Full Review of Chrysler Mastercard
Bonus certificate toward a vehicle purchase
No annual fee
Introductory rate on certain purchases
$100 statement credit
5% cash back only available at the dealership
Foreign transaction fee
- Bonus Certificate Toward a Vehicle Purchase: Cardholders can earn a bonus certificate worth $1,000 toward the purchase of a new FCA U.S. vehicle after spending $7,500 on the card in the first year. There are limitations on which models are eligible, however, so it's worth reviewing the list if you have a particular one in mind. Other FCA U.S. brands are Jeep, Dodge, Ram, and Fiat.
- No Annual Fee: There's no annual fee with the Chrysler Mastercard, so there are no concerns about whether the rewards will outweigh the fee.
- Introductory Rate on Certain Purchases: This card features an ongoing 0% APR for six billing cycles for FCA U.S. dealership purchases of $499 or more. Whenever cardholders make a qualifying purchase, they receive the 0% APR introductory rate on that balance for six billing cycles.
- $100 Statement Credit: Cardholders who make $499 in FCA U.S. purchases during the first billing cycle will receive a $100 statement credit. These purchases have to be made at participating dealerships, such as for parts or services.
- 5% Cash Back Only Available at the Dealership: While there is a 5% cash-back category with the Chrysler Mastercard, it only applies to vehicle servicing, merchandise, or other eligible purchases made at an FCA U.S. dealership. Some other cards, like the Discover it card, offer 5% cash back on rotating categories that are more likely to be used for everyday spending.
- Foreign Transaction Fee: This card charges a foreign transaction fee of 3% on purchases made outside the United States. So if you're planning a trip abroad, it might make more sense to consider a card like the Capital One SavorOne card, which doesn’t have a foreign transaction fee.
- Rewards Expire: With the Chrysler Mastercard, your rewards expire seven years after they are awarded, so it's important to remember to redeem them, if possible.
This Card is Best For
Seeks to maximize cash back earnings across spending categories
Resists or refuses an annual fee on principle or due to cost
Primarily responsible for household grocery and other major purchases
The Chrysler Mastercard would be best for someone who plans to buy a new car from one of the FCA USA brands. One of the card's most attractive benefits, the $1,000 bonus certificate, can only be used for that purpose.
For Chrysler loyalists, this card might also make sense, especially if they routinely take their vehicles to be serviced at the dealership. That makes them eligible for the highest rewards tier of 5% cash back.
On the other hand, people who aren't planning to buy a new car soon and who often go elsewhere for service will get less from this card than they would with many others. While it does offer 2% cash back on gas and travel, there are cards that reward everyday purchases more generously.
For example, the SavorOne card from Capital One offers 3% cash back on dining and entertainment purchases, as well as 2% cash back at grocery stores. The Bank of America Travel Rewards Visa offers 1.5 miles (equal to 1.5%) for every dollar you spend regardless of category, which makes it versatile for everyday use. Plus, it has no foreign transaction fees and no worries about points expiring.
Chrysler Mastercard Bonus
This card comes with two different bonuses. You can earn a $100 statement credit by spending $499 at the dealership in the first billing cycle. You can also earn a $1,000 bonus if you spend $7,500 on the card during the first year. The $1,000 bonus can be used toward the purchase of a new FCA U.S. brand vehicle.
While the $100 statement credit is rather lackluster, since it only applies to purchases made at the dealership, the $1,000 bonus certificate can be quite valuable if you intend to buy a car.
Rewards Earning Details
Earning rewards with the Chrysler Mastercard is fairly straightforward. Qualified purchases made at the dealership earn 5% cash back, while eligible purchases of gas and travel earn 2% cash back. Everything else earns 1% cash back.
While cash back is expressed as a percentage of the purchase, the rewards are actually awarded in points. Let's say an oil change for a Chrysler 300 costs about $145. If this service is done at a dealer four times a year, that would amount to $580. At the cash-back rate of 5%, that translates into 2,900 points.
Rewards Redemption Details
Cardholders can redeem rewards for cash back, travel, or gift cards by logging into their credit card account and choosing their redemption options.
They can redeem points for some rewards even if they don't have enough points to cover the whole amount. For example, a cardholder could put 1,000 points toward a reward and then use the Chrysler Mastercard to pay the remaining balance.
Cash back can be redeemed in increments of $25, $50, $100, $250, and $1,000. Cardholders can choose to receive it as a statement credit or through an ACH transfer to their checking or savings account.
How to Maximize Your Rewards
The best way to maximize rewards is to be a loyal Chrysler customer and use the card whenever you go to the dealership for service. It can also be helpful to use it for gas and travel in order to get the 2% cash back in those categories. Other cards that offer 2% or 2 points per dollar on travel are often cards like the Chase Sapphire Preferred, which come with an annual fee.
Chrysler Mastercard's Outstanding Benefits
- Ability to earn $1,000 bonus certificate toward a new car
- Zero liability for fraud
- Chip enhanced card
The Chrysler Mastercard is issued by First Bankcard, which is a division of the First National Bank of Omaha. In the 2019 U.S. Retail Banking Satisfaction Study from J.D. Power, First National Bank of Omaha ranked second in the Midwest region, with a score of 842 out of 1,000. The average score for the region was 793.
Cardholders have access to online and mobile banking, paperless statements, and account alerts. Plus, they can access their FICO credit score for free anytime.
In addition to providing $0 liability for fraudulent purchases, the Chrysler Mastercard offers fraud monitoring and its issuer will send alerts when something suspicious comes up. The card is also chip enhanced, adding another layer of protection.
Unless you plan to use it for the $1,000 discount on a new car purchase, this card doesn't have much going for it. The 5% cash back is available only at dealerships, so if you don't spend a lot of money there, you’ll likely get better results with a card like the Discover it card, which offers 5% cash back on rotating categories.
The 2% cash back on gas and travel can also be matched or exceeded by other cards that offer 2% and 3% cash back in common categories like groceries, gas, dining, and entertainment.