Old Navy Credit Cards: How They Work

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Old Navy Credit Cards: How They Work

The Old Navy Visa Credit Card and the Old Navy Credit Card are no longer available.

Where else can you purchase a shirt worth wearing for $5 or a whole ensemble for less than $30? People like Old Navy because it offers fashionable clothing at reasonable pricing. The business also issues its own credit cards. You’re likely to receive a sales pitch for a card at the checkout, as you would in most businesses. Should you accept?

Key Takeaways

  • Old Navy provides both a closed-loop and an open-loop card depending on your credit information.
  • The Old Navy card may be used to earn points in the Gap rewards program at any Gap brand.
  • The card has an APR of 25.99%.

Not One Card-Two

Customers may be eligible for either an open-loop or closed-loop card, like with the majority of store-branded credit cards. Old Navy follows industry practice by providing two separate credit cards. Open-loop cards function similarly to regular credit cards, enabling you to make purchases everywhere the open-loop Visa brand is accepted. The closed-loop card can only be used at the shop, but the Old Navy card offers other choices, which are explained below. 1

Although the closed-loop Old Navy store card is simpler to get, if your credit is extraordinary, you may be able to obtain the open-loop Old Navy Visa card. Both have comparable advantages. The open-loop Visa card, on the other hand, enables you to earn points everywhere your Visa card is accepted. Only Gap brand retailers accept the store card.

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The Bank

The cards are not available through Old Navy’s parent business. The card is issued by Synchrony Financial (SYF). Synchrony Financial sells the cards via its Retail Card subsidiary, which also sells a variety of private label credit cards. Synchrony Financial was established in 2003. It was originally held by General Electric until 2015, when it was spun off into its own publicly listed corporation.

Prior to its split, the firm was in some legal trouble due to dubious financial practices, but the lawsuit was resolved in June 2014 with the Consumer Financial Protection Bureau (CFPB) and the Department of Justice. It may be useful to know that the corporation handed themselves in rather than expecting that authorities would not find out. It was split after working through the concerns.

The Card

The Old Navy card’s link with the Gap brand is perhaps its most appealing feature. Because Gap (GPS) owns Old Navy, the Old Navy card may be used at all Gap-owned shops, including Gap, Banana Republic, Athleta, and Piperlime. Gap and Banana Republic also have their own cards from Synchrony Financial with comparable conditions.

Customers get 5 points for every $1 spent at Gap Inc. brands and 1 point for every $1 purchased elsewhere. Customers who achieve 500 points will get a $5 prize redeemable at any Gap brand shop. 1

When you apply for the card, you will get a 20% discount on your first purchase. 1 By submitting your email address, you may also get promotional messages. Customers who have the Old Navy card may also anticipate on receiving discounts on their birthday.

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An enhanced Old Navy “Navylist” credit card is also available if a normal cardholder achieves 5,000 points or more. Free adjustments on Banana Republic purchases, 20% yearly bonus points, and free basic shipping on any Gap-branded online buy are among the benefits of this card. 1

The Fine Print

There is no annual fee for the Old Navy credit card. The annual percentage rate (APR) for both the open-loop and closed-loop cards is a hefty 25.99%. 1 This rate is likewise variable, thus it may fluctuate in tandem with the prime rate. There is no special introductory rate, like some credit cards provide.

If you pay late, you will be charged a $40 late fee, but there will be no penalty interest rate. When you use your open loop, Visa card outside the United States, you will be charged a 3% international transaction fee on each purchase. (If you travel internationally often, there are better cards to keep in your wallet than this one.)

The Old Navy Visa card has a cash advance fee of $10 or 5%, whichever is larger, and an APR of 26.99%. 1 Cash advances are not accessible if you have a store card.

The Bottom Line

The Old Navy closed loop and open loop credit cards, like any credit cards, will incur interest. Your monthly bills will accrue significant interest charges with an APR of 25.99%. The closed-loop card, on the other hand, may be used at any Gap brand, giving customers a lot of options. Loyal Gap brand shoppers may also take advantage of the attractive rewards program, which offers five points for every dollar spent and $1 in incentives after amassing 100 points. Furthermore, if you are authorized for the card and make regular, on-time payments, it may boost your credit.

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What should be kept in mind is the interest rate. The card’s APR is near the top, at 25.99%, having one of the highest interest rate levels in the industry. As a result, although the card’s advantages may be appealing in general, carrying a debt will often negate any incentive benefits once interest is levied. As a result, many astute credit users may seek for a card with a cheaper interest rate and/or additional special incentive offers such as comprehensive reward points or cash back.

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