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Toyota Rewards Credit Card Review

Toyota Rewards Credit Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

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 . 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.rn

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 card 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. One card worth a look is the Capital One SavorOne Cash Rewards Credit Card. Here’s how it comparex to the Toyota Rewards Visa® Credit Card:

Toyota Rewards Visa® Credit Card vs. Capital One SavorOne Cash Rewards Credit Card

 Toyota Rewards Visa® Credit 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.rnEarn a earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening.
RewardsEarn .Earn 3% cash back on dining and entertainment; 3% cash back on popular streaming services; 3% cash back at grocery stores; 1% cash back on all other purchases. plus, earn 8% cash back on tickets at vivid seats through january 2023.
Annual feeNone$0
Regular purchase APR14.99% - 24.99% (variable)

The Capital One SavorOne Cash Rewards Credit Card offers better rewards rates in its respective categories than the Toyota Rewards Visa® Credit Card does. And its redemption options may be more convenient.

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  Capital One SavorOne Cash Rewards Credit Card could be a better pick.


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March 13, 2019