/80318689-5bfc38aa46e0fb00260ec003.jpg)
How the Banana Republic Credit Card Works
If you’re a frequent shopper at Banana Republic, you’ve probably been informed about the store’s credit card at the checkout counter or seen advertisements for the credit card online, along with a promise of a discount on the day’s purchases.
Banana Republic actually offers two credit cards: The Banana Republic Credit Card and the Banana Republic Luxe Credit Card. All customers start with a Banana Republic Credit Card and can reach Banana Republic Luxe Credit Card-status by earning 5,000 points in a calendar year. You can use your Banana Republic Credit Card at any Gap Inc. brands, including the Gap, Old Navy, and Athleta (in addition to Banana Republic). And new cardholders can take 20% off their first purchase when they open a Banana Republic credit card.
Key Takeaways
- Banana Republic offers two credit cards: The Banana Republic Credit Card and the Banana Republic Luxe Credit Card.
- You can use your Banana Republic Credit Card at any Gap Inc. brands, including the Gap, Old Navy, and Athleta (in addition to Banana Republic).
- Banana Republic partners with Synchrony Bank to offer revolving credit services for transactions made in-store and online at Gap Inc. brands.
- Customers who have the Banana Republic Credit Card earn five points for every $1 spent at Gap Inc. brands, a $5 reward for every 500 points earned, special cardmember-only offers and private sales, early access to special events, no receipts required for returns, and zero fraud liability.
Synchrony Bank, based in Stamford, Connecticut, is the issuer of Banana Republic credit cards. Banana Republic partners with Synchrony Bank to offer revolving credit services for transactions made in-store and online at Gap Inc. brands.
Store credit cards are also known as “private label” and “closed-loop” cards. They are distinct from general use credit cards that carry the logo of a major financial institution (i.e. Visa or Mastercard) and can be used at any merchant that accepts those network cards. Store credit cards, such as Shell’s Fuel Rewards Card, are distinct from this type of card because they can only be used at certain retailers. In the case of Shell Fuel Rewards Cards, these credit cards can only be used at participating Shell locations.
Rewards and Benefits
Since Banana Republic is owned by Gap Inc., a Banana Republic credit card can also be used to earn rewards at any Gap Inc. brand (Gap, Old Navy, Athleta, or Banana Republic). You can also redeem your rewards at any Gap Inc. brand.
Customers who have the Banana Republic Credit Card earn five points for every $1 spent at Gap Inc. brands, a $5 reward for every 500 points earned, special cardmember-only offers and private sales, early access to special events, a surprise birthday gift, no receipts required for return, and zero fraud liability.
Customers who have the Banana Republic Luxe Credit Card receive all the rewards same rewards, plus some additional perks. With the code LUXE, all customers who have a Banana Republic Luxe Credit Card can receive free three to five day shipping on any Gap Inc. online order, in addition to 20% bonus points each quarter, free basic alterations on Banana Republic purchases, and can use the private toll-free priority line (866-450-2335). They can also participate in the Choose Your Own Sale Day.
Where Can Someone Get the Banana Republic Credit Card
Customers can apply for the Banana Republic Credit Card online.
What Kind of Credit is Required for the Banana Republic Credit Card
As with most store credit cards, the credit needed to qualify for the Banana Republic Credit Card is generally fair to good.
Where Can the Banana Republic Credit Card be Used?
The Banana Republic Credit Card can be used when you make a purchase using at all Gap Inc. brands (Banana Republic, Gap, Old Navy, and Athleta) in-store and online.
The Banana Republic Credit Card and the Banana Republic Luxe Credit Card are both private label credit cards. This means they only intended for use at Gap Inc retailers. The advantage of a private label credit card is that a company can offer more lenient and extended terms to its customers than they could otherwise.
Alternatives to the Banana Republic Credit Card
Gap Inc. offers both store cards that can only be used only at Banana Republic, in addition to a Gap Inc. credit card, co-branded with Visa, that can be used anywhere that Visa cards are accepted.
The Gap Inc. Visa Card provides cardholders with one point for every $1 spent outside of Gap Inc. brands and offers Visa cardmember-only offers and promotions. Cardholders will also earn five points per $1 spent at Gap Inc. stores.
Terms and Conditions of the Banana Republic Credit Card
Financial institutions are required by law to obtain, verify, and record information that identifies each person who opens an account. Applicants will be asked to provide their name, address, date of birth, and other identifying information when they open an account. Applicants may also be required to show their driver’s license or other identifying documents. Applicants will also be required to provide identification information for any authorized users they add to their account.
The annual percentage rate is 25.99%. Your due date is at least 23 days after the close of each billing cycle and you will not be charged any interest if you pay your entire balance by the due date each month. The late payment penalty fee is up to $40. There is no annual fee for the card. For cash advances, there is either a $10 transaction fee or 5% of the amount of each cash advance (whichever is greater). For foreign transactions, the fee is 3% of each transaction.
- Annual Percentage Yield (APR): 25.99%
- Late fee: $40
- Annual fee: $0
- Transaction fee for cash advances: $10 or 5% of the amount of each cash advance (whichever is greater)
Who Should Consider the Banana Republic Credit Card
A Banana Republic Credit Card can make sense if you frequently shop at Banana Republic or another Gap Inc. brand and you would like access to the special discounts that are involved with a store card.
However, if you have excellent credit, you might want to consider The Gap Inc. Visa Card You can earn better rewards, access to a larger credit line, and have the greater flexibility of being able to use the card outside of Gap Inc. brands.
The Bottom Line
Like most store cards, the offer is enticing, and the Banana Republic Credit Card has the added benefit of applying to all the stores in the Gap group. All the same, measure it against what you would get from a regular cash back credit card.
First, crunch some numbers. Before you amass $50 in rewards points, you have to spend $1,000 in Gap stores. Compare that to what you’d get from a cash back credit card.
If you do spend enough at Gap stores to take advantage of this card, avoid carrying a balance. With an 25.99% APR and a less-than-ideal rewards structure, any interest payments you make could wipe out any benefit from your rewards.
Frequently Asked Questions
How Do I Get a Banana Republic Luxe Card?
Cardholders who earn at least 5,000 points in a calendar year will be upgraded to a Banana Republic Luxe Credit Card account, which may entitle them to multiple additional benefits.
How Do I Pay My Banana Republic Credit Card?
You can call the number on the back of your credit card and follow the automated directions. Make sure to have your credit card nearby to verify your account information. You can mail a check or money order to pay your Banana Republic credit card payment. Finally, you can set up an account Banana Republic’s website where you can make payments and manage your Banana Republic Credit Card online.
What Bank Is Banana Republic Credit Card?
Synchrony Bank issues the Banana Republic credit cards.