If you’re someone who loves shopping at Ann Taylor, you might be considering getting their credit card. But is it really worth it? Over the years, I’ve come to realize that understanding how store credit cards work can help you make better financial decisions. In this article, I’ll break down everything you need to know about the Ann Taylor credit card. From its benefits to rewards, potential drawbacks, and how it compares with other credit cards, I’ve got you covered.
Table of Contents
What Is the Ann Taylor Credit Card?
The Ann Taylor credit card is a store card issued by Comenity Bank, offering special benefits and rewards for customers who frequently shop at Ann Taylor or LOFT stores. While this card is great for shoppers loyal to the brand, I’ve learned that it’s essential to weigh the advantages and disadvantages before signing up. It’s a store-specific credit card, meaning it can only be used at Ann Taylor, LOFT, and other affiliated brands.
Types of Ann Taylor Credit Cards
Ann Taylor offers two versions of their credit card: the Ann Taylor Credit Card and the Ann Taylor MasterCard. Both cards offer a range of benefits, but there are some key differences between them. Here’s a breakdown of each:
| Card Type | Ann Taylor Credit Card | Ann Taylor MasterCard |
|---|---|---|
| Usage | Can only be used at Ann Taylor, LOFT, and affiliated stores. | Can be used anywhere MasterCard is accepted. |
| Reward Points | Earn 5 points per $1 spent at Ann Taylor and LOFT stores. | Earn 5 points per $1 spent at Ann Taylor and LOFT stores, 1 point per $1 spent elsewhere. |
| Sign-up Bonus | Earn a reward for your first purchase. | Earn a reward for your first purchase. |
| Annual Fee | No annual fee. | No annual fee. |
| Interest Rates | APR based on creditworthiness (typically around 25%). | APR based on creditworthiness (typically around 25%). |
| Other Benefits | Exclusive offers, birthday gift, and early access to sales. | Exclusive offers, birthday gift, and early access to sales, plus the ability to earn rewards on all purchases. |
Key Benefits of the Ann Taylor Credit Card
One of the main reasons I like the Ann Taylor credit card is its focus on rewarding loyal shoppers. If you frequently shop at Ann Taylor or LOFT, you’ll earn points quickly. Here are the main benefits I’ve found with the card:
- Earn Reward Points: For every dollar spent at Ann Taylor or LOFT, you earn 5 reward points. It’s a solid rate, and it doesn’t take long to rack up points for future purchases.
- Exclusive Offers: As a cardholder, I’ve received early access to sales, birthday gifts, and special promotions throughout the year. This helps me save money, and I’m always excited to get a preview of upcoming sales.
- Special Financing: On qualifying purchases, you can opt for special financing. This feature is especially useful if you’re planning a larger purchase and need to spread payments out over time. However, it’s important to understand the terms of the financing, especially the interest rates.
The Ann Taylor Rewards Program
Ann Taylor’s rewards program is simple but effective. For every dollar you spend at Ann Taylor or LOFT, you earn 5 points. Once you accumulate 1,000 points, you earn a $10 reward. It’s a straightforward system, but here’s a more detailed example to illustrate how it works:
| Amount Spent | Points Earned | Total Points | Reward Earned |
|---|---|---|---|
| $100 | 500 | 500 | – |
| $150 | 750 | 1,250 | $10 |
| $200 | 1,000 | 2,250 | $20 |
If you spend $150, you’ll earn 750 points, getting you halfway to the $10 reward. After spending $200 more, you’ll have accumulated enough points to get a $20 reward.
Special Financing: How It Works
If you make a large purchase and want to spread the payments out, Ann Taylor offers special financing. Depending on the amount of your purchase, you could get financing options ranging from 6 months to 24 months. However, there are a few things to keep in mind. If the balance isn’t paid off by the end of the promotional period, the interest will be retroactively charged to your purchase.
Here’s an example to help you understand:
| Purchase Amount | Financing Period | Monthly Payment | Total Interest After 12 Months (Example APR 25%) |
|---|---|---|---|
| $1,000 | 12 months | $83.33 | $250 |
In this example, if I purchase $1,000 worth of items and select a 12-month financing option, I’d pay about $83.33 per month. But if I don’t pay it off in 12 months, I’d incur $250 in interest charges.
Comparison with Other Credit Cards
It’s useful to compare the Ann Taylor credit card with other retail credit cards, particularly for those who shop at multiple stores. Here’s how the Ann Taylor card stacks up against some of the leading retail credit cards in terms of rewards:
| Credit Card | Points per Dollar | Rewards for Other Stores | Annual Fee |
|---|---|---|---|
| Ann Taylor Credit Card | 5 points at Ann Taylor & LOFT | N/A | No annual fee |
| Target RedCard | 5% off purchases | 5% off purchases at Target | No annual fee |
| Amazon Store Card | 5% back at Amazon | 1% back elsewhere | No annual fee |
| Macy’s Credit Card | 3 points per dollar | 1 point per dollar elsewhere | No annual fee |
As you can see, Ann Taylor’s card offers great rewards if you shop exclusively at their stores, but if you want to earn rewards outside of Ann Taylor, the MasterCard version may be a better option. Other store cards like the Target RedCard or Amazon Store Card offer better rewards for purchases outside the respective stores.
Potential Drawbacks of the Ann Taylor Credit Card
While the Ann Taylor credit card is great for loyal shoppers, there are a few drawbacks I’ve noticed over time:
- High APR: As is common with store credit cards, the APR can be high—typically around 25%. If you don’t pay off your balance in full each month, the interest charges can add up quickly.
- Limited Rewards Outside of Ann Taylor: If you’re someone who shops at a variety of stores, the rewards with the Ann Taylor card may not be as valuable compared to other credit cards that offer broader rewards categories.
- No Introductory 0% APR Offer: Some credit cards come with 0% APR for the first 12-18 months, but Ann Taylor’s card doesn’t offer this. If you plan to carry a balance, this could be a dealbreaker for you.
How to Maximize the Ann Taylor Credit Card
If you decide the Ann Taylor credit card is right for you, there are a few strategies I recommend for getting the most out of it:
- Pay Off Your Balance in Full: To avoid high interest charges, it’s essential to pay off your balance each month. This way, you’ll maximize your rewards without losing money on interest.
- Take Advantage of Special Promotions: Ann Taylor often sends exclusive offers to cardholders. Make sure to check your email and the Ann Taylor website for deals that can help you save money.
- Use the Card for Regular Purchases: While it’s great to use the card at Ann Taylor and LOFT, don’t forget that the MasterCard version earns rewards on purchases made outside these stores too. If you use this card for regular purchases, you can rack up points quickly.
Conclusion
The Ann Taylor credit card offers solid rewards for those who frequently shop at Ann Taylor and LOFT stores. While the high APR and limited rewards outside these stores are something to consider, the benefits, like exclusive offers and reward points, can make it a great choice for loyal shoppers. If you want to maximize your rewards, make sure to pay off your balance in full each month and keep an eye on special promotions.
Ultimately, if you’re a frequent Ann Taylor shopper, the Ann Taylor credit card can be a great addition to your wallet. Just be mindful of the potential drawbacks, and ensure that it aligns with your spending habits.
