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*This offer and/or promotion has since changed, expired, or is no longer available.
Effective September 13, 2017, the Lexus Pursuits Credit Card Account will no longer offer rewards for purchases made at dealerships. If you opened your Lexus Pursuits Credit Card account before September 13, 2017, you can redeem your available rewards until September 13, 2018.
The fall is a great time to buy a new car for two compelling reasons: You get the first pick of the brand new models coming out for the next year, and; to take advantage of clearance sales on older models. Dealerships need to clear out their old inventory to make room for the new models. That makes this an especially good time to strike a deal for a less expensive new car.
To help you in that regard, Lexus Financial has partnered with Visa to offer the Lexus Pursuits Visa Rewards Card. This is a full-fledged credit card and can be used everywhere Visa is accepted. The main feature of this credit card is that they are connected to the Lexus rewards program that lets you earn points toward Lexus-related purchases. There are two versions of the card available, the Visa Signature card and the Visa Platinum card. The card you get approved for will depend upon your creditworthiness.
Lexus Pursuits Visa Credit Card Features
- Earn 5 points per dollar spent at participating Lexus dealerships
- Earn 1.5 points per dollar spent
- No annual fee
- 28.49% variable APR
Exclusive discounts & deals are offered to Visa Signature cardholders.
How to Earn Points
Cardholders can earn 5 points for every $1 spent at participating Lexus dealerships and earn 1.5 points for every $1 spent everywhere Visa is accepted. The points can be redeemed for Lexus auto services, parts and accessories. They can also be redeemed for up to 10% off the purchase or lease of your next new Lexus vehicle. You may earn a maximum of 50,000 points on any single purchase of a Lexus vehicle at any participating Lexus dealerships.
Optional Travel Rewards Program
With the optional Travel Rewards Program, you may also redeem points for virtually all your travel needs. There is an annual membership fee of $60 to join the program.
To determine the value of the points earned in the Travel Rewards Program, multiply the cost of the travel expense by 150 to find the number of Lexus Pursuits Points required to redeem for travel. The value turns out to be slightly less valuable than many leading travel rewards credit cards.
The Pros and Cons
The perks and benefits of a card that is a Visa Signature are very attractive and can add a great deal of value, especially when there is no annual membership fee. The discount on the purchase of a new Lexus is an enticing feature, but may not apply unless you are a loyal Lexus customer.
The caps on how many points you can earn per year or billing cycle, and the fact that points eventually expire, may only benefit the cardholders who spend a lot. For purchases at a Lexus dealership, you can earn up to 50,000 points on any single vehicle you buy, but there is a maximum of 200,000 points each year that you can earn. Outside of the dealership you can earn up to 7,500 points per billing cycle, which adds up to a maximum of 30,000 points each year.
There are many other credit cards – including Visa Signature cards – which offer much more generous rewards programs. Carrying one of those cards may reward you faster, and those more robust rewards could compensate for whatever savings you gain through the Lexus-related program. If you earned cash back rewards, for example, that money could be applied to your Lexus-related purchases, so there is really no need to have a Lexus credit card.
Alternative Credit Card Options:
Citi® Double Cash Card – 18 month BT offer–With this card, you can earn Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay. There is a Citi® Double Cash Card – 18 month BT offer annual fee and there is an intro APR of 0%* for 18 months on Balance Transfers* (after, 15.24% - 25.24%* (Variable)). Additionally, there is no cap on the rewards you can earn and no enrollment required.
*Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.