Rewards

Make a speedy exit. The Speedway Credit Card may not be the choice for you, even if you fill up at a Speedway station every single day. The main reason: So-called Speedy points are worth very little in dollar terms – $0.0008 on average, according to WalletHub research. That means you need 12.5 Speedy points for just one penny in goods or services. And that helps put the Speedway Card’s 10 points-per-$1-spent base earning rate into context. It equates to just 0.08% “cash” back, less than the 1.07% offered by the average cash rewards card. So you definitely don’t want to use this card for everyday purchases.The card’s Speedway earning rate is far better: 50 points per $1 spent, or 4% back. That’s actually very good, providing a solid return and consistency unusual among gas rewards cards. After all, getting a certain number of cents back for each gallon purchased – quite common – may result in a solid earning rate when gas prices are low. But it will be far less attractive when prices are high. That said, you have to get gas at Speedway to earn 4% back. Speedway operates in just 21 states. And the best gas rewards credit cards give you 5% cash back at any station.

Finally, the Speedway Rewards Card’s 25,000 points initial bonus for spending $500 within three months of account opening is barely worth mentioning. It amounts to just $20. The best credit card deals offer more than 20 times that.

No annual fee. Plenty of great rewards credit cards don’t charge annual fees. So while this aspect of the Speedway Rewards Card will save you about $19.76 per year relative to the average credit card, it’s not reason enough to apply.

Good credit required. The Speedway Credit Card would be more attractive if more people could get it. But roughly 45% of people won’t be able to meet its minimum credit requirement. And the competition among credit cards for people with good or excellent credit is very tough. Either way, you’ll likely end up with a different offer. But if you don’t know which camp you fall in, and thus what type of credit card to apply for, you can check your latest credit score for free on WalletHub.

High APR. In case you’re wondering, the Speedway Rewards Credit Card is bad for carrying a balance from month to month. Its regular APR skews higher than the market averages for credit cards that require good and excellent credit for approval, respectively. So if you do end up getting the Speedy Rewards Mastercard and you don’t pay your bill in full every month, you’re probably going to overpay on interest.