Banana Republic, in partnership with Synchrony Bank (formerly known as GE Capital Retail Bank), offers two credit cards that allow you to earn reward points toward future Banana Republic purchases. Just watch that interest rate! Our overview / review of the Banana Republic credit card is below:
The first thing to understand about the Banana Republic credit cards is that, although there are 2 different cards, you don’t get a choice on which to receive. Instead, you are first considered for the Banana Republic Visa (accepted anywhere Visa is accepted). If your credit history is not good enough, you may then be offered the Banana Republic store card (good only at Banana Republic, Gap, Old Navy, and Athleta).
As far as we’re concerned, the Visa is better than the store card due to its wider acceptance and greater rewards potential. We’re generally not a fan of credit cards that can only be used at one retail chain (or a limited number in this case) because it means opening up a new credit line for a card that not be used much, and too many credit lines can hurt your credit score.
That said, here is what you get with each card:
- The Banana Republic Visa gives you 5 points for each dollar charged at Banana Republic, GAP, Old Navy, and Athleta. It also gives you 1 point per dollar on all other card purchases. When you reach 500 points, you get a $5 reward card / gift card good on a future Banana Republic purchase.
- The Banana Republic store credit card is just the same, except you can’t use it to get the 1 point per dollar at other stores, because you can’t use it at other stores.
Both cards give you a one-time bonus of 25% off of a day’s purchases with the card on BananaRepublic.com or in store, meaning you have the possibility of instant approval and immediate use of the card.
Here’s what we DON’T like, the interest rate on these cards — 26.74%! Do NOT apply for this card if you EVER carry a balance on your credit cards. Any rewards you receive will effectively be canceled out by the interest you pay.
On the other hand, if you always pay off your cards and you love Banana Republic, have at it. You’ll find the online application for the Banana Republic credit card here.