The
Banana Republic Credit Card is a good option for people who like to shop at Banana Republic, plus Old Navy, Gap and Athleta. It’s worth getting because there’s no annual fee and you earn 5X points on purchases from the Banana Republic family of brands. You can also get a
20% discount on your first purchase within 14 days of opening an account.
On the other hand, you should not apply for this card if you’re not going to pay the bill in full by the due date each month. An extremely high APR will cost you a small fortune if you carry a balance from month to month. It’s also not ideal for purchases at unaffiliated stores.
4 Key Things to Know About the Banana Republic Credit Card
Two options (sort of)
There are two Banana Republic Credit Cards: The Banana Republic
Mastercard Card and the
Banana Republic Store Card. But it’s not a take-your-pick type of situation. There’s one application, and the card you ultimately get depends on your credit standing.
People with good or excellent credit typically get approved for the
Mastercard, while folks with fair credit are more likely to get the store card. You can
check your credit score for free right here on WalletHub.
Solid rewards for the whole family
By “whole family,” we mean Banana Republic, Old Navy, Gap and Athleta. Either Banana Republic credit card will give you 5 points per $1 spent at all of those stores, equal to 5% cash back. You’ll also earn 3 points per $1 spent at eligible retail apparel brands, adding extra value for everyday clothing purchases. Most retailer-affiliated cards only offer bonus earning rates for a single brand.
This is largely why you shouldn’t care whether you get the Banana Republic
Mastercard or the Banana Republic Store Card. The only extra thing the
Mastercard gives you is the ability to make purchases anywhere
Mastercard is accepted and earn 1 point per $1 spent in the process. But you can find a far more rewarding card for purchases made outside the Banana Republic family.
Costly to carry a balance
Both Banana Republic credit cards have a very high APR. It's well above the rates charged by the average credit cards for both good credit (
23.26%) and fair credit (
26.65%), according to WalletHub’s latest
Credit Card Landscape Report. Neither Banana Republic card offers 0% intro rates.
Needless to say, they aren’t the right plastic for carrying a balance from month to month, so make sure to always pay in full.
No annual fee is standard, but still nice
Most retailer-affiliated credit cards don’t charge annual fees, so this is unlikely to help you decide between such offers. But the fact that neither the Banana Republic
Mastercard Credit Card nor the Banana Republic Store Card charges an annual fee does save you about
$28.25 per year, compared to the average credit card offer.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.