ReviewsBanana Republic Credit Card Review: Premium Services and Savings
Card Review
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The Banana Republic Credit Card offers a great suite of benefits to cardholders who like to shop at Banana Republic. But people who prefer other clothing stores should seek an alternative, like a more flexible cash-back card.
ALSO READ: CardCruncher’s Complete Guide to Improving Your Credit Score
Banana Republic Credit Card Review
Here are the highlights of the Banana Republic Credit Card:
- Annual Fee: None
- APR: 26.49%
- Sign-Up Bonus: 20% off your first online purchase
- Benefits:
- Earn Banana Republic Rewards on all purchases:
- 5 points per dollar spent on purchases at Banana Republic, Old Navy, GAP or Athleta
- 1 point per dollar spent on all other purchases
- Points are worth $0.01 each
- Cardmember-only discounts
- Free birthday gift
- Make returns without a receipt
- Earn 5,000 points in a year to unlock Luxe status:
- 20% rewards point bonus every 3 months
- Triple-point shopping days
- Free shipping for online purchases
- Free basic alterations
- Choose your own sale day
- Exclusive customer service phone number
- Earn Banana Republic Rewards on all purchases:
- Minimum Payment:
- The greater of:
- The full amount of the new balance
- $27 (or $38 if you have a late payment in the past six months)
- Any past due amount plus 1% of your new balance, plus interest charges, plus fees, rounded up to the next dollar
- The greater of:
- Other Fees:
- The greater of $10 or 4% of the amount for cash advances
- Up to $38 for late payments
Why to Apply for the Banana Republic Credit Card
If you like shopping at Banana Republic, you might consider applying for the Banana Republic Credit Card for the following reasons.
Save money on purchases at Banana Republic: The Banana Republic Credit Card gives you the chance to save on your purchases at the store by using your rewards points. For every dollar you spend at Banana Republic or its partner stores, you’ll get five rewards points. Every dollar you spend at other stores is worth one point. Once you’ve accumulated 500 points, you can redeem them for a $5 credit the next time you make your Banana Republic Credit Card payment.
You can earn points even faster by taking advantage of promotions like double-point shopping days, where you get 10 points per dollar spent at Banana Republic. In effect, this is like getting 10% off everything you buy. You can also save money by taking advantage of the card’s sign-up bonus, which reduces the price of your first online purchase by 20%.
Get VIP treatment at Banana Republic: If you manage to accumulate 5,000 points in a calendar year, you get Banana Republic Luxe cardmember status. On select days, you can earn 15 points per dollar spent at Banana Republic, giving you an effective 15% in cash back. You’ll also get free shipping on every online order you make.
If you ever have trouble with an online or in-store purchase, there’s a special Luxe-exclusive customer support line you can call to get help. You’re also entitled to complimentary alterations on your Banana Republic apparel. Finally, you can save even more money with the option to choose your own sale day, slashing prices across the store on a day of your choosing.
Banana Republic Credit Card Customer Service
The Banana Republic Credit Card is issued by Synchrony Bank which means all customer service inquiries must be handled through Synchrony and not Banana Republic itself.
- Banana Republic customer service number: 1-866-450-2330
Any issues with your account can be addressed by calling the above number.
Banana Republic Credit Card: Drawbacks and Downsides
Though the Banana Republic Credit Card offers a number of benefits, there are some downsides to consider.
You can only redeem rewards at Banana Republic or its partner stores: No matter how many rewards points you earn by using the Banana Republic Credit Card, you can only redeem them for credit against purchases at Banana Republic or its partner stores. Many other rewards credit cards let you redeem points for cash, which can be spent anywhere. If you shop at Banana Republic enough to use all of the rewards you earn, this isn’t a huge problem, but if you want to be able to use your rewards anywhere, you’ll need a different card.
Carrying a balance gets expensive quickly: In a perfect world, people use their credit card for purchases and pay their bills off in full each month. Some spenders will occasionally carry a balance, though. You should try and avoid doing so on the Banana Republic Credit Card as it charges an interest rate that is much higher than many other cards. If you have trouble paying your credit card bills in full, the Banana Republic Credit Card could wind up costing you more than you net in rewards.
Banana Republic Credit Card Alternatives
There are a couple of cards that you should consider over the Banana Republic Credit Card.
If you want to earn rewards that can be used anywhere at a reasonable rate, consider the Citi Double Cash Card. The Citi Double Cash Card offers the chance to earn 2% cash back on every purchase at any merchant. You earn 1% back when you use your card to make a purchase. When you pay the card off, you earn an additional 1%. You can redeem your rewards for a statement credit, check, or direct deposit to your bank account, which means you can spend your rewards on anything.
Find the right card that fits your lifestyle.
If you want a card with a lower APR, consider the Discover it Cash Back Card. This card offers APRs as low as 13.74% for consumers with excellent credit. That’s just over half the rate charged by the Banana Republic Credit Card. While you should do your best to pay your card each month, you’ll want to have a lower APR card if you do have to carry a balance once in a while. As a bonus, you can earn 5% cash back on purchases at certain merchants that change each quarter and 1% cash back everywhere else.
Bottom Line: Should You Apply for the Banana Republic Credit Card?
The Banana Republic Credit Card is a good store card. It offers valuable benefits for people who shop at Banana Republic often but doesn’t do enough to appeal to those who aren’t regular customers. If you shop at Banana Republic or its partner stores all the time, definitely consider the card. Otherwise, look for a card with more versatile rewards.
