Who Is This Credit Card Best For?
Diligently searches for the best products and delights in a good bargain See more cards
Looks for good quality at a fair price while buying for the household See more cards
Loves being the first to try something new See more cards
Frequently shops with a particular merchant and wants to be rewarded for their loyalty See more cards
Toyota drivers will get the most value from the Toyota Rewards Visa card since you can earn five points per $1 spent when you use your card at your local Toyota dealership. Consumers planning to purchase a new Toyota also would benefit since Toyota doesn’t limit the number of points you can earn. Depending on your credit limit, you could charge your entire down payment and still earn five points per $1 spent.
You also should get a substantial amount of value from the card if you’ve owned or leased your car long enough to make somewhat regular trips to the Toyota dealership for maintenance and repairs.
Great earnings rate on Toyota purchases
No cap on earning rewards
Good earnings rate on entertainment purchases
Good earnings rate on gas and dining purchases
Small new cardholder bonus
No introductory interest rate
- Great earnings rate on Toyota purchases: The Toyota Rewards Visa card offers one of the strongest rewards rates you can get on automobile expenses. The older your car and the more maintenance it needs, the more you potentially could earn. For example, 2019 Toyota Camry owners are expected to spend an average of more than $3,500 on maintenance in their car’s third, fourth, and fifth years combined and more than $1,100 on repairs during that same time period. That’s more than $230 worth of rewards points during that time period.
- No cap on earning rewards: Unlike some no annual fee cards that offer 5% back on select purchases, the Toyota Visa card doesn’t limit how much you can earn. For example, if you use your card to put down a 10% deposit on a $24,000 car, you could earn $120 worth of rewards.
- Good earnings rate on entertainment purchases: The card’s 2:1 points per dollar ratio is on par with other auto cards and popular cash-back cards. If you regularly spend $90 per month on cable TV and $200 per month on entertainment, you’ll rack up nearly $70 worth of points annually.
- Good earnings rate on gas and dining purchases: This also is a good card to use for filling up your tank or dining out. In addition to restaurant spending, you’ll earn 2 points per $1 spent at bakeries, bars, and coffee shops.
- Small new cardholder bonus: The Toyota card’s new cardmember bonus may be disappointing to cardholders who are accustomed to receiving $150 or more shortly after opening a new card. You have to hit the $500 requirement via non-Toyota purchases, though the $500 requirement to get the welcome bonus won’t take long for the average household to achieve.
- No introductory interest rate: Perhaps the biggest downside to the Toyota Rewards Visa card is that it doesn’t offer a promotional interest rate. This is unfortunate since some cardholders may look to automobile cards with 0% introductory interest rates to help finance costly car repairs.
Toyota Rewards Visa Card’s Bonus for New Cardholders
You’ll need to charge at least $500 in the card’s first three months, and you can’t use a trip to your Toyota dealership to help get you there. Only non-Toyota purchases are counted for the card’s bonus threshold. You won’t earn much once you spend $500, either. The 5,000-point welcome bonus is worth only $50, while popular cash-back cards tend to have at least a $150 welcome offer.
Earning Points and Rewards
The Toyota Rewards Visa card’s rewards rate makes it a good card to use for various expenses. The card’s two points per $1 spent on gas, dining, and entertainment is about average for auto-branded cards, and the card’s 5-point earnings rate on Toyota purchases is average, as other leading auto cards have the same rate on in-dealership purchases.
That the Toyota card doesn’t limit the number of points you can earn also is striking—and it doesn’t charge an annual fee. This is similar to other auto cards but rare among cash-back cards that typically cap your rewards in 5% categories.
You don’t have to worry about losing your points as long as you keep your account open and current: Toyota points don’t expire.
The value of your Toyota points is simple and easy to keep track of: Every point is worth one 1 cent each, no matter how you decide to redeem them.
You can redeem your points when paying for maintenance and repairs or to make a down payment on a new Toyota lease or purchase. Or you can use your rewards points to purchase travel or gift cards or receive statement credits.
How to Get the Most out of This Card
Add another member of your household as an authorized user so you can pool your car expenses and other rewards purchases.
Since the Toyota card doesn’t cap rewards points, it’s a great card to help you maximize a two-car household’s spending and get more value out of routine maintenance and repairs, especially if both vehicles are Toyotas. You can add only one other authorized user, though, so if there are more than two people in your family with Toyotas, other household members will have to apply for separate cards.
Comenity Bank issues the Toyota Rewards Visa. Customer service representatives are available to address your questions.
Like many cards these days, the Toyota Rewards card lets you instantly lock your credit card when you misplace it and unlock it when you spot it. You also can set up notifications to alert you whenever someone tries to use your card. It doesn’t offer any other notable security features, though.
Toyota Rewards Visa Card’s Fees to Watch out For
The Toyota card’s fees are standard for a rewards card, although Comenity Bank may charge a fee for making payments by phone with a representative. You can, however, make payments for free through its automated system.