Toyota Rewards Visa® Credit Card Review

Main advantages

These are the strengths of the Toyota Rewards Visa® credit card.

No annual fee

This rewards credit card does not charge an annual fee. Applying for a no-annual-fee credit card is a smart move if you’re looking to minimize additional fees.

Bonus offer for new cardholders

The Toyota Rewards Visa® credit card offers a bonus offer to new cardholders who meet minimum spending requirements. You will earn 5,000 bonus points when you spend $500 outside of Toyota dealerships within the first 90 days of account ownership.

Earn up to 5 points per dollar in rewards

With the Toyota Rewards Visa® credit card, you can earn up to 5 points for every $1 in rewards. The amount you earn will depend on your shopping habits.

Here’s a breakdown of how this card earns reward points:

  • Earn 5 points per $1 spent at participating Toyota dealerships
  • Earn 2 points per $1 at gas stations
  • Earn 2 points per $1 on dining and entertainment (movie theaters, concert tickets, etc.)
  • Earn 1 point per $1 on purchases outside of these categories

This card offers different ways to earn loyalty points. If you typically spend at Toyota dealerships, gas stations, restaurants, and do entertainment purchases, you can maximize points earned with this card.

No earnings cap

Some rewards credit cards have an earnings cap in place. This is not the case with the Toyota Rewards Visa® credit card. This means you can earn unlimited reward points.

Points do not expire

With this card, you won’t have to worry about your points expiring. As long as you maintain a Toyota Rewards Visa® credit card account, your points will not expire. This means you can take your time redeeming your points.

Flexible repayment options

The Toyota Rewards Visa® credit card offers flexible redemption options, which means you can choose the redemption that works best for you. You can redeem your points for the purchase or lease of a vehicle or for service and maintenance charges at participating dealerships. Plus, you can redeem your points for cash back in the form of statement credit or redeem points for gift cards, travel, or merchandise.

What could be improved

Although the Toyota Rewards Visa® credit card has some notable benefits, there are some issues worth noting.

Low value bonus offer

Although the Toyota Rewards Visa® credit card has a bonus offer, it is a low value offer. When you apply earned points to a Toyota purchase or lease, service or maintenance, the points are worth $0.01 each. This means that the 5,000 bonus offer points are only worth $50.

Other rewards credit cards offer better offers for new cardholders. You can get a higher value incentive by getting another rewards credit card.

Foreign transaction fees

It is important to know that the Toyota Rewards Visa® credit card charges foreign transaction fees. This means that if you use this credit card to make international purchases, you will be charged a 3% fee for each foreign transaction you make. If you are traveling abroad and using a card that charges these fees, it may make your trip more expensive. If you plan to travel abroad, use a credit card that does not charge foreign transaction fees.

No introductory APR rate

If you’re looking for a way to make future repair needs or the down payment costs of buying a car more affordable, you might be looking for a credit card with an introductory APR rate of 0%. This card does not offer a 0% initial APR rate for purchases or balance transfers. If you’re looking for this type of offer, you’ll need to check out our credit card reviews and consider other credit cards.

Comments are closed.