Is MasterCard's Chrysler-branded rewards credit card a good deal?
Written by Doresa Banning
Posted On: April 15, 2011
Should you consider it?
Based on the available information about the credit card and associated rewards program, which is limited to Chrysler's April 6 press release, here's what we know.
You can use the Chrysler Group MasterCard at participating automotive dealerships - Chrysler, Dodge, Jeep, Ram Truck, and Fiat - and anywhere MasterCard is accepted. When you do, you'll accumulate points on purchases, which you can redeem for travel, merchandise, gift cards and cash off of service or vehicle and parts purchases at dealerships.
What you get
- Three points for every dollar spent at Chrysler Group dealerships
- Two points for travel-related purchases
- One point for all other purchases
- No annual fee
- No cap on earnable and redeemable points
Here are the unknowns
- The point redemption value: Is each point worth 1 cent, 2 cents, or some other amount? Without this crucial information, we can't compare this card to other rewards credit cards.
- The redemption rewards details: Are there restrictions? Which travel companies will redeem your points? What sorts of merchandise are your points valid for? Where are the gift cards redeemable?
- The card's interest rate structure: Not knowing the monthly interest rate and APR may not matter to you if you pay off the bill every month. But if you carry a balance, these details are crucial.
The bottom line
If you prefer credit card rewards in the form of cash back rather than redeemable points, the Chrysler card isn't for you. If you are a Chrysler enthusiast, you may benefit from the favorable earnings rates at Chrysler dealerships. But without critical information on the underlying credit offer and rewards payout, it's too early to say whether this card is truly a good deal.