Review: Toyota Credit Card

toyota-visaToyota, in partnership with Comenity Capital Bank, offers a rewards credit card that Toyota owners might enjoy. Our overview / review:

The Toyota Rewards Visa offers points that can be used toward future Toyota parts and service, toward a new Toyota vehicle purchase or lease, or for cash back. You earn points according to the following formula:

  • 5 points per dollar spent at Toyota dealers
  • 2 points per dollar on gas, restaurant purchases, and entertainment purchases (sports, movies, etc.)
  • 1 point per dollar everywhere else Visa is accepted

While the information available online does not spell it out, most reward cards use a formula of 1 point equaling one cent. Assuming that is the formula here, you would need to rack up an awful lot of points to have any real impact toward buying or leasing a new Toyota, but it’s quite possible to earn enough to pay for repairs or accessories, or simply take your rewards in cash. However, there are many better cash back credit cards that would give you a better return on your spend.

The Toyota credit card offers an interest rate anywhere from 15.74% all the way up to 24.74% depending on your credit history. The 15.74% rate is OK, but if your credit is not so good, acquiring a credit card with a rate over 20% would be a disaster. Unless you always, always pay off your credit card bill in full, you will end up paying interest that essentially cancels out any rewards you receive.

You can apply for the Toyota Visa at a Toyota dealership, or you can use this online application.