Is it a good idea to get an Old Navy credit card to establish credit?

Question

I shop sometimes at Old Navy. I won't buy like a lot of things so that my credit card "explodes". I'll pay it off after I use the card. Are there like a lot of fees? Anyone else have one? How is it? Is it a good idea to get one? Thanks =)

Answer 1

People sometimes use store credit cards to build their credit history. And it sounds like you've got the right idea - use it sparingly and pay it off quickly. But beware - these offers usually include extremely high interest rates and fees. If you make one mistake it could really cost you...

Unfortunately, if you have little or no credit history - you'll have to pay higher interest rates and fees - either way. But it might be a good idea to compare other offers first to ensure you're getting the best deal. Here's some examples of cards designed for people with poor / no credit that you could easily qualify for: http://www.asapcreditcard.com/poor-credi...

The Old Navy Card might be best - depending on what terms you receive. Either way, shop around and see what's out there...

Answer 2

to ensure that the credit card you get helps build your credit score, get one from one of the major credit card companies.

most cards have great rewards

here is a list of major credit cards with Retail Rewards

http://www.cardlister.com/CreditCards_li...

see major credit cards with other rewards at the link below

http://www.cardlister.com/default.asp

the fees and other information are explained in extensive detail on the links above. most of them have no fees and have low interest rates

you can also easily compare the credit cards to one another there before applying

Answer 3

There are 2 versions of the Old Navy Card (ONC) -- the regular ON store card, which you can use at Banana Rep. and Gap, AND also, certain customers get approved for the Old Navy Visa.

When you apply for the card, 1 of 3 things will happen:

(1) you'll get approved for the store card only

(2) you'll get approved for the Old Navy Visa

(3) you won't get approved for either.

When you are approved for the "regular ONC" you get:

- 10% off your purchase on the day you open the card

- a set of coupons for 10% off your next purchase at ON, Gap, Banana Republic and Piperlime.com

- your purchase will automatically be applied to your new card, allowing you start earning your rewards points.

- you get 5 points for every $1 you spend at a Gap Inc store (and online) when you use your card

- $200 spent = $10 rewards. The rewards can be redeemed at any Gap Inc brand and also online.

If by chance you get approved for the ON Visa, everything I said above is the same, but since it's a Visa, you can use it anywhere Visa is accepted and earn 1% back (1 point for every $1) -- You still get the 5% for spending at Gap Inc stores, but 1% back when you spend anywhere else.

I am an Old Navy Visa cardholder and personaly couldnt be happier with it. I used to use my debit card for all of my purchases, but since I am a frequent shopper of the Gap Inc brands, this card has a great rewards program and so now I've been using that instead. I figured what's the difference if the money is being taken out little by little by using a debit card for each purchase, or just put everything on a credit card to earn reward points and write out the check every month to pay it off... I'm spending $300/month on gas alone, so my reward points are adding up quickly.

It depends on the person's credit history, but the Old Navy Visa will typically have a higher credit limit then the regular store card.  As for the interest rate, it's high.   If you'll be keeping a balance on the card, it's probably not a good idea, but if youre paying it off then it doesnt matter.

There is no annual fee to have the card and no fee to apply for it.  I can tell you that payments are not accepted in the store, but you can pay online at oldnavy.com, or over the phone ($10 service fee for paying over the phone, no fee paying online).

Answer 4

Sometimes store cards are not reported to the credit bureaus so it doesn't do a thing to help your credit score.

It's worth a try but just don't max out your card and be sure to pay it in full every month or whenever you have a balance. If you want info on fees and stuff check with them...

https://secure.www.oldnavy.com/profile/P...

The annual rate APR is 21.05....late payments are 23.90 %....eek maybe a intro Visa or Mastercard would be better.