The
Loft Credit Card is worth considering if you have a credit score of
700 or higher and you shop at Loft (or Ann Taylor) on a regular basis. It’s a good credit card to have because it gives you up to 5% back in points on purchases and does not charge an annual fee.
What you don’t want to do with this card is carry a balance from month to month. If you always pay your statement balance in full by the due date, you won’t have to pay interest charges. But if you don’t, an extremely high interest rate will wipe out your savings from rewards pretty quickly.
What I Like About the Loft Credit Card
$20 + 20% initial discount
Like the
Ann Taylor Mastercard, the Loft Mastercard gives you 20% off your first qualifying purchase within 24 hours of approval. These purchases could be made at any Ann Taylor or Loft store location or through one of their respective websites. This isn’t in the top tier of first-purchase discounts – some retailer-affiliated cards offer 20% to 50% off – but it’s pretty good.
Great ongoing rewards
The Loft Credit Card gives you 5 points per $1 spent at Loft and Ann Taylor, which equates to 5% back since 2,000 points gets you $20 in store credit. You’ll also get 2 points per $1 spent (2% back) on gas and grocery purchases, and 1 point per $1 spent (1% back) on everything else.
For context, the average credit card offers about
1.17% back, according to
WalletHub research. So, the Loft Card’s bonus rewards categories range from pretty good to great.
Treats throughout the year
Not only does the Loft Credit Card give you $15 off an in-store purchase during your birthday month each year, but it also entitles you to 15% off Ann Taylor and Loft purchases every Tuesday. Perhaps that’s why they call it the Love Loft Card. That’s good because sometimes an early-week shopping trip is just what the doctor ordered. Cardholders can get free standard shipping, too.
No annual fee
Retailer-affiliated credit cards generally don’t charge annual fees, so this is really nothing special. But all else being equal, not having to pay for your Loft Card is definitely better than the alternative.
What I Don’t Like About the Loft Credit Card
Very bad APR
The average credit cards for people with good and excellent credit charge interest at annual rates of
23.9% and 17.67%, respectively. The Ann Taylor Loft Credit Card, which requires good or excellent credit for approval, has a much higher APR.
That means you definitely don’t want to carry a balance from month to month. If you pay in full by the due date every month, you won’t owe interest.
Bad user rating
WalletHub users don’t have the highest opinion of the Loft Credit Card. Common complaints include issues with high fees and poor customer service. It’s a good idea to read some of these user reviews before you apply.
Only for good credit and better
The fact that the Loft Mastercard requires at least good credit for approval means you should make sure to
check your credit score before applying. But don’t worry too much if you discover that you’re unlikely to qualify. The Loft Store Card only demands fair credit for approval and offers nearly identical rewards, including the $20 first-purchase discount and 5 points per $1 spent at Ann Taylor and Loft. The same goes for the Ann Taylor Store Card.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.