In automotive credit card news, the new Toyota credit card and Lexus credit card are here! Doctor of Credit reported last month that Toyota Financial Services is relinquishing its credit card portfolio to Comenity Bank. Folks on CreditBoards have now received their cards and Comenity’s got the websites up and running now, so let’s take a look to see if these cards have any potential.
The Lexus credit card and the Toyota credit card have almost the same rewards structure, with the sole difference being that one gives you five points per dollar spent at Lexus dealerships and the other one gives the five point bonus at Toyota dealerships. Aside from that, they both give you two points per dollar spent on gas and entertainment. They may offer two points per dollar on dining, but it’s hard to say for sure–this Comenity site says yes, but this Comenity site makes no mention of restaurants. Based on my past dealings with Comenity, it wouldn’t surprise me if they didn’t know either.
There is a 5,000-point sign-up bonus as well. Make sure you don’t blow all those points in one place. Speaking of which, the rewards website does not work, which seems to happen every time I try to find out information about Comenity rewards programs. There doesn’t seem to be an annual fee, but I can’t say for sure as I’m having a hard time finding the federally-mandated fee disclosures.
In short: nothing to see here, folks. There isn’t much else to be said about either the Toyota credit card or the Lexus credit card. You can do better. If you’re curious, you can see my list of automotive credit cards here, and you can also look here for a list of 2% credit cards which may be a better alternative to the Lexus / Toyota credit cards.