As a millennial myself, I can personally attest to the fact that we like to spend and sometimes a little too darn much. Times have definitely changed and spending needs to as well. Even looking back 15 years, a ton has happened whether it be monetary or non-monetary.
Fifteen years is a heck of a long time ago - the year 2000 seems as if it happened a century ago. Way back then, American had its fair share of drama. The Yankees had been rising up to the World Series, Justin Timberlake and Britney Spears were glowing, and the dot.com bubble had been minting millionaires every which way you looked, and most importantly the idea of a credit card was just now shedding light.
Nowadays, credit cards are everywhere and stores have also begun to offer store-sponsored cards to its consumers. To give an example, Old Navy is an American household name. The clothing retailer is well known for its quality and pricing structure. Americans love Old Navy for its cheap pricing and amazing quality. In addition, the store has its own branded credit cards.
Most retailers offer credit cards these days; however, Old Navy adds a unique touch to their version. The retailer offers two unique cards. What makes it even better is the fact that it is fairly easy to receive and if your credit is considered great you would be able to qualify for the Old Navy Visa card. Both of these cards come with very similar benefits. The Visa card allows you to earn rewards wherever your Visa card might be accepted. While, the store card is only accepted at Gap stores.
As for some history on the card itself, contrary to popular belief, the cards actually aren't offered by Old Navy or its parent company. Synchrony Bank is the card issuer formerly owned by General Electric.
Now as for the card itself, since Old Navy is owned by Gap your card is actually valid at all Gap-owned stores, which include but are not limited to Athleta, Banana Republic, Gap and Piperlime.
Another cool feature that Old Navy offers its card holders is you are able to receive a $5 reward card for every $100 you spend at any Gap store or online. Additionally, for all purchases outside of Gap using your Old Navy Visa card, you receive one point for every $1 you spend. Once you earn 500 points, you receive a $5 reward card for redemption at any Gap store. Upon getting the card, you earn 2,000 bonus points and 15% of your purchases that day according to the Old Navy login and payment guide.
However, here comes the bad news, the APR for this card stands at around a whopping 24.99 percent for the visa and it's even worse for the Old Navy store card as it stands at 24.99 percent. It gets worse; if you pay late you will be charged about $37 based on your payment history. It's also worth noting, that you will pay a 3 percent foreign transaction fee if you use it outside of the United States.
As an endnote, store cards as a whole are bad for your bank account. They come with the liability of extraordinarily high interest rates and rewards that are only tailored to the specific store at hand. However, please note that if you are trying to build back your credit, this card can serve as a truly great way to build back your credit if it was formerly distressed.