The Banana Republic Card, issued by Synchrony Bank, might have you dressing sharp, but the rewards program is high maintenance. If you’re a diehard Banana Republic shopper willing to deal with the details, however, it could be worth carrying.
If you spend a significant amount of money at the Banana Republic or other Gap stores (Gap, Old Navy, or Athleta) and aren’t likely to carry a load on your credit card, the rewards on this card may be useful, even with the hoops you’ll have to jump through, if you have the patience.
You’ll get a hefty 5% back in rewards for future purchases, as well as exclusive deals and incentives. Furthermore, because the Banana Republic offers two credit cards—this one (valid only for in-store purchases) and a Visa card—there’s a chance you’ll be approved for at least the supermarket card if your credit isn’t ideal.
Fees for using a Banana Republic Credit Card
If you don’t pay off your account in full each month, you’ll end up paying a lot of money in interest. Furthermore, if you qualify for the Banana Republic Visa Card instead, leave it at home if you travel internationally because it has a foreign transaction fee.
Benefits & Rewards
Banana Republic’s rewards program is rather straightforward in general. It’s actually the same rewards program that all Gap Inc. companies employ.
The core earning method is the same regardless of which of the four Banana Republic cards you use.
For every $1 purchased at Gap brands, cardholders earn 5 points. Purchases made in-store, online, by mail, or by phone earn these points.
There is technically no limit to how many points a rewards member may earn. However, the program’s fine print states that the maximum amount awarded in any given billing cycle is $250.
Any number of points fewer than those required for the lowest reward denomination (i.e. 500) will be carried over and used to the rewards for the following billing cycle, according to the rules. For example, if you earn 2,400 points on your Banana Republic account, you will be rewarded with $20 and 200 points will be carried over to your next billing cycle’s balance.
Drawbacks of Banana Republic Credit Cards
Banana Republic credit cards offer high rewards on qualifying purchases, there are a few disadvantages to be aware of. With such a high APR, cardholders must exercise extreme caution when making purchases that are likely to exceed their budget in order to avoid large interest costs. As a result, it’s critical to pay your bill in full and on time each month.
The rewards program’s earning and spending restrictions may be reason enough to examine other card options
Dining, gas, travel, and other types of transactions, where people spend the majority of their income, are excluded from the Banana Republic credit card rewards categories.
With this knowledge, you should be aware that different credit cards may be available for qualified applicants who want to earn more points and spend their rewards on a larger range of things.
If you routinely stock your closet with items from the Banana Republic and other Gap retailers, Banana Republic’s credit cards can be an excellent choice–especially if you qualify for Luxe elite status and the benefits that come with it.
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