Ford is launching a new credit card with First National Bank of Omaha (First Bankcard) – the FordPass Rewards Visa. Here’s what you need to know about the new, no annual fee card – and whether it’s worth considering.
FordPass Rewards Visa
Ford Motor Company and First Bankcard are now offering a new co-branded credit card: the FordPass Rewards Visa Card. The card, a Visa Signature product, offers cash back on automotive and travel purchases, a 0% intro APR, and a decent statement credit after meeting minimum spending requirements.
Special Financing on Ford Purchases
Most auto rewards and car credit cards come with select financing options on dealer purchases – and the FordPass Visa is no different. New accounts enjoy a 0% intro APR for six months on Ford Dealership purchases of $499 or more.
Earn Statement Credits After Meeting Spend Requirements
Many rewards credit cards also offer an introductory bonus. Again, the FordPass Visa does just that, granting customers statement credits after reaching initial and annual spending requirements.
- Earn a $100 statement credit when using the new Ford credit card to make $3,000 in purchases within the first three billing cycles.
- Earn a $200 statement credit every year after spending $6,000 in 12 consecutive billing cycles after account opening.
As others note, the $200 statement credit for reaching the annual spending threshold is essentially 3.33% cash back – which is a great value. Of course, that spending goal requires considerable use. However, regular servicing and parts, plus spending on bonus categories, make the goal achievable.
How to Earn FordPass Rewards Points
The FordPass Visa is a cash back rewards card, with cash back taking the form of points. Cardholders earn different amounts of points depending on their purchases:
- 10% back on Ford service and maintenance
- 5% back on Ford Dealership purchases
- 3% back on gas, auto insurance, tolls, parking, and dining
- 1% back on all other purchases
The 10% cash back on Ford Servicing works out as 5% back in points on dealership purchases and 5% back in points with FordPass Rewards.
How to Redeem FordPass Points
Points are redeemable for several options with the FordPass Rewards program. Redemption award options include:
- New Ford vehicle purchases
- Ford Dealership services, including tire rotation and replacement, oil changes, regular maintenance, and more
- Fort parts and accessories
Does the New Ford Card Offer Value?
How does the FordPass Rewards Visa stack up against other cards in its category?
Comparing the Card to Other Auto and Gas Rewards Cards
The 3% back in points earned by the FordPass Visa Card is a decent value for money – especially when compared to other credit cards in the auto rewards space.
The Mopar DrivePlus Mastercard, for example, earns 2% cash back on fuel and travel purchases. The Dodge DrivePlus Mastercard and other FCA DrivePlus cards earn the same 2% back – 1% lower than the FordPass Visa.
The 3% back on gas also makes the FordPass Visa one of the better gas rewards credit cards on the market today, trailing only options like the INFINITI Visa (5% back) and the PenFed Platinum Rewards Visa Signature Card from Pentagon Federal Credit Union (5X points). While the INFINITI Card may offer more rewards on gas purchases, however, the FordPass Rewards Visa has greater appeal and a broader consumer base than Infiniti credit cards, making it a better option.
A Slightly Higher APR
First National Bank of Omaha and Ford advertise a variable purchase APR whose range starts at 15.99% and rises to 26.99%. While this rate is lower than those found with some auto cards, namely the INFINITI Visa and the Nissan Visa Signature, it’s slightly higher than most other auto rewards credit cards.
The list of credit cards with a better interest rate than the FordPass Rewards includes all the DrivePlus credit cards, such as the Mopar DrivePlus, the Ram DrivePlus, the Jeep DrivePlus, and the Chrysler DrivePlus. The APR with the Ford card is also 2% higher than both the Toyota Rewards Visa and the Lexus Pursuits Visa.
Fortunately, the Ford card comes with 0% financing on Ford purchases, which will offset large interest payments on select purchases. Plus, rewards cards aren’t designed for carrying a balance, so responsible usage should offset these higher rates.
Should You Apply for the FordPass Visa Rewards?
Auto rewards cards offer significant value for a select subset of users – namely those who like to save money on maintenance and new vehicle purchases. In this regard, the FordPass Rewards Visa is a good option to consider.
Gas, auto insurance, tolls, and parking are the types of purchases many commuters make every day, so earning cash back rewards for those charges is always welcome. The addition of dining makes the card more versatile, as do the statement credits for annual spending.
Of course, the card only makes sense if you have a Ford vehicle – and use Ford’s dealerships for your regular servicing and maintenance. If that is you, however, this no-annual-fee card is a great choice.
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