5 Things To Know About The Gap Visa Credit Card

 5 Things To Know About The Gap Visa Credit Card

What’s up, and welcome to Smart Money, where our mission is to give our viewers the motivation to make more money and the skills to keep it! In today’s video, I’m going to tell you 5 things to know about the Gap Visa Credit Card.

We’re going to discuss who backs the card, where the Gap Credit Card can be used, and who would benefit most from owning the card, so watch this video to the end for that! Do me a favor and hit the like button so that YouTube knows this is a good video and tells more people about the community we’re building here on Smart Money! We have a goal of getting 25 likes on this video, and we can’t do it without your help!

While the Gap Visa® Credit Card can be used anywhere that accepts Visa, you can get the most value out of the card by using it at Gap and its sibling businesses, whether in person or online. These sibling businesses include Banana Republic, Old Navy, Forth & Towne, Piperlime, Athleta, Intermix, Hill City, Janie & Jack, and Yeezy Gap. That’s right!

If you’re into Kanye West’s clothing line, the Gap Visa® Credit Card can be used to buy the Round Jacket and earn reward points. Stay tuned to find out how. The $0 annual charge card, issued by Synchrony Financial, is aimed at consumers looking to save money on clothes purchases. Unlike some other store credit cards, you will not receive cashback as an incentive. You will, however, accumulate points that can be redeemed when you shop inside the Gap family, including Yeezy Gap.

If you’ve been clamoring for the new Yeezy Gap Round Jacket, then the Gap Visa® Credit Card may be a great fit for you. However, that doesn’t mean it’s a great card for everyone. Here are 5 things you need to know if you’re considering getting the Gap Credit Card. 1. Restricted Use.

The application process for the Gap credit card is one of the most perplexing features of the card. When you apply for a Gap credit card, you will be considered for two cards: the Gap Visa® Card and the GapCard.

The application process is divided into two major steps: The card issuer, Synchrony Bank, will evaluate your credit and decide whether to approve you for the Gap Visa® Card. If you do not meet the eligibility requirements, you will be evaluated for the GapCard. The GapCard is a closed-loop credit card, which means it may only be used at Gap Inc.

retailers such as Gap, Banana Republic, Old Navy, and Yeezy Gap. The Gap Visa® Card is also accepted at stores that are not owned by Gap Inc. In other words, if you are not approved for the Gap Visa® Card, you may end up with a credit card that can only be used at a few select businesses. The GapCard may report information to credit bureaus, potentially allowing you to establish credit. However, GapCard has fewer uses and less earning potential.

2. GapCard and Gap Visa® Card Rewards Program.

The GapCard provides five points for every dollar spent in Gap Inc. locations, both in-store and online. This covers Gap, Athleta, Banana Republic, and Yeezy Gap purchases.

When you use your Gap Visa® Card at any other retailer, you will earn one point for every $1 spent. Points cannot be redeemed for rewards on a continuous basis, but they can be accumulated to obtain the following benefits: * For every 500 points you earn, you'll receive a $5 gift card redeemable at any Gap Inc. location. Rewards are provided in $5 increments based on how much you earn in a billing cycle, with no single rewards certificate exceeding $50 in value.

* If you earn 5,000 points in a calendar year — excluding bonus points earned during a bonus reward point campaign and goods returns — and complete certain additional requirements, you will be granted Gap Silver Status, which includes a 20% quarterly point boost.

For example, if you earn 1,000 points in a calendar quarter, an additional 200 points will be added to your total. Rewards certificates are redeemable in-store and include a confirmation number for use online. If this video is giving you value, write “Gap Visa” in the comment section. I’ll do my best to reply to every comment I get! 3.

Reward Restrictions. If your primary goal is to gain discounts on future Gap-brand purchases, like the Round Jacket, this card can help. For every $100 spent on the card at a qualifying retailer, you'll receive a $5 discount the following time you purchase at a Gap store. However, the fine print is a labyrinth of rules and restrictions. For example: * Rewards are given out in $5 increments, with values ranging from $5 to $50.

You can redeem up to three prizes in-store or up to five prizes online or by phone.

* You can only earn up to $250 in rewards per billing cycle, regardless of how much you spend. Any awards earned in excess of that amount will be carried over to the following billing cycle. * If your account has been dormant for 24 months, any unused points will expire 24 months after your last transaction. * There are limits to how many rewards you may utilize at once and how they can be used.

In-store, you can redeem up to three rewards certificates per transaction, while online or phone transactions have a five-certificate restriction. Points certificates can also be paired with one other discount code, allowing cardholders to redeem their rewards for regular Gap deals. Typically, every $1 purchased at Gap Inc. locations earns you five rewards points. This means you would need to spend $100 at Gap Inc.

stores to earn 500 points. It’s an attainable goal if you use your Gap Visa® Card spending at other retailers, but there is still a $500 requirement on all spending outside of Gap Inc.

Sibling stores to receive a $5 incentive. Furthermore, the points can only be redeemed at Gap Inc. locations.

Changing your purchasing patterns just to gain rewards on your credit card is not encouraged, even if it appears to be an appealing plan if you have a card like this. If you find yourself going on a shopping spree you wouldn't typically do merely to receive a $5 reward, this card may not be for you. 4. High APR. APRs on store credit cards are often high, and these two Gap credit cards are no different.

The APR for these cards stands out as a potential negative when compared to the national average of 14.65 percent for all credit card accounts in November 2020. If you carry a balance on your Gap credit card from month to month, the interest that accumulates with the card's 25.99 percent APR could cost you.

It's also worth mentioning that Gap's late payment costs can reach $40, which is another reason why this card isn't a good choice for folks who aren't sure if they'll be able to pay on time and in full every month.

We at Smart Money Personal Finance recommend you pay your credit card balance off on time in full every month. This guidance is especially pertinent if you’re considering getting the Gap credit card.

For example, let’s say you went to Yeezy Gap and made purchases adding up to $2000. Credit card companies typically ask for a minimum monthly payment of 3% of your balance. So in this case, your minimum payment is $60 per month.

If you only pay $60 per month, it will take you 58 months to pay the credit card off. Additionally, you will have paid an extra $1469 in interest charges. So your $2000 shopping spree actually wound up costing $3469. 5. Most Useful For Regular Gap Inc.

Store Shoppers. The Gap credit cards come with additional benefits in addition to rewards points.

However, they are most likely to be valuable to Gap Inc. customers. * When you apply for the card, you'll receive 20% off your first online purchase, as well as free shipping.

It's a good sign-up bonus, but you might be able to locate a comparable coupon as part of a regular promotion. * Gap Silver cardholders get free shipping on all online purchases within three to five business days. It bears reiterating that all of the benefits and privileges available with this credit card are exclusive to Gap Inc. stores. If you don't shop at these stores on a frequent basis, the credit card benefits are unlikely to be relevant.

Because the benefits and privileges are limited to Gap and Gap Inc.

Stores, this card is best suited for someone who currently shops at Gap and other Gap Inc. locations. If you spend at least $1,000 each calendar year at Gap Inc. and its sibling stores like Yeezy Gap, you may quickly achieve Gap Silver level and enjoy additional benefits such as free delivery, quarterly bonus points, and a personally selected sale day without changing the way you shop.

The card is best suited for people who shop at Gap Inc. locations at least once a month, for themselves and their entire family. That’ll do it for this episode, guys! If you’re interested in getting cool stuff and great educational materials, take a look at the affiliate links in the description. They are a great way to help support the channel.

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