Everyone adores Old Navy for its amazing clothes at affordable prices and the store also has its own branded credit cards. As you already know, like all stores that have one, you will most likely get the sales pitch for a card at the checkout. Should you accept it? See Old Navy Card – The Complete Details:
Not One Card-Two:
Like every store-branded credit card, customers might qualify for either an open-loop or closed-loop card. Old Navy rolls with the industry standard by providing the 2 similar but different cards. Open-loop cards function like other regular cards, letting you buy anything wherever the open-loop Visa brand is accepted. Meanwhile, the closed-loop card only accepts purchases within the store itself, even if the Old Navy card has wider options below.
The closed-loop Old Navy store card is simpler to get, however, if your credit is great, you could qualify for the open-loop, Old Navy Visa card. They both come with identical benefits. The open-loop Visa card lets you earn rewards wherever your Visa card is accepted while the store card will only be allowed at Gap brand stores.
The Bank:
These cards are not from Old Navy’s parent company. Synchrony Financial (SYF) issues them and the cards are offered via its Retail Card division which supports several private label credit cards. Synchrony Financial was founded 17 years ago by General Electric until 2015, the year it became a standalone publicly-traded company.
The company was involved in an intense legal battle before its separation due to its questionable financial practices but eventually settled the case with the Consumer Financial Protection Bureau and the Department of Justice in June 2014. The company actually came clean instead of hoping regulators will not find out. After fixing the issues, the separation happened.
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The Card:
The greatest advantage and benefit you get when you use the Old Navy card is its partnership with the Gap brand. Because Old Navy is owned by Gap (GPS), the Old Navy card is usable at all Gap owned stores—Gap, Banana Republic, Athleta, and Piperlime. Gap and Banana Republic also provide their own cards by Synchrony Financial with identical terms.
Customers get a $5 reward for 500 points earned after spending $100 at any Gap brick and mortar or online store. This means 5 points earned for every $1 spent and $1 in rewards for all 100 points earned. Customers will also accumulate points outside of Gap stores with the Old Navy Visa card. Old Navy Visa card customers get one point for every $1 spent. As soon as you earn 500 points, you get a $5 reward for redemption at any Gap brand store.
After signing up for the card, you will receive a 20% discount on your first purchase. Users will also enjoy promotional notices when they provide their email. In addition to that, customers with the Old Navy card will be able to plan on discounts for their birthday celebrations.
The Fine Print:
The Old Navy card has no yearly fee. The yearly percentage rate (APR) is a pricey 27.49% for both the open-loop and closed-loop card. This rate changes from time to time, therefore, you can expect it to change with the prime rate. There is no unique introductory rate with this one like some other cards.
If you do not pay on time, you should expect a late fee of $39 even if there is no penalty interest rate. For those who wish to use their open loop, Visa card outside of the US, be ready to pay a 3% foreign transaction fee on all purchases.
Cash advances for the Old Navy Visa card will cost $10 or four percent, whichever is bigger, and an APR of 28.49% will also apply. If you own a store card, however, cash advances will not be available.
That is that.
