Old Navy Credit Card Rewards And Reviews
If you frequent Old Navy and its affiliate brands like Banana Republic and Gap, an Old Navy Card may be worth considering. Here’s what you need to know about the Old Navy Credit Card Rewards And Reviews.
Watch the below video on Old Navy Credit Card Rewards And Reviews:
Pros
* Earning rewards points on Old Navy and Gap Inc. purchases
* Approval for borrowers with bad credit
Cons
* You may receive a card that may only be used in Gap Inc. stores.
* High APR can lead to significant debt if carried.
It could result in a limited credit card.
With an Old Navy credit card, you’re eligible for both the Old Navy and Old Navy Visa® Cards.
Unlike certain credit card offers, you cannot select only one card. The Old Navy Visa® Card is issued by Synchrony Bank, the business that services Old Navy’s credit cards. If you don’t qualify for that card, the Old Navy Card is considered.
The Old Navy Visa® Card is accepted worldwide. But the Old Navy Card is closed-loop. It can only be used at Old Navy and Gap Inc.
Your incentives may take time to accrue
You can earn five rewards points for every $1 spent at Old Navy and its affiliate businesses. All other purchases get one point for every $1 spent if you qualify for the Old Navy Visa® Card.
You’ll also get $5 for every 500 points you achieve. To get 500 points, you need to spend $100 on Gap Inc. or $500 on other purchases.
This is a standard retail credit card reward system, thus its value depends on your spending patterns. But for many Old Navy customers, the advantages aren’t worth the extra cost.
For example, a full-price women’s sweater at Old Navy is usually $30-40. To utilize your rewards to buy that sweater, you’d need 3,000 points. To pay the cost of one sweater, you would need to spend at least $600 at Old Navy and its sister brands, or $3,000 elsewhere.
Even if you shop during a bargain, you’ll still need to spend a lot of money to avoid paying for just one thing in your wardrobe.
With a balance, the APR might be pricey.
Old Navy’s credit cards offer hefty interest rates. This card’s variable APR is 25.99 percent for both purchases and balance transfers. The average APR for all credit cards in February 2021 was 14.75 percent, making the Old Navy credit card significantly more expensive if you have a balance.
Given the hefty APR, you may find yourself repaying significantly more than you originally paid. To prevent interest costs, pay your monthly payment in full each month.
A possible alternative for people with bad credit
Store cards can help people with bad credit or no credit create credit history. Store cards typically have fewer restrictions than credit cards. This may make them an attractive choice for folks who would otherwise be denied credit.
As you develop credit and improve your credit health, you can look for a card with more features and a lower APR.
Navyist cards
If you shop at Old Navy often, you may be a Navyist. To qualify for the program, you must spend at least $1,000 at Old Navy and its affiliates, or $5,000 on all other purchases, in a calendar year.
* Free shipping on Old Navy and associate brand purchases * Free basic modifications on Banana Republic purchases * Toll-free priority customer care line
Suitable for:
The Old Navy Card and Old Navy Visa® Card may be useful to those who shop primarily at Old Navy and other Gap Inc. brands. If the cardholder spends $1,000 at certain stores, they’ll become a Navyist, which increases their point balance quarterly and adds extra privileges to an otherwise limited rewards program.
Unless you spend beyond that amount, the card is probably not for you. You’d be better off using a card that earns more on a wider range of purchases.
With its high APR, the card is only suitable for those with good credit who can afford to pay their monthly bill in full, even if an emergency arises.
Old Navy Credit Card Rewards And Reviews:Conclusion
The Old Navy Credit Card offers limited rewards that can only be utilized as a product discount inside Gap Inc.’s family of brands. However, most people will find themselves with a $5 discount that they would either toss away or utilize on a transaction they would not otherwise make.
Most consumers would benefit from a card that earns 2% cash back on all transactions or 5% cash back on certain purchases. If you are contemplating the Old Navy Credit Card, consider the Chase Freedom Unlimited or Citi Double Cash cards described above in the “How The Card Stacks Up” section.
