Features and How to Apply Old Navy Credit Card. Old Navy is one of the chain stores of the same family of the Gap and Banana Republic. Old Navy is a store where you can buy a complete outfit with $30, so the store is very popular. Their clothes are sporty and casual ideal for people with a small or medium budget to spend.
Old Navy has its own credit cards for its customers to buy and pay later and earn bonuses or rewards. Like all stores that offer their own cards, Old Navy offers the opportunity to request one at the checkout when paying for your purchases. But how do these cards work and most importantly, is it worth using?
Credit Card and Old Navy Store Card
The store offers two types of cards one is the store card that can only be used in Old Navy and Gap stores (also in stores that belong to Gap). The other is the Visa-Old Navy credit card. With the latter you can buy at any establishment that accepts Visa cards and can accumulate rewards.
The store card is easier to obtain with a regular credit history. The credit card requires a very good to excellent credit score. The cards are issued by Synchrony Bank, the same bank that issues many of the store cards.
Old Navy Credit Card Rewards
The Old Navy Visa Card – The card is accepted at all Gap and Old Navy stores. You can receive a $5.00 gift card for every $100 purchase in stores or online. For purchases made outside the Gap and Old Navy stores, you can receive one point for every dollar you spend. By accumulating 500 points you can receive a gift for $5.
When you receive approval for the credit card you will receive 2,000 reward points and 15% discount on your purchase at that time.
The Fees to Pay for the Card
Read the small letters before accepting this card because it can be very expensive if you pay your bills on time. The interest rate is 23.99 for the Visa and 24.99 for the Old Navy store card. This cup may vary according to the Preferred cup or Prime rate in the market.
If you make your payments late, you will be charged up to $35 for each late payment. If you use the Visa card outside the United States, you will be charged 3% of the total transaction fees. For cash, the Visa charges you $10 or 4% of the total purchase, whichever is higher. In addition, if you maintain a balance for withdrawing cash or cash you will be charged a cup of 25.99 per year.
Apply or Not Apply for the Old Navy Card
Should you accept when they offer that 15% discount if you apply for the card? In general, store cards are not the most recommended because they have high interests and charges that can be very high as well. If you have good credit it is better to apply for a credit card directly from a bank or Visa, Mastercard or American Express. But, if you have a regular credit history or need to rebuild your credit, store cards can be effective. To avoid charges and high interest, you can pay your bill on time and not accumulate balances.