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This article was last updated Jul 27, 2012, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.
Banana Republic carries clothing that a lot of people love to wear. More upscale and fashionable in comparison to the Gap and Old Navy, its sister stores, Banana Republic carries a wide variety of styles and fashions that can be found on millions of Americans. That being said, many consumers end up owning a Banana Republic Credit Card in order to buy the aforementioned trendy styles and as we know, store credit card rarely provide good consumer value. So does the Banana Republic Credit Card fall victim to this stereotype as well?
Banana Republic Store Credit Card Shakedown
When you sign up for the Banana Republic Credit Card, depending on creditworthiness, you'll be given one of two cards. First, the Bananacard, is the basic store card offering. Secondly, is the Banana Republic Visa Card. The Bananacard can only be used in-store or at any of Banana Republic's affiliate stores like Old Navy, the Gap, Athleta, and Paperlime. The Banana Republic Visa Card, too, can be used at any of those stores, but can also be used anywhere Visa is accepted, making it a bit more versatile. Also, regardless of the card you are signed up for, you will receive the token 15% off your first purchase promotion.
Their rewards program meets your needs if you're looking for points toward future purchases. When purchasing anything on either card, you'll receive 5x the points for every dollar spent at Banana Republic or any of the affiliated stores. Once you get to 1,000 points (or $250 spent at any of the stores) you'll receive a $10 rewards certificate. If you are a Visa card holder, you'll receive one point per dollar spent everywhere else. As a cardholder, you'll also receive birthday coupons. Also, every Tuesday, you'll receive 10% off at every other affiliated store but Banana Republic. Periodically, you'll be able to pick up offers and promotions through various Banana Republic or the other affiliated stores. However, most likely, these coupons can be had via online searches at the coupon sites all the same.
If you spend over $800 you are upgraded to "Luxe" status. Once you hit this level, you are game to more offers and promotions. You get basic alterations, which is great.? No shipping on online purchases. Once per quarter, you get "pick your own sale" day. There is no annual fee to use either the Bananacard or the Banana Republic Visa Card, but like most store credit cards, there is a very high interest rate charged. At 23.99% for the Visa Card and the Bananacard, both cards should be paid off monthly to maximize benefits.
Overall, in regard to store cards, the Banana Republic Credit Card isn't a bad choice. It steps its game up all around. Sure, it has pretty high interest rates, but with a store card, you should never carry a balance month to month anyway. The rewards are on point and are very competitive if you are a regular shopper at any of the affiliate stores. The perks are on point and considering the quality of the clothing at Banana Republic, getting something like free alterations shouldn't be scoffed at. This card is a mild recommendation as far as store cards are considered but be on the lookout for better offers on rewards for clothing purchases.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.