Following this announcement, Fasten Rewards will leverage Highnote’s customisable platform in order to strengthen the relationship between drivers and dealerships through the process of providing access to an improved credit card that rewards consumers for an auto loan or lease payments. This will take place while the program will increase dealership loyalty, engagement, and sales velocity as well.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Highnote’s consumer revolving credit platform was developed in order to make the complexity of operating a revolving credit program more simple and secure. Through its partnership with Fasten, Highnote designed a product tailored to the needs of car owners and dealerships. Fasten’s optimised new consumer credit card product is powered by Highnote’s white-labeled API, which supports key operations for the company.
These include credit underwriting (Highnote will pull credit reports and apply the Fasten credit policies), credit bureau reporting (this means that the company will manage data exchanges with all three major credit reporting agencies), as well as account servicing (Fasten will use Highnote’s platform in order to handle billing, interest and fee assessments, as well as account management).
The Fasten Rewards Visa Card is expected to offer significant benefits for both consumers and dealerships, including a Visa Card with rewards for car payments and more (customers will earn 3x points on in-network dealership services, fuel, tolls, and other automotive categories, as well as 2x points on a car loan, lease, or insurance payments made with a linked account and 1x rewards on all other purchases), increased dealership and loyalty (Fasten points will have the possibility to be redeemed for any spend within a customer’s preferred dealership group, a process which creates dealer lock-in and drives retention in the critical post-warranty period), as well as branded digital and physical cards (clients will receive both digital and physical cards, which can be leveraged at any store that accepts Visa).
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now