When considering a store credit card, it’s essential to understand how it works and if it offers any significant benefits. In this article, I will dive deep into the Ann Taylor Loft Credit Card, breaking down its features, rewards, fees, and comparing it to similar cards on the market. By the end, you will have a clear understanding of whether this card fits your spending habits and financial goals.
Table of Contents
What is the Ann Taylor Loft Credit Card?
The Ann Taylor Loft Credit Card is a store-specific credit card issued by Comenity Bank, designed for loyal shoppers of the Ann Taylor and Loft brands. The card offers various benefits to cardholders, including rewards for purchases, special discounts, and other perks that are tailored to enhance the shopping experience at these stores.
I will explain the card’s features in detail and assess whether it’s the right choice for you, depending on your shopping habits.
Types of Ann Taylor Loft Credit Cards
There are two main types of Ann Taylor Loft Credit Cards to choose from:
- Ann Taylor Loft Credit Card: This is the basic version of the card. It provides rewards points for every purchase made at Ann Taylor and Loft stores or on their websites.
- Ann Taylor Loft MasterCard: This version works like a regular credit card, allowing you to make purchases anywhere that accepts MasterCard. It also offers the same rewards as the basic version when you shop at Ann Taylor and Loft, but it expands your earning potential to other retailers as well.
Comparison: Ann Taylor Loft Credit Card vs. Ann Taylor Loft MasterCard
| Feature | Ann Taylor Loft Credit Card | Ann Taylor Loft MasterCard |
|---|---|---|
| Accepted Locations | Only at Ann Taylor & Loft | Anywhere MasterCard is accepted |
| Rewards for Purchases | 5 points per $1 at Ann Taylor & Loft | 5 points per $1 at Ann Taylor & Loft, 1 point per $1 elsewhere |
| Sign-up Bonus | Yes, 15% off your first purchase | Yes, 15% off your first purchase |
| APR | 28.99% Variable | 28.99% Variable |
| Annual Fee | None | None |
| Exclusive Discounts | Yes, on select promotions | Yes, on select promotions |
As seen in the table, the main difference between the two cards is where you can use them. The basic card is limited to Ann Taylor and Loft stores, while the MasterCard allows you to use it anywhere that accepts MasterCard. Both cards offer the same rewards program for store purchases, but the MasterCard allows you to earn rewards on non-store purchases as well.
Rewards Program: How It Works
The Ann Taylor Loft Credit Card rewards program operates on a point-based system. For every dollar you spend at Ann Taylor or Loft, you earn 5 points. Once you reach a certain number of points, you can redeem them for discounts on future purchases.
Here’s a breakdown of how the rewards system works:
- 5 points per $1 on qualifying purchases at Ann Taylor and Loft.
- Points redemption: For every 100 points, you get $5 in reward certificates. This means you need to spend $20 to earn $5 in reward certificates. The more you shop, the more rewards you can accumulate.
For example, if you spent $200 at Ann Taylor or Loft, you would earn 1,000 points, which would translate into $50 in reward certificates. This can add up quickly if you’re a frequent shopper.
Example of Points Redemption
Let’s say you purchase a total of $300 worth of clothes from Ann Taylor and Loft during a month. Here’s how the rewards would look:
- 300 x 5 = 1,500 points
- 1,500 ÷ 100 = 15 (you can redeem 15 reward certificates, worth $75 in total)
So, you’ll get a $75 discount on your next purchase just by shopping at these stores.
Special Benefits and Discounts
Beyond rewards, the Ann Taylor Loft Credit Card also offers exclusive perks:
- Birthday Rewards: Cardholders often receive a special birthday gift or bonus points during their birthday month.
- Exclusive Discounts: You can get access to periodic sales and promotions available only to cardholders. These could include extra percentages off already discounted merchandise, early access to sales, and invitations to special events.
When you first sign up for the card, you typically receive a 15% discount on your first purchase, which can be a helpful incentive for new cardholders.
Interest Rates and Fees
One of the crucial things to consider when applying for any credit card is the interest rate. The Ann Taylor Loft Credit Card comes with a relatively high APR of 28.99% variable, which is fairly typical for store credit cards. If you carry a balance on the card, the interest charges can add up quickly. It’s always a good idea to pay off your balance in full each month to avoid high interest costs.
Another important thing to note is that while the card does not have an annual fee, there are fees for late payments, returned payments, and cash advances. These fees are standard for most credit cards, so it’s important to be mindful of payment due dates.
Pros and Cons of the Ann Taylor Loft Credit Card
Pros:
- Generous rewards program: You earn 5 points for every dollar spent at Ann Taylor and Loft, which adds up quickly if you shop frequently.
- Sign-up bonus: New cardholders can enjoy 15% off their first purchase.
- Exclusive offers and discounts: Cardholders get special access to sales and promotions, which can be quite valuable if you’re a loyal customer.
- No annual fee: Unlike many credit cards, the Ann Taylor Loft Credit Card does not charge an annual fee, making it easier to keep the card active without extra costs.
Cons:
- High APR: The 28.99% variable APR is quite high, so carrying a balance on the card can be expensive.
- Limited to Ann Taylor and Loft: If you don’t shop frequently at these stores, you may not get as much value out of the card.
- Limited rewards on non-store purchases: Only the Ann Taylor Loft MasterCard offers rewards for non-store purchases. If you have the basic card, you won’t earn rewards for spending elsewhere.
Is the Ann Taylor Loft Credit Card Worth It?
If you love shopping at Ann Taylor or Loft, the Ann Taylor Loft Credit Card can be a good fit for you. The rewards program is generous for store purchases, and you can earn significant discounts if you shop frequently. The 15% discount on your first purchase is a nice perk, and the birthday rewards and exclusive offers add additional value to the card.
However, the high APR means that carrying a balance can quickly become costly. If you don’t plan on paying off your balance in full every month, this card may not be the best option. Additionally, if you don’t shop at Ann Taylor or Loft regularly, you might not get enough value out of the rewards to justify applying for the card.
Final Thoughts
In conclusion, the Ann Taylor Loft Credit Card can be a valuable tool for those who love the brand and shop there frequently. The rewards program, special discounts, and lack of an annual fee make it an appealing option for loyal customers. However, the high APR is something to keep in mind, especially if you carry a balance. If you’re someone who enjoys shopping at Ann Taylor or Loft, and you’re able to pay off your balance in full each month, the Ann Taylor Loft Credit Card could be a great addition to your wallet.
