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Fasten Rewards and Highnote: A Game-Changer in Automotive Financing
In an innovative move set to transform the automotive financing landscape, Highnote has teamed up with Fasten Rewards to introduce a new consumer credit card designed to reward drivers for their vehicle-related expenses. This partnership not only aims to ease the financial burdens associated with car ownership but also seeks to strengthen bonds between car dealerships and their customers.
How the Fasten Rewards Visa Card Works
The Fasten Rewards Visa Card is tailored specifically to meet the needs of car owners by offering lucrative reward points for common automotive expenses. Here's how it works:
- 3x Points: Earn three points for every $1 spent on in-network dealership services such as fuel, tolls, and maintenance.
- 2x Points: Earn two points for each $1 on car loans, leases, or insurance payments, provided these are linked to the Fasten app.
- 1x Points: All other purchases earn one point per dollar spent.
Customers benefit from receiving both digital and physical cards, which are accepted everywhere Visa is. It's an enticing option for those who want to consolidate their automobile expenses and gain rewards at the same time.
Strengthening Dealership Relationships
The collaboration aims not just at rewarding customers but also at enhancing dealership loyalty. By allowing customers to redeem points at their preferred dealerships for services and products, the program is designed to drive customer retention far beyond the initial car purchase.
As Jacob Zachs, Founder & CEO of Fasten, states, "As consumer expectations change, we saw a need for a product that makes earning rewards on auto payments easy while driving loyalty to dealerships." This commitment to fostering relationships is a pivotal strategy, especially given that the average American spends over $12,000 annually on vehicles—a significant financial outlay that many would be eager to reward.
Addressing the Demand for Reward Programs
The rising cost of car ownership—averaging with $1,024.71 monthly—has made rewards programs like this increasingly attractive. NerdWallet notes that similar programs, such as the Bilt World Elite Mastercard® for rent payments, are reshaping how consumers manage large expenses. Fasten’s Rewards card allows consumers to earn rewards precisely for one of their largest monthly expenditures: their vehicles.
Looking Ahead: Availability and Future Possibilities
The Fasten Rewards Visa Card is set to debut in 2025. Interested consumers and dealerships are encouraged to join the waitlist for updates on availability. The rollout is anticipated not only to benefit consumers but to also provide significant gains for dealerships in enhancing customer engagement and loyalty.
This partnership reflects a growing trend toward integrating modern technology and financial services within everyday industries, paving the way for more consumer-friendly financial products.
In conclusion, the Fasten Rewards Visa and Highnote partnership represents a significant step towards connecting consumers more closely with the dealerships they trust, all while providing financial rewards for doing so.
Stay tuned for more information as we approach the card's launch date in 2025!
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