Toyota Rewards Credit Card Review - Earn Points For Purchase And Lease of Toyota Vehicles
Toyota Credit Card ReviewSummary - Like most auto credit cards, Toyota (and specifically Toyota Financial) have their own credit card for their car owners to hopefully build loyalty to their brand. How so? By letting them earn reward points that can be used for a purchase or lease of a Toyota vehicle. And it turns out that this is quite a good card. Let's delve into this in greater detail.
How much rewards can you earn at Toyota Dealerships? - The Toyota Rewards Credit Card allows you to earn five points for every dollar that you spend at Toyota dealerships. For other regular purchases, you earn the usual one point. Therefore, if you are the type that likes to earn reward points by charging a car purchase at a dealership, only auto credit cards like this allow you to do so. Most dealerships would not even allow you to use credit cards (against Visa or MasterCard rules), and your car prices will differ depending on how you pay for it?
What can you use your points for? - This is where it gets interesting. Not only can you use your reward points for a servicing or auto parts, but you can also use them towards the purchase or lease of a Toyota. It can be either a new or certified used Toyota. The points are worth 1% in reward terms. For example, if you have 200,000 points, you can get a $2000 value at Toyota dealerships.
Fees and Rates - The Toyota Rewards Credit Card has no annual fees.
Toyota Credit Card Compared With It's Peers
Toyota vs Other Auto Credit Cards - While the GM and Toyota cards allow you to earn 5 points and also to redeem points for their vehicles respectively, other cards are not so good. For example, Chrysler has a series of cards that only allow you to earn 3 points at their dealerships and you cannot even redeem them for a purchase or lease of their vehicles.