Toyota Credit Card Review

If you’re a Toyota owner looking for a way to maximize your credit card rewards in a way that’ll keep you on the road, you might want to take a look at the Toyota Rewards Visa credit card.

The Toyota credit card is an unsecured rewards credit card designed with Toyota owners in mind. That’s because it offers bonus rewards points when you use your card at your local Toyota dealership. 

There are also no annual fees — but before you apply, there are a few important considerations about the Toyota Rewards Visa you should bear in mind.

This guide will explain whether the Toyota credit card is right for you, how the fee structure of the Toyota Rewards Visa card works, and how you can apply.

Is the Toyota credit card for me?

The Toyota Rewards Visa is a great credit card option for Toyota owners who spend big on repairs and services done at official Toyota dealerships (or consumers planning on becoming Toyota owners in the near future).

That’s because the Toyota credit card offers particularly high rewards if you choose to use your credit card on transactions at official Toyota dealerships. It’s important to note that the Toyota Rewards Visa does offer rewards at a wider range of places like gas stations and restaurants, too — the rewards rates just aren't quite as high.

On the flip side, the Toyota credit card isn’t going to be a perfect fit for everybody. If you’re looking for a credit card with a useful 0% APR promotional rate to stretch a big purchase or a card with zero foreign transaction fees to use abroad, the Toyota Rewards Visa might not be the credit card for you.

What makes this credit card different?

What makes the Toyota Rewards Visa stand out from other rewards credit cards is that it rewards Toyota owners quite handsomely in exchange for spending money at Toyota dealerships.

The Toyota credit card gives you five points in rewards per $1 at Toyota dealerships — which you can either redeem for a statement credit, cash in directly for rewards, or spend at your local Toyota dealership in exchange for a service, new parts, or a new car.

If you spend a lot of money at your local Toyota dealership, those rewards points can add up really quickly.

What are my chances of getting approved?

Your chances of getting approved for the Toyota Rewards Visa depend on what your credit score looks like.

Although Toyota’s co-branded rewards credit card doesn’t publish a minimum credit score that you’ll need to have in order to get your application approved, you’re generally expected to have a score of between 600 and 850.

That’s a relatively high score. As a result, if you have good credit or excellent credit, your chances of approval are going to be good. If you have fair credit or poor credit, your chances of getting approved for the Toyota credit card are going to be low.

If you have bad credit but still want to earn rewards on the transactions you make, it could be worth checking out a secured rewards card like the Revvi credit card. With the Revvi card, you can earn cash back even if you have a poor credit history (or no credit history at all).

You may also want to consider the Self Visa card or the Destiny credit card, which are both secured credit cards designed for individuals with poor credit scores. That means you’ll find it a lot easier to get approved.

All of the details of the Toyota credit card

Rates and fees

Perks and rewards

The number one benefit of applying for the Toyota credit card is its lucrative rewards program.

As we’ve already pointed out, this card is designed to maximize your rewards points when you spend at Toyota dealerships. For every $1 that you spend at Toyota dealerships, your card will generate five rewards points. For reference, one rewards point on this card is equal to one cent.

That means if you had to use your Toyota credit card to buy a new exhaust system at the dealership for $2,000, you’d get $100 worth of rewards points. You’re not going to get rewards levels like that with a lot of cards.

Then again, even the Toyota card doesn’t give you reward levels like that with every purchase.

You’ll only get two rewards points for every $1 you spend at gas stations, on dining, or on entertainment. For any other category where Visa is accepted, you’ll get one point for every $1 spent using your Toyota Rewards Visa.

That being said, the Toyota credit card does give you a boost of 5,000 bonus points if you spend $500 outside Toyota dealerships within the first 90 days of getting your new credit card.

Extra rewards points for Toyota purchases aren’t the only benefit this co-branded card offers to Toyota brand loyalists. You’ll also enjoy 0% APR on any purchases of $199 or more that you make at Toyota dealerships for the first six months your card is active.

One important caveat with this 0% interest promotional rate is that you have to pay off those dealership purchases in full within six months. If you still have an outstanding balance on a big Toyota purchase after the six-month mark, interest will apply to whatever balance is left over.

In terms of how you can redeem your Toyota rewards points, there are a couple of options you can explore.

The easiest option is to exchange your rewards points balance for cash back. This takes the form of a statement credit, and it has a value of one cent per rewards point. Alternatively, you can redeem points directly with Toyota to pay for a car service, parts, or accessories.

There’s no minimum redemption amount when redeeming directly with your Toyota dealer.

You can also opt to redeem your points for gift cards, travel, or merchandise. But it’s important to note these options are reliant on third-party partnerships, so the value of your points and redemption rules might vary from site to site.

There are also a couple of extra rules around travel. You need to book your travel at least 21 days in advance if you’re using points, and your trip needs to include a Saturday night. Your booking might also be subject to blackout dates.

How to apply

If the Toyota Rewards Visa sounds like a good fit for you, you can find out if you prequalify by filling out a short form on the Toyota credit card’s website.

The Toyota Rewards Visa is issued by Comenity Capital Bank. The bank will run a soft credit check if you fill out an application form. This won’t affect your credit score, but it should give you an almost instant decision about whether you’re eligible for the card.

Contact info

The Toyota Rewards Visa is issued by Comenity Capital Bank. 

The phone number for Comenity Capital Bank’s customer service is 1-844-271-2695. You can also find answers to common questions on the card’s website.

You can also contact the Toyota customer service department by mail: 

Comenity Capital Bank

PO Box 183003

Columbus, OH 43218-3003

Other stuff you should know

The Toyota credit card also includes a range of basic card protection benefits. This includes a card lock and unlock feature, $0 fraud liability, an auto rental collision damage waiver, emergency card replacement (ECR), and emergency cash disbursement.

As a Visa holder, you’ll also get access to a pay-as-you-go roadside assistance program.

With the Toyota Rewards Visa, you can add another authorized user or make balance transfers at an interest rate of 26.99% APR. You can get a cash advance at a 28.49% variable APR.

Alternative credit cards to the Toyota credit card

When you’re on the hunt for a new credit card, it’s essential to do some shopping around to make sure you find a card that’s going to fit your spending habits.

To help you get started, here are five popular alternatives to the Toyota credit card:

1. Lexus Pursuits Visa

Features of the Lexus Pursuits Visa card include:

• Unsecured rewards card
• Rewards Lexus owners for spending with official Lexus dealerships

2. Citi Double Cash Card

Features of the Citi Double Cash Card include:

• Unsecured rewards card
• Earn 2% cash back on purchases
• Rewards aren’t limited by spending categories
• No rewards cap or annual fee

3. Chase Freedom Unlimited

Features of the Chase Freedom Unlimited card include:

• Unsecured rewards card
• Earn 3% on most purchases
• 0% APR introductory rate

4. Revvi credit card

Features of the Revvi credit card include:

• Secured credit building card
• Offers 1% cash back rewards

5. American Express Blue Cash Preferred Card

Features of the American Express Blue Cash Preferred Card include:

• Get up to 6% cash back on some purchases
• Incurs a $95 annual fee

Final recommendation

If you’re a Toyota owner (or want to become a Toyota owner), the Toyota credit card could be a really great option. You earn generous rewards points whenever you spend money at a Toyota dealership — and you can then redeem points at Toyota, too. 

That means if you ever need to get your car serviced or want help with a downpayment for a new Toyota car, this card will help you get there.

But if you’re looking for a rewards card that you can use more widely, you might want to keep looking. There are other cash back cards that can offer you more upfront and rewards cards that can offer you a bigger range of redemption options.

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