Full Review of Toyota Rewards Visa

Pros Explained

• No Annual Fee: With the Toyota Rewards Visa card, cardholders don’t need to worry about paying an annual fee.
• Bonus of 5,000 Points: There is a bonus of 5,000 points when a cardholder spends $500 in the primary 90 days. Nevertheless, it’s vital to notice that with the intention to receive the bonus, that $500 have to be spent on other things, outside of a Toyota dealership. Points earned can then be redeemed on the Toyota dealership and are likely price $0.01, making the bonus price $50 when redeemed for service or parts, or toward a automobile purchase at a participating Toyota dealership.
• Tiered Rewards on Certain Purchases: The Toyota Rewards Visa offers tiered rewards, with some purchases earning more points. Cardholders earn 5 points per dollar spent at Toyota dealerships and a couple of points per dollar on gas, dining, and entertainment. All other purchases earn 1 point per dollar. Since it’s a Visa, this card might be used almost anywhere on this planet.

Cons Explained

• No Introductory APR: There isn’t any low or 0% introductory APR for balance transfers and recent purchases with the Toyota Rewards Visa, unlike another cards.
• Travel Redemptions Are Difficult: This card is just not an excellent option for those trying to redeem for travel. Provided that it is a Toyota card, and never meant to be a travel card this is not terribly surprising. Those wishing to redeem for travel can have to spend their points with a third-party company called Aspire, and are limited to the corporate’s travel catalog.
• Foreign Transaction Fee: Unlike some bank cards, this card comes with a foreign transaction fee of three%.

Who This Card Is Best For

For essentially the most part, this card is designed for individuals who wish to earn rewards that they will use at a Toyota dealership, or for many who spend a good sum of money there.

As an all-purpose money back card, the Toyota Rewards Visa is simply mediocre, for the reason that 5 points per dollar are only earned on Toyota purchases. For many who need a tiered money back rewards card that earns top rewards on common categories, the Amex Blue Money On a regular basis card, with its 3% back at U.S. supermarkets (as much as $6,000 per yr), 3% back on U.S. online retail (as much as $6,000 per yr), 3% back on gas at U.S. gas stations (as much as $6,000 per yr), and 1% on all other purchases, is perhaps a more sensible choice.

Toyota Rewards Visa Bonus

When cardholders spend $500 at places aside from a Toyota dealership throughout the first 90 days, they will receive 5,000 bonus points. When redeemed at a Toyota dealership, this bonus is price $50.

Many other cards offer much higher bonuses. For instance, the Chase Freedom Unlimited card also has no annual fee and provides $200 money back after spending $500 in the primary three months. Plus, the Chase Freedom Unlimited card offers a 0% APR introductory period for 15 months on purchases.

Rewards Earning Details

The Toyota Rewards Visa offers a tiered program:

• 5 points per dollar spent at Toyota dealerships
• 2 points per dollar on dining, entertainment, and gas
• 1 point per dollar on the whole lot else

Rewards Redemption Details

The first solution to redeem points as at participating Toyota dealerships. It’s possible to make use of points to pay for service and parts, and even put them toward a vehicle purchase. You’ll be able to expect to probably receive 1 cent per point.

Other redemption options include statement credit, gift cards, merchandise, and travel. Statement credit is the simplest and most flexible option. You will get 1 cent per point, and redemptions start at $25. For other redemption types, there are just a few hoops to leap through, and redemption rates are set by the parties that administer the separate programs.

Travel achievement is thru Aspire. You might be limited to options and rates inside their travel catalog. Gift cards and merchandise can be on similar systems.

All of those redemption options have their very own processes and redemption rates, which might make it difficult to truly redeem points for anything aside from Toyota purchases or a press release credit.

Transferring Points

The Toyota Rewards Visa doesn’t have a points transfer program.

Easy methods to Maximize Your Rewards

The perfect option for maximizing rewards is to make use of them at a Toyota dealership, after making the most of the upper rewards earnings tiers in some areas.

In 2021, the common consumer spent $3,568 on entertainment and $3,030 on dining out. In addition they on average spent $2,148 on gas during that yr. These spending categories earn 2 points per dollar with the Toyota Rewards Visa, leading to a possible of 17,492 points from those categories alone. When redeemed at a Toyota dealership, 17,492 points can be price $174.92, which could potentially pay for some service or maintenance work.

To maximise the rewards you earn, you’d wish to put all of your additional spending on the Toyota dealership in your card and collect the 5 points per dollar.

Toyota Rewards Visa’s Outstanding Advantages

• Card Lock/Unlock feature
• Roadside dispatch

Standard Advantages

• $0 fraud liability
• Chip technology
• Cardholder inquiry service

Cardholder Experience

The Toyota Rewards Visa is issued by Comenity Capital Bank, which is just not rated in J.D. Power’s 2022 U.S. Credit Card Satisfaction Study. 

Automated customer support is offered 24/7. There’s also live customer support available during certain hours.

Security Features

One of the crucial attractive security measures with this card is the lock/unlock feature. It makes it possible to lock your card by signing into your account and clicking a button. In case your card is lost or stolen, you’ll be able to decline all recent charges, while keeping your regular subscriptions and streaming services energetic. Once you discover your card, you’ll be able to unlock it.

Moreover, since it’s a Visa, the Toyota Rewards card comes with $0 liability on fraudulent purchases, in addition to a solution to receive emergency card substitute inside one to 3 business days. 

Final Verdict

For individuals who expect to spend a good sum of money at a Toyota dealership and would really like to offset a few of that with rewards or apply rewards toward the purchases of a brand new Toyota at participating dealerships, the Toyota Rewards Visa generally is a decent card.

Nevertheless, the rewards are fairly mediocre, and attempting to redeem them for anything aside from Toyota parts, service, or vehicles, or a press release credit, might be difficult. For many who want more flexible money back tiered rewards, a card just like the Amex Blue Money On a regular basis could possibly be a more sensible choice.