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Toyota Rewards Credit Card Review

Toyota Rewards Credit Card Review

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This article was last updated May 20, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

Whether you’re putting miles on your trusty Corolla, charging up your Prius, or packing the family into the Land Cruiser for a road trip, you might have thought about applying for the Toyota Rewards Visa® Credit Card.

Issued by Comenity, the card allows you to earn generous rewards on purchases at Toyota dealerships, but its earnings in other spending categories are limited. Let’s take a look at who would benefit from the card, as well as two alternative options.

Toyota Rewards Visa® Credit Card pros

Rewards. Earn 5 points per $1 spent at Toyota dealerships, 2 points per $1 spent on gas, dining and entertainment purchases, 1 point per $1 spent everywhere else Visa is accepted. Some of the purchases that count in the dining and entertainment categories are pretty broad compared to other cards and include:

  • Restaurants
  • Bars
  • Bakeries
  • Event tickets
  • Sporting activities
  • Amusement parks
  • Carnivals
  • Aquariums
  • Band and orchestra performances
  • Billiard and pool halls
  • Bowling alleys
  • Cable television subscriptions
  • Country clubs
  • Dance halls and studios
  • Golf courses
  • Movie theaters
  • Music and record stores
  • Tourist attractions
  • Video game arcades
  • Sports clubs

Redemption options are as follows:

  • Redeeming points at Toyota dealerships
  • Statement credits
  • Goods or services through the third-party company Hinda
  • Travel rewards via the third-party company Montrose

When redeeming points at Toyota dealerships, each point is worth 1 cent. Points value can vary, however,  when redeemed in other ways.

Sign-up bonus. Earn 5,000 bonus points when you spend $500 outside of Toyota dealerships within the first 90 days.

No annual fee. Don’t worry about an annual fee because there is none, meaning the rewards you earn with it are net cash back in your pocket (assuming that you don’t incur interest charges by carrying a balance).

Read Best Credit Cards for Dining Out

Toyota Rewards Visa® Credit Card cons

Small sign-up bonus. If each point is worth 1 cent when redeemed, 5,000 points is worth $50. There are sign-up bonuses on competing cards worth $150 or $200.

Redemption options are limited. The redemption plan is designed to encourage cardholders to redeem points at Toyota dealerships. Consumers have to go through third parties when redeeming for merchandise or travel. This might not be an issue for those who plan to redeem their rewards solely for Toyota products and services, but for those looking to redeem rewards outside the Toyota brand would be better served by a different rewards card.

No introductory APR. Some credit cards offer intro 0% APR for a period of time, which can help with paying off a big purchase. The Toyota Rewards Visa® Credit Card doesn’t.

Foreign transaction fee. There’s a foreign transaction fee of 3% of each transaction in U.S. dollars on purchases made abroad, so this is a card to leave at home when traveling.

Read Best No Foreign Transaction Fee Credit Cards

Alternative credit cards for gas, dining and entertainment

Earning 2 points per $1 spent on gas, dining and entertainment is OK — but  you can find cards offering better rewards rates in those categories. Two cards worth a look are the Wells Fargo Propel American Express® card and the Capital One® SavorOne® Cash Rewards Credit Card. Here’s how they compare to the Toyota Rewards Visa® Credit Card:

Toyota Rewards Visa® Credit Card vs. Wells Fargo Propel American Express® card vs. Capital One® SavorOne® Cash Rewards Credit Card

 Toyota Rewards Visa® Credit CardWells Fargo Propel American Express® cardCapital One® SavorOne® Cash Rewards Credit Card
Welcome offerEarn 5,000 bonus points when you spend $500 outside of Toyota dealerships within the first 90 days. Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value.Earn a earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening.
RewardsEarn 5 points per $1 spent at Toyota dealerships, 2 points per $1 spent on gas, dining and entertainment purchases, 1 point per $1 spent everywhere else Visa is accepted.Earn 3X points on eating out, ordering in and popular streaming services, 3X points on gas stations, rideshares and transit, and 3X points on travel including flights, hotels, homestays and car rentals. Earn 1X points on other purchases..Earn 3% cash back on dining; 3% cash back on entertainment; 2% cash back at grocery stores; 1% cash back on all other purchases.
Annual feeNone$0$0
Regular purchase APR13.99%, 17.99%, and 22.99% variable14.49% to 24.99% (variable)15.49% - 25.49% (variable)

Both of these cards offer better rewards rates in their respective categories than the Toyota Rewards Visa® Credit Card does. And their redemption options may be more convenient.

With the Wells Fargo Propel American Express® card, points can be redeemed as follows:

  • A deposit or credit to a qualifying account
  • A paper check
  • A withdrawal from a Wells Fargo ATM
  • Travel
  • Gift cards
  • Merchandise
  • Charitable donations
  • Gifted to another Wells Fargo customer

And with the Capital One® SavorOne® Cash Rewards Credit Card, ways to redeem cash back include:

  • A statement credit
  • A check
  • Credits for previous purchases
  • Gift cards

Is the Toyota Rewards Visa® Credit Card right for you?

The Toyota Rewards Visa® Credit Card earns generous rewards on purchases at Toyota dealerships, and decent rewards on gas, dining and entertainment. For cardholders who frequent their local Toyota dealership, there may be value in this card. However, for consumers who want to maximize what they earn outside of Toyota dealerships, a card such as the Wells Fargo Propel American Express® card or the Capital One® SavorOne® Cash Rewards Credit Card could be better picks.


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