Credit Cards

Gap Credit Card Review: Pros and Cons

gap-credit-cardAre you a fan of The Gap retail store? If so, you might be tempted to apply for a Gap credit card. If you are reading this, you have probably been shopping at The Gap and were offered the opportunity to apply for credit. This often occurs at checkout, and it can certainly sound like a great deal, especially if you are spending a lot at The Gap. After all, one of the perks of this card is 15% off your purchase on the day you apply. Is the Gap credit card a good deal? Should you apply and use this card? Before making a move towards applying for a Gap credit card, it is important that you check out the pros and cons:

The Pros of the Gap Credit Card

The Gap credit card, promoted as the GapCard, seems like a great choice on the surface, especially for those who commonly find themselves buying clothes from The Gap. The basics of the GapCard, also the perks of this card, include the following:

• 15% off your first purchase, in-store or online
• $10 reward card for every $200 you spend at The Gap
• Points program where you earn points for your purchases. You can earn 5 points per dollar spent at The Gap and 1 point per dollar spent at other stores. Points can be spent at stores including The Gap, Old Navy, Banana Republic and more.
• Advance notice of sales, promotions, deals each Tuesday for cardholders and savings on your birthday
• Choose GapCard for in-store use or GapCard VISA that can be used anywhere

As you can see, this credit card can seem pretty tempting. In addition to these perks, there are other perks that those who are hardcore Gap fans can receive. If you spend more than $800 on your GapCard at The Gap or one of the affiliated stores, you are eligible for the Gap Silver card. The Gap Silver card will give you even more perks than you get with the GapCard. Some of the benefits of the Gap Silver card include:

• Free shipping when you shop online
• Free basic alterations on any item from Banana Republic
• 15% off on a “Choose Your Day” sale, Gap Silver cardholder sales and special events
• A toll-free phone line to a customer service agent exclusively for Gap Silver card holders

The Perks Sounds Great, But what are the Cons?

For those who shop at The Gap, the perks of applying for a GapCard sound pretty great, especially if you can get up to Gap Silver card status. There has to be a catch though, right? Yes, there are some things that you will need to look out for as you start to use your GapCard. First of all, the GapCard has a high interest rate. The annual APR is over 24% that can end up costing a pretty penny in interest. Another thing that you will want to consider about the GapCard is the point system they use. Though it is easy to earn points, spending the points can be a bit inconvenient. For instance, you can only turn in your points for a $10 gift card or certificate. This gift card can only be used at The Gap, which is pretty restrictive. Speaking of these gift cards, in the fine print, it will show you that you can only use two of them at a time.

Is the GapCard Right for Me?

Some people will be fine with the GapCard, including the restrictions of this card. Others will make a different choice, and they will apply for another credit card. Many times, you can find a much better deal if you simply apply for another type of VISA or MasterCard and use it at The Gap instead of using the GapCard in the store. As with any credit card, if you choose to apply for the GapCard, make sure to read the fine print before using the card.


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