Pros and cons of a credit card from Gap: how to dress the whole family for bonuses

Shopping cards are a great way to save money. ForumDaily New York is starting a series of materials about such cards. Every Thursday we will publish a review of one of them. Let's start with Gap, since it's one of our employees' favorite map. So, the Gap clothing chain launched its credit card back in 2007. It gives customers many benefits and bonuses. But there are also disadvantages that potential users should be aware of. Investopedia.

Cardholders receive bonus points and discounts to use at The Gap and other chain stores. The first bonus is awarded for registration, and then the client is assigned various levels of status, achieved by increasing the volume of purchases.

How the Gap credit card works

The Gap credit card, called the GapCard, comes in a variety of varieties. The simplest of these is a store-only card that can be used in Gap, as well as Banana Republic, Athleta, Old Navy, and Intermix. It can be used for online shopping and chain stores, among other things.

Consumers can apply for a Visa-linked Gap card. It is relevant wherever Visa is accepted, it is credited with bonus points under the Gap reward program. Visa cardholders can use credit at 4% or a minimum amount of $10 (whichever is higher) to pay for goods.

GapCard rewards and discounts

When the card is issued for the first time, the holder receives a 20% discount on the first purchase of goods in the Gap network.

Purchases made at Gap stores earn points at the rate of one point per dollar spent. Visa-enabled cards used for purchases at non-Gap stores also earn one point per dollar spent.

These points can be exchanged for money - $5 for 500 points. That is, Gap cardholders receive a 5% discount on all purchases using the card.

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Cardholders also receive a number of other privileges, as well as offers to participate in special events. For example, they earn extra points for purchases on Tuesdays and receive a 10% discount on all products on their birthday.

Upon reaching certain milestones, program participants receive higher levels of status with additional privileges. There are three levels:

• CORE: < $500 annual cost in stores;
• ENTHUSIAST: annual expenses in chain stores range from $500 to $999;
• ICON: 5+ points on the card for the entire period of its use or $000+ in annual expenses on the network.

Terms that are usually written in small print

The registration discount only applies to Gap-branded merchandise. Additional Tuesday bonuses are not available at all Gap family stores - Old Navy, Banana Republic, Athleta and Banana Republic Factory are excluded from this promotion. The annual interest rate on this card is 25,99%, which is almost 10% higher than the average interest rate on a credit card issued by banks.