Loyalty Program Overview - Speedway (Speedy Rewards)
Speedy Rewards is the loyalty program of Speedway convenience stores. Information about the Speedway Speedy Rewards program is detailed in this spreadsheet.
Overview and Member Base
- The Speedy Rewards program functions via a point system in which members earn 10 points per gallon of fuel purchased or 20 points per dollar spent on merchandise.
- Points may also be earned by registering with certain Speedway partners. Bonus points are available on certain items each month.
- Points can be redeemed for merchandise coupons, fuel discounts, sweepstakes entries, or merchandise.
- There are also various clubs that rewards members can join to earn free merchandise coupons with the purchase of a certain number of specific items such as beverages, doughnuts, and car washes.
- 100 points could be earned by spending $5.00 on merchandise or buying 10 gallons of fuel at the market price.
- The redemption value of points and the dividend rate appear to vary based on locations' pricing of specific reward merchandise.
- A small reward such as a cup of coffee would require the accumulation of 1,000 points by spending $50.00 in merchandise or buying 100 gallons of fuel. A review from 2019 indicates that the price of this item was under $2.00. This would be a redemption value of less than $0.002 per point and a dividend rate of under 4%.
- Earning 1,750 points by spending $87.50 on merchandise or buying 175 gallons of fuel at market rate enables a one-time 10 cent fuel discount, with a maximum savings of $2.50 by buying 25 gallons. This is a redemption value of $0.00143 per point and a dividend rate of 2.9%.
Loyalty Partners and Redemption Process
- Loyalty partners include Points.com, NRG, Valvoline Instant Oil Change, ParkRideFly USA, netSpend, 1-800-Flowers.com, Quicken Loans, and several grocery stores.
- Members can redeem points using a mobile app or an in-store kiosk. The member may then receive a coupon for merchandise or may pay with points using the tablet at the register.
- The minimum number of points needed for a reward appears to be 1,000. Items may also be purchased using points at the company's online marketplace.
Strengths and Weaknesses
Member Feedback and Comments
- The company's mobile app for Speedy Rewards members has generally positive ratings and comments. It is rated at 4.6 out of 5 stars on Google Play.
- One member wrote, "I love Speedway's app for my rewards, purchases and ease of use to find a Speedway while traveling. Points build up quickly. I like that I can use points to get gas discounts."
- Another member felt that it was "kind of annoying that if you redeem points in the form of a digital gift card you have to load it onto a physical one to spend it so you end up holding up the line doing it. Would be cooler if I could just use the digital card to pay for gas without the added hassle."
- A third member called the program "easy to use" and wrote that "the rewards really pay off!"
Information about the Speedy Rewards program was sourced from the Speedway website. Further data were not available on the number of locations participating in the Speedy Rewards program, formal awards this program has received, or the characteristics of the Speedy Rewards member base. The value of points was calculated as follows: 20points per $1 x $5 = 100 points. 10 points per gallon of fuel x 10 gallons of fuel = 100 points. 1,000 points/20 points per dollar = $50. 1,000 points/10 points per gallon = 100 gallons. Less than $2.00/1,000 points = less than $0.002 per point. Less than $2 in rewards/$50 spent = under 0.04 or under 4% as a dividend rate. 1750 points/20 points per $1 spent = $87.50. 1750 points/10 points per gallon = 175 gallons. A discount of $0.10 on up to 25 gallons would be a maximum discount of $0.10 x 25 = $2.50. Redemption value was calculated as $2.50/1,750 points = $0.00143 per point. $2.50 reward /$87.50 spent = 0.0286 or 2.9% dividend rate.