Speedy Rewards® Mastercard® Review

The Speedy Rewards® Mastercard®, more commonly known as the Speedway Credit Card, is a $0-annual-fee Mastercard from First National Bank of Omaha. Cardholders report ongoing rewards worth $207.36 a year for a regular Speedway shopper, a figure that actually beats a flat 2% cash-back card for that same spending mix.

Issued by First National Bank of Omaha, this is an open-loop Mastercard, usable anywhere Mastercard is accepted, not locked to Speedway pumps or stores. Its highest earn rate is reserved for Speedway fuel and in-store purchases, with a flat, lower rate everywhere else.

Based on verified issuer data, this review walks through exactly what that rate structure is worth, who it’s worth it for, and the one unrelated product it’s easy to confuse it with.

Who This Card Is For

This card’s real value depends almost entirely on how often you actually shop or fuel up at Speedway.

For a regular Speedway shopper, spending $150 a month in-store (coffee, snacks, merchandise) and fueling up 40 gallons a month there (at an assumed $3.50/gallon, or $140 a month), plus $350 a month everywhere else, this card earns 216,000 points a year, worth $207.36 a year ongoing. That beats a flat 2% cash-back card on the same $640 a month in spend, which would earn $153.60 a year, by about $53.76 a year.

A light or occasional Speedway visitor sees a very different outcome. Spending just $20 a month in-store and 8 gallons a month ($28) at Speedway, plus $450 a month everywhere else, earns 82,800 points a year, worth about $79.50 a year. That’s $40 a year behind a flat 2% card on the same $498 a month in spend.

Anyone who doesn’t regularly shop or fuel up at Speedway specifically should skip this card and get a flat-rate cash-back card instead, like the Wells Fargo Active Cash® or Citi Double Cash®. Readers comparing the whole gas-card field should also check Best Credit Cards for Gas.

Speedy Rewards® Mastercard®’s issuer doesn’t publish a minimum credit score, so approval odds are hard to gauge going in; see What Is a Good Credit Score to Get Approved for a Credit Card? for general guidance.

Sign-Up Bonus: Is It Worth It?

New cardholders can earn 25,000 bonus Speedy Rewards points after meeting a straightforward spend requirement: Spend at least $500 in the first 3 billing cycles after account opening.

That bonus is worth less in dollar terms than its 25,000-point face value suggests. The only precisely sourced redemption rate for this program is a $10 Speedy Cash gift card for 10,450 points, which works out to $10 ÷ 10,450 points = $0.00096 per point, or 0.096 cents per point. At that rate, 25,000 bonus points are worth 25,000 × $0.00096 = $23.92, rounded to $24.

For the regular Speedway shopper profile above, that $24 bonus combines with $207.36 in ongoing rewards and $0 in fees for $24 + $207.36 − $0 = $231.36 net in year one.

The spend requirement itself is a low bar. $500 across the first 3 billing cycles is realistic for almost anyone who uses the card at all, even light spenders, well below what either profile in this review spends over the same stretch.

Earning Rewards: The Math

The Speedy Rewards® Mastercard® earns points on two tiers only: a high rate at Speedway, and a flat, lower rate on everything else.

Cardholders who also join the free Speedy Rewards loyalty program, a separate signup from the card itself, earn additional points beyond the card’s own rate, though the issuer doesn’t independently confirm the exact stacking mechanics.

$640 a month in total spend on a flat 2% cash-back card earns $153.60 a year; this card earns $207.36 a year ongoing on the same mix, about $54 a year more, because the 50x rate at Speedway is worth roughly 4.8 cents per dollar spent there even at this card’s low per-point value.

Redeeming Rewards

Points redeem for Speedway food and merchandise, gift cards (including a $10 Speedy Cash card and $25 Amazon or Lowe’s cards), or a 25-cent-per-gallon fuel discount. There’s no cash-back redemption option at all, a real limitation against cards that let you redeem for cash.

Of those options, only the $10 gift card has a precisely sourced point cost: 10,450 points, working out to about 0.096 cents per point. The $25 Amazon and Lowe’s cards and the fuel discount exist as redemption choices, but their exact point costs aren’t published anywhere in the sources checked, so treat the gift-card rate as the baseline and the others as unverified upside.

The single most important practical risk here is the 9-month account-inactivity point expiry: points expire if the account sees no activity for 9 months, regardless of how fast or slowly those points were earned. Anyone who doesn’t use the card often should watch that clock. There are no transfer partners; this is a closed, single-issuer program.

Complexity is low, a straightforward points catalog, but the tradeoff is inflexibility: no cash-back choice, just a fixed menu of redemption options.

Fees and Costs

This card carries $0, no annual fee at all.

The purchase APR is 30.24% variable, carry a balance and the rewards disappear fast; see What Is APR? How Credit Card Interest Works for how that adds up. There’s no introductory 0% APR offer on this card, and no penalty APR either, a genuine plus for anyone who misses a payment date.

Foreign transaction fee: 3%. In practice, that means a 3% foreign transaction fee applies to every purchase made outside the US; see What Is a Foreign Transaction Fee? for how that cost adds up on a trip abroad.

Balance transfers carry a fee of Either $10 or 5% of the amount of each transfer, whichever is greater, worth factoring in before moving a balance onto this card.

Pros and Cons

Pros:

• No annual fee
• A high 50x rate at Speedway, worth about 4.8 cents per dollar spent there even at this card’s low per-point valuation
• Open-loop Mastercard, usable anywhere, not locked to Speedway
• No penalty APR, even on a late payment
• A modest 10x base rate everywhere else adds some value beyond Speedway

Cons:

• No cash-back redemption option at all, locked into merchandise, gift cards, or a fuel discount
• Points expire after just 9 months of account inactivity
• Real value depends heavily on regular Speedway shopping; light or occasional visitors lose to a flat 2% cash-back card
• 30.24% variable APR is high
• No published credit-score minimum, which makes approval odds hard to assess upfront

How It Compares

The closest direct competitor is the bp rewards Visa®, another FNBO-issued, $0-annual-fee card pairing an in-brand points multiplier with a fuel discount.

bp rewards Visa® offers more redemption flexibility, an actual cash-back option, no points-block catalog, while Speedy Rewards® Mastercard®’s headline 50x multiplier is higher at its own brand. The better pick honestly depends on which brand’s stations the reader actually visits, and whether a cash-back option matters to them.

FNBO issues a similar no-cash-back, gift-card-catalog card under a different retailer’s brand too: the Wawa Mastercard® follows the same redemption style, useful as a point of reference for how this family of cards handles rewards without a cash-back path.

A third no-fee gas-brand alternative, the Techron Advantage® Visa Card, layers a cents-per-gallon discount on top of other Visa spending with a different mechanic worth comparing against this card’s points catalog.

Nick’s Verdict

Based on verified data, the Speedy Rewards® Mastercard® returns $231.36 net in year one and $207.36 a year ongoing for a regular Speedway shopper fueling up and buying in-store there every month, all with no annual fee. That genuinely beats a flat 2% cash-back card by about $54 a year for that spending mix, a stronger showing than some other brand-loyalty gas cards.

Apply for this card if you regularly shop or fuel up at Speedway and don’t mind skipping a cash-back option. Skip it if you don’t regularly visit Speedway specifically, since that light-use profile loses about $40 a year to a flat 2% card, or if you want a cash-back option or dislike the 9-month inactivity expiry risk on unused points.