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As its name suggests, the Jeep Rewards Mastercard is a nice fit for Jeep enthusiasts who are about to purchase a new or used car. By using the Jeep credit card to buy a car — or even fund a down payment — you’ll get 7% cash back, a rate that’s unmatched by most general cash-back credit cards. Better still, you won’t pay anything for that 7% rate since the Jeep credit card’s annual fee is $0.
The card also earns 2% back on everything else, making the Jeep credit card a strong top-of-wallet contender for the Jeep loyalist. Plus, the card’s imagery features the iconic Jeep grill, so every swipe is an opportunity to flex your membership in the #jeepfam.
Here are five things to know about the Jeep Rewards Mastercard, issued by First National Bank of Omaha.
1. Rewards rates are generous
The rewards structure on the Jeep credit card is simple yet solid. The card earns:
An unlimited 7% cash back on dealership purchases.
An unlimited 2% cash back on all other purchases.
Dealership purchases include service, accessories, parts or even a new vehicle (though you may only be able to swipe for the down payment — dealers usually won’t allow you to charge the entire cost of the car to a credit card). The 7% rate applies to purchases at Jeep dealerships and also sibling brands Chrysler, Dodge, Ram and Fiat.
The card’s unlimited 2% rate on all other purchases is excellent, as it’s a bit higher than the industry standard of 1.5%.
2. Redemption options are varied
As noted, the Jeep credit card earns 2%-7% cash back, depending on the purchase type. Cash back is earned as points, which can be redeemed for:
Chrysler, Dodge, Jeep, Ram and Fiat parts (including Mopar parts and accessories) and services at participating U.S. dealerships.
Credit toward the purchase or lease of a new or used Chrysler, Dodge, Jeep, Ram or Fiat vehicle at participating U.S. dealerships.
Merchandise from a cardholders' redemption website, e.g., jewelry, electronics or housewares.
Gift cards and certificates.
Airline, hotel and car rentals that may be booked in FNBO's redemption portal.
Cash back in the form of a statement credit, direct deposit to any checking or savings account or check sent by mail.
Point values vary depending on the redemption option; however, one point is worth 1 cent when redeemed for cash. Cash back may be redeemed in denominations of $25, $50, $100, $250 and $1,000.
Redemptions for parts and services must be made in person with a participating U.S. dealership, but all other redemptions can be fulfilled online. If you're a big spender who has saved up rewards for a hefty downpayment, there is a restriction to be aware of: The maximum value of redemptions made in one day is capped at $10,000.
Rewards earned from the Jeep credit card expire on or after seven years from when they are first earned.
3. Get revved up with this welcome bonus
The Jeep credit card comes with the following welcome offer (as of October 2023): Spend $100 in dealership purchases within your first billing cycle after account opening and get a $100 statement credit.
New cardholders can also earn an additional bonus: Earn a $1,000 bonus certificate toward the purchase or lease of a new Jeep, Dodge, Ram, Chrysler or Fiat vehicle when you spend $7,500 in your first reward year.
With this limited-time welcome offer, it’s possible to come away with $1,100 in statement credits after spending $7,600 with the Jeep card within the first 12 billing cycles. That amount represents one of the best sign-up bonuses among cards with a $0 annual fee. For example, theWells Fargo Active Cash® Card earns a flat 2% back on all purchases and has the following welcome offer: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
» MORE: Best credit card bonuses
4. Intro APR period is short
If you spend $499 or more on dealership purchases, you won’t be charged interest on that amount for six billing cycles. After that, the card’s interest rate will be 21.24%-30.24%, depending on the cardholder’s creditworthiness.
A six-month intro APR period is on the shorter side. For those who want more time to pay down their credit card purchases without accruing interest, check out the best credit cards with long 0% APR periods. Take the Chase Freedom Flex℠. It offers rewards up to 5%, plus 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 20.49%-29.24%, Variable APR.
5. It charges foreign transaction fees
While the Jeep Mastercard is a great sidekick for road trips, you won't want to take it off-roading past U.S. borders. You'll be charged a 3% foreign transaction fee for any purchases made abroad on the card. If you're looking for a $0-annual fee card that earns cash back and doesn't charge a foreign transaction fee, the Capital One SavorOne Cash Rewards Credit Card is a smoother ride.
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