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Last updated on February 9th, 2022
Toyota Rewards Visa®
Toyota Rewards Visa®
Earn 5,000 Bonus Points For Spending $500
- Regular Purchase APR 22.99%, 25.99%, or 27.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 26.99%
- Cash Advance APR 29.99% variable based on the Prime Rate
- Annual Fee None
Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Good
- Processing Network Visa
- 5X points at Toyota Dealerships
- 2X points on gas, dining, and entertainment
- 1X point everywhere else
- Flexible point redemption options
- No annual fee
- Regular Purchase APR: 22.99%, 25.99%, or 27.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 26.99%
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of the balance transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $39
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At a Glance
Use the Toyota Rewards Visa® to earn up to 5X points at Toyota dealerships, gas stations, restaurants, and entertainment venues. Perfect for those who are in the market for a new Toyota or who take their car for service and repair at their local Toyota dealership, use points to reduce your costs at signup or to cover your Toyota maintenance fees.
Ideal for Those Who:
- Are a loyal Toyota customer and want to accumulate savings towards your next vehicle
- Take your Toyota to a dealership for service or repairs
- Want rewards for entertainment (includes sporting events, amusement parks, carnivals, aquariums, museums, music events, movie theaters, and more)
- Want a card with no annual fee
Toyota Rewards Visa® Review
The Toyota Rewards Visa® has surprisingly well-rounded earning potential for an auto credit card (and with no annual fee). Offering points on Toyota purchases, gas, dining, and entertainment, this card is a practical option that allows cardholders to earn points from popular reward categories to use towards the purchase of a new Toyota, service, parts, and accessories or non-car related rewards such a statement credit, gift cards, and travel. This card is ideal for those who intend to buy a Toyota from a dealership or a current Toyota owner who takes their vehicle to the dealership for servicing and repair.
New cardholders can earn a signup bonus of 5,000 bonus points after spending $500 outside of a Toyota dealership (a value of approximately $50) within the first 90 days. Although the Toyota Rewards Visa signup bonus is small, it’s an easy spending minimum to reach that can be made more worthwhile when utilizing the second-highest Toyota Rewards Visa reward categories.
Naturally, the card offers its most substantial rewards of 5X point for purchases made at Toyota dealerships, but it also offers 2X points for gas, dining, and entertainment – the latter being category untapped by even the most popular credit cards – which makes it easy for cardholders to maximize their point earnings while still qualifying for the signup bonus (all other purchases will earn 1 point per dollar).
Redeeming Toyota Points
Points have the highest value when redeemed directly with the dealership (which is unsurprising) and can be done in-person, online, or through the catalog. The most practical use of the card is applying Toyota Rewards Visa credit card points towards the amount due at signing for the lease or purchase of a Toyota at the dealership (next best option is a statement credit). Although the Toyota Rewards Visa allows points to be redeemed for travel, this type of redemption has too many restrictions to make it a viable redemption option – cardholders are much better off using points at the dealership.
Since points don’t expire and there is no limit on earning, regular use of the Toyota Rewards Visa could result in a substantial amount of points – however, the low point value of $0.01 each might not result in the savings that one would hope. In order to earn $100 worth of points, cardholders would have to spend:
- $2000 at Toyota dealerships or
- $5000 on gas, dining, and entertainment or
- $10,000 on anything else
Should You Apply for the Toyota Rewards Visa?
Overall, the Toyota Rewards Visa ® is one of the better automobile credit cards out there, with earning potential in popular categories that truly rewards cardholders for everyday spending. As with most other co-branded cards, the Toyota credit card offers the most lucrative earnings and rewards for Toyota-related purchases – so despite the card’s versatility, a more generic cash back credit card would probably be better suited for the majority of consumers out there.
If you are in the market for a new vehicle but find it difficult to set money aside, the limited redemption options become a strength of the Toyota credit card, ensuring that you’ll have points to reduce your total cost due at signing. Not in the market for a new Toyota just yet? You can justify owning the Toyota Rewards Visa for the 2X returns on entertainment (which isn’t offered by many other credit cards). There is no annual fee so there’s no pressure to spend heavily with this card, you can slowly but surely accumulate points towards a new Toyota – whenever that may be.
Note: Those who currently have a Toyota Credit Card (a closed-loop credit card that can only be used at Toyota) are unable to open a Toyota Rewards Visa or Toyota Rewards Visa Signature without having a pre-approved offer. Dealership redemption is not available in Hawaii.