Old Navy Charge card Review
Sure, you like shopping at Old Navy, the Gap, and Banana Republic, but may be the Old Navy charge card a smart choice? To make that decision, evaluate the rewards, benefits, and costs associated with both the Old Navy store card and also the Old Navy Visa credit card. Apply in-store or on the internet and get 15% off the first purchase with the Old Navy card. The discount only pertains to Old Navy merchandise.
EDITOR'S NOTE: ALL THE Charge card OFFERS MENTIONED IN THIS ARTICLE ARE EXPIRED AND ARE No more AVAILABLE
In addition to this initial discount, cardholders enjoy zero fraud liability that protects them from unauthorized usage and reward points that accumulate to give credit toward future purchases. The Old Navy card has a relatively high annual percentage rate (APR) and other fees.
APR and applicable fees on an Old Navy credit card
Both the Old Navy credit card and also the Old Navy Visa card come with no annual fee along with a variable 25.24% APR for purchases. The speed varies according to the market. Synchrony Bank, the institution that issues Old Navy charge cards, bases its APRs around the Prime Rate. For those who have an account balance on your card and you’re charged interest, the financial institution charges a minimum of $1.00 for that Old Navy charge card and $1.50 for the Old Navy Visa card.
The Old Navy store card are only able to be applied out Old Navy, Gap, Banana Republic, and Athleta stores. The Old Navy Visa card works anyplace that accepts Visa. That old Navy Visa card also allows cardholders to consider cash advances for any variable 27.24% APR. Extra fees include cash loan fees of 4% of the cash loan amount or $10, whatever may be the larger sum. Other fees include a 3% foreign transaction fee. Both card types carry overtime penalties of up to $37.
How to handle high interest rates on an Old Navy credit card
Both Old Navy credit cards come with high interest rates. To prevent paying unnecessary amounts of interest on purchases, spend the money for balance off as soon as possible. The longer you carry a balance on your Old Navy credit card, the greater expensive those purchases will be.
To illustrate the purpose, think about the following two Old Navy customers:
Hannah used her rewards card to purchase $500 price of clothing, shoes, and accessories. She made the minimum monthly payment (3% or $25, whichever was greater), also it took her 27 months to pay off her credit card. Ultimately, it cost her approximately $156 in interest charges.
Mike also charged $500 to his Old Navy card. He paid the balance off immediately and avoided any additional interest fees whatsoever.
To steer clear of the high rate of interest associated with this card, pay off balance entirely each month. If you can't pay the balance in full, pay the balance down as soon as possible in order to save a considerable amount of money in interest fees.
Minimum credit score to have an Old Navy credit card
Synchrony Bank, which issues their offers, doesn’t provide a recommendation for any minimum credit rating needed for approval. To maximize the time of approval, have a credit score without any recent negative marks. Having a credit score between 602 and 655 increases the possibility of approval, but approval isn't guaranteed.
Understand your credit score
Despite its benefits, that old Navy credit card doesn't give a monthly free credit rating. You can get one, updated monthly, at Credit Sesame. By law, consumers are entitled to a free annual credit report from each of the three credit agencies (TransUnion, Experian, and Equifax). To understand a credit score, consider how credit bureaus calculate this three-digit figure. Five factors determine the score, including:
- Payment history (35%)
- Amount of money owed (30%)
- Length of credit history (15%)
- Types of credit (10%)
- New credit (10%)
Check the formula FICO uses to calculate their credit scores, and employ it as a help guide to help to improve your score.
Make on-time payments and carry low balances to place your most creditworthy foot forward. In addition to increased likelihood of approval to have an Old Navy card, having a good or excellent credit rating gives consumers access to lower interest rates and a more diverse selection of available loans and credit.
Old Navy rewards
Old Navy offers three different ways to earn rewards. Cardholders earn five points for each dollar they spend in Old Navy brand stores and online and one point for every dollar they spend elsewhere while using Old Navy Visa card. To to maximise Old Navy credit card rewards, shop in the Old Navy group of brands.
Every 500 points earns $5 of rewards on a cardholder's account. To earn a $50 reward, you have to earn 5,000 points. For a $100 reward, you'll need 10,000 points. The reward program allows cardholders to earn as much as $250 per billing cycle. If they earn points, although not enough for any reward, what exactly continue to future billing cycles. You must use rewards within 24 months of getting. Redeem them online, on the phone, or perhaps in stores.
Upgrade to ‘Navyist’ status
If you get 5,000 reward points in a single twelve months, make timely payments, and keep good standing on the account, Old Navy automatically upgrades you to Navyist status. It requires 90 to 4 months for that system to process the upgrade, but when it’s official, you get extra benefits like a quarterly bonus of 20% on your reward points, free delivery on online orders, and free basic alterations on any Banana Republic purchases.
If you're a frequent Old Navy shopper, this credit card could be a good match for you. Along with offering a good rewards program as well as an automatic upgrade in status, this credit card might help cardholders set up a positive credit history. Because this card comes with a high APR, pay your balance down as soon as possible to prevent paying large interest amounts.