother journey.