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Old Navy Credit Card Offers Unique Perks

The renowned American apparel and accessories retailer, Old Navy, is the subsidiary of Gap Inc. which itself is an American multinational clothing retailer. With its flagship stores located in New York city, San Francisco, Seattle, Chicago, and Mexico City, Old Navy has worldwide stores across several countries.

With its prominent impact in the fashion world, Old Navy leaves no stone unturned to delight its customers every time they shop. In-store discounts and incredible offers online are available on trending styles and the latest collections.

However, here we take a journey into the delightful world of Old Navy credit cards that pack a host of benefits for consumers.

The benefits of an Old Navy Credit Card

If you are an ardent fan of having the latest collections in your wardrobe, then the Old Navy Visa Credit Card is yours to treasure. It’s available in Visa and the store version and, includes brands like Gap, Banana Republic, and Athleta. The stylish line of clothing is loved by fashion enthusiasts. While you can apply for an Old Navy Credit Card online, you will also be pitched to apply for one at the checkout in the stores. Before you say “yes” here are some points to consider:

While the rewards and unique perks are beneficial, there are some pitfalls to consider. Check the following points:

  • You can earn 5 points for every single dollar spent at Gap, Old Navy, Banana Republic, and Athleta
  • You also earn a point for every single dollar spent wherever Visa cards are accepted
  • You will get 20% off your first purchase after approval, subject to some conditions
  • Enjoy 10% off the 60-day Welcome Shopping Pass
  • You earn $5 as rewards for every 500 points earned
  • Earn double 500 bonus reward points when you go paperless and when you sign up for email updates. i.e. 1000 bonus points for yours to keep
  • Earn the esteemed Navy status once you earn 5,000 points in a calendar year that also gives you access to other exclusive benefits

However the pitfalls include:

  • High APR earn you substantial debt in case of balance carried forward
  • The application process often limits the usage of the card only to Gap Inc. stores

The limits of the application process

Here’s the biggest hitch. An application for an Old Navy Credit Card considers you for two different cards; Old Navy Card and Old Navy Visa Card. You have no hold on deciding the card you need and, the issuing bank will decide which card to give you. In case you qualify for Old Navy Card, your options become very limited. As such, you can use the card only at Gap Inc. stores and not anywhere else. This includes Gap-owned stores including, Gap, Banana Republic,Old Navy, and Athleta.

As luck has it, if you are given the Old Navy Visa Credit Card, then you can use the card anywhere Visa cards are accepted.

It’s also important to note that rewards you earn via Old Navy Visa Credit Cards are not flexible enough. You can apply these rewards only towards store purchases and are not eligible for cash back offers. While there is no limit on the rewards you can earn, there are some caps on the same.

One glitch is you can earn a maximum of $50 at one time and maximum $250 per billing cycle. Anything earned in excess is pushed to the next billing cycle. This restriction can often be felt while you shop for a specific line of clothing that exceeds the rewards earned for that billing cycle.

This means you should redeem points on a regular basis that can lead to impulsive purchases. Piling your reward points will eventually go down the drain when you choose to close your account.

Other drawbacks of the Old Navy Visa Credit Card

While the above limitations don’t do much of a damage, they do have an impact on your rewards potential and earning capacity in the long run. Moreover, Old Navy reward points expire two years from the date of the last purchase. Comparatively, general cashback credit cards are way more flexible and let you redeem reward points in numerous places.

Very High APR

Old Navy Credit Card charges a whopping 27.49% annual interest that is way too high for any credit card. An average credit card usually has an APR of 20.68%. You might want to scrutinize thoroughly before applying for this credit card.

No 0% Introductory Interest Rates

While this glitch doesn’t show up alarmingly, it does prove to be costly in comparison to several store or brand-affiliated cards that offer some sort of financing. Moreover the Visa version of the card has wider usage that requires additional financing needs. Hence this card is not suitable for certain types of customers.

3% Foreign Transaction Fee

In case you use your Old Navy Credit Card overseas, be prepared to invite a 3% burden on every transaction made. This foreign transaction fees can hamper your travel plans if this is the only card you are carrying.

The minimum credit score required

Maintaining a minimum credit score is often not required to apply for Old Navy Credit Cards. However, having a credit score somewhere close to 655 with no recent negative issues increases your chances of getting one. However, please note that even in such a case, approval is not guaranteed.

The takeaway

Taking a comprehensive picture of Old Navy Cards and Old Navy Visa Credit Cards, it proves to be beneficial strictly for those who purchase clothes from Gap Inc. brands. Customers can earn the exclusive Navyyist status by spending a significant amount on these brands.

However, if that’s not your benchmark, the card probably doesn’t have much in it for you. If you are looking for enhanced flexibility in redeeming rewards, then other rewards credit cards that are more versatile and suitable for several purchases work in your favor.

Considering the high APR, the card will serve your purpose only if you have healthy credit scores maintained over a significant period of time. If you can pay off the balances within the prescribed time even during an emergency, then this card may be yours to keep.

Alternatively, you can choose cards like Amazon.com Store Card and Chase Freedom if you aren’t looking for a single brand or you want to earn rewards for purchases other than clothing.

References:

https://www.creditkarma.com/credit-cards/i/old-navy-credit-card-review/

https://www.nerdwallet.com/blog/credit-cards/old-navy-credit-card/

https://wallethub.com/edu/cc/old-navy-credit-card-review/25955/

https://www.investopedia.com/articles/personal-finance/020415/old-navy-credit-cards-how-they-work.asp

https://www.creditsesame.com/blog/credit-cards/old-navy-credit-card-review/