Fasten Launches Rewards Credit Card to Ease the Financial Burden of Car Ownership
Fasten has officially launched the Fasten Rewards™ Visa Card, a new credit card designed to help consumers save on auto-related expenses while giving dealerships a powerful tool to drive customer loyalty, according to FF News. This innovative offering allows cardholders to earn rewards on a wide range of vehicle costs, from car payments to fuel and maintenance—turning essential spending into valuable benefits.
«Data shows the average American now spends over $12,000 annually on their vehicle, with total auto loan debt in the U.S. surpassing $1.62 trillion. This financial burden makes car ownership less enjoyable for a lot of people,» said Jacob Zachs, Founder and CEO of Fasten. «Despite the high cost of ownership – not to mention unexpected maintenance – it’s a wonder why there’s never been a card that’s rewarded the consumer in a way that reduced this burden. That’s why I started Fasten Rewards, and with the launch of the Fasten Rewards Visa Card, we can now aim to make the car ownership experience more rewarding—literally.”
The Fasten Rewards™ Visa Card offers:
- 3x points on purchases at featured merchants (Fasten Partners)
- 2x points on auto loan, lease, and insurance payments
- 2x points on other automotive-related spending
- 1x point on all other purchases
Cardholders can redeem their points for statement credits, retail gift cards, or travel, and the card carries no annual fee. It is accepted wherever Visa is, both digitally and physically.
Auto-related expenses are the second-highest non-discretionary cost for many Americans. Fasten’s reward structure is designed to help consumers offset these ongoing costs, while also supporting dealerships in building stronger customer relationships.
One dealership already seeing the benefit is Mercedes-Benz of Eugene. “Fasten presented us with a unique solution that allows us to reward our loyal customers while also attracting new ones by making cars more affordable,” said Britton Schroeder, General Manager of the dealership. “With new ways to buy and sell cars, finding differentiators that keep customers returning is key for our dealership in this marketplace, and we are excited for our continued partnership with Fasten.”
Fasten’s approach is also attracting attention from investors. «The dealership market is ripe for disruption,» said Aneel Ranadive, Managing Director of Soma Capital. «Most consumers visiting a dealership already have an emotional connection to the car they intend to buy…when the realities of car ownership and its associated costs set in, many seek ways to save money. We see a unique opportunity for Fasten to provide value to cost-conscious consumers while giving them a reason to return to their dealership through a unique rewards model—something we believe has never existed in the marketplace before.”
With the launch of its rewards Visa card, Fasten positions itself as a game-changer in both the financial and automotive industries, aiming to make car ownership not only more affordable, but more rewarding.