Toyota Rewards Visa Review

Full Review of Toyota Rewards Visa

Pros Explained

• No Annual Fee: With the Toyota Rewards Visa card, cardholders don’t have to worry about paying an annual fee.
• Bonus of 5,000 Points: There's a bonus of 5,000 points when a cardholder spends $500 in the first 90 days. However, it’s important to note that in order to receive the bonus, that $500 must be spent on other things, outside of a Toyota dealership. Points earned can then be redeemed at the Toyota dealership and are likely worth $0.01, making the bonus worth $50 when redeemed for service or parts, or toward a car purchase at a participating Toyota dealership.
• Tiered Rewards on Certain Purchases: The Toyota Rewards Visa offers tiered rewards, with some purchases earning more points. Cardholders earn 5 points per dollar spent at Toyota dealerships and 2 points per dollar on gas, dining, and entertainment. All other purchases earn 1 point per dollar. Because it’s a Visa, this card can be used almost anywhere in the world.

Cons Explained

• No Introductory APR: There's no low or 0% introductory APR for balance transfers and new purchases with the Toyota Rewards Visa, unlike some other cards.
• Travel Redemptions Are Difficult: This card is not a good option for those looking to redeem for travel. Given that it's a Toyota card, and not meant to be a travel card this isn't terribly surprising. Those wishing to redeem for travel will have to spend their points with a third-party company called Aspire, and are limited to the company's travel catalog.
• Foreign Transaction Fee: Unlike some credit cards, this card comes with a foreign transaction fee of 3%.

Who This Card Is Best For

For the most part, this card is designed for people who want to earn rewards that they can use at a Toyota dealership, or for those who spend a fair amount of money there.

As an all-purpose cash back card, the Toyota Rewards Visa is only mediocre, since the 5 points per dollar are only earned on Toyota purchases. For those who want a tiered cash back rewards card that earns top rewards on common categories, the Amex Blue Cash Everyday card, with its 3% back at U.S. supermarkets (up to $6,000 per year), 3% back on U.S. online retail (up to $6,000 per year), 3% back on gas at U.S. gas stations (up to $6,000 per year), and 1% on all other purchases, might be a better choice.

Toyota Rewards Visa Bonus

When cardholders spend $500 at places other than a Toyota dealership within the first 90 days, they can receive 5,000 bonus points. When redeemed at a Toyota dealership, this bonus is worth $50.

Many other cards offer much higher bonuses. For example, the Chase Freedom Unlimited card also has no annual fee and provides $200 cash back after spending $500 in the first three months. Plus, the Chase Freedom Unlimited card offers a 0% APR introductory period for 15 months on purchases.

Rewards Earning Details

The Toyota Rewards Visa offers a tiered program:

• 5 points per dollar spent at Toyota dealerships
• 2 points per dollar on dining, entertainment, and gas
• 1 point per dollar on everything else

Rewards Redemption Details

The primary way to redeem points as at participating Toyota dealerships. It’s possible to use points to pay for service and parts, and even put them toward a vehicle purchase. You can expect to probably receive 1 cent per point.

Other redemption options include statement credit, gift cards, merchandise, and travel. Statement credit is the easiest and most flexible option. You'll get 1 cent per point, and redemptions start at $25. For other redemption types, there are a few hoops to jump through, and redemption rates are set by the parties that administer the separate programs.

Travel fulfillment is through Aspire. You are limited to options and rates within their travel catalog. Gift cards and merchandise will be on similar systems.

All of these redemption options have their own processes and redemption rates, which can make it difficult to actually redeem points for anything other than Toyota purchases or a statement credit.

Transferring Points

The Toyota Rewards Visa doesn’t have a points transfer program.

How to Maximize Your Rewards

The best option for maximizing rewards is to use them at a Toyota dealership, after taking advantage of the higher rewards earnings tiers in some areas.

In 2021, the average consumer spent $3,568 on entertainment and $3,030 on dining out. They also on average spent $2,148 on gas during that year. These spending categories earn 2 points per dollar with the Toyota Rewards Visa, resulting in a potential of 17,492 points from those categories alone. When redeemed at a Toyota dealership, 17,492 points would be worth $174.92, which could potentially pay for some service or maintenance work.

To maximize the rewards you earn, you'd want to put all your additional spending at the Toyota dealership on your card and collect the 5 points per dollar.

Toyota Rewards Visa's Outstanding Benefits

• Card Lock/Unlock feature
• Roadside dispatch

Standard Benefits

• $0 fraud liability
• Chip technology
• Cardholder inquiry service

Cardholder Experience

The Toyota Rewards Visa is issued by Comenity Capital Bank, which is not rated in J.D. Power’s 2022 U.S. Credit Card Satisfaction Study. 

Automated customer service is available 24/7. There is also live customer service available during certain hours.

Security Features

One of the most attractive security features with this card is the lock/unlock feature. It makes it possible to lock your card by signing into your account and clicking a button. If your card is lost or stolen, you can decline all new charges, while keeping your regular subscriptions and streaming services active. Once you find your card, you can unlock it.

Additionally, because it’s a Visa, the Toyota Rewards card comes with $0 liability on fraudulent purchases, as well as a way to receive emergency card replacement within one to three business days. 

Final Verdict

For people who expect to spend a fair amount of money at a Toyota dealership and would like to offset some of that with rewards or apply rewards toward the purchases of a new Toyota at participating dealerships, the Toyota Rewards Visa can be a decent card.

However, the rewards are fairly mediocre, and trying to redeem them for anything other than Toyota parts, service, or vehicles, or a statement credit, can be difficult. For those who want more flexible cash back tiered rewards, a card like the Amex Blue Cash Everyday could be a better choice.