The Toyota Rewards Visa is designed to encourage loyalty to Toyota dealers. This card is free of annual fees and you can use the rewards to purchase parts, service or even a vehicle. Spend $500 at Toyota dealerships within the first 90 days to earn 5,000 points.
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Toyota Rewards Visa Bonus
Cardholders who spend $500 in the first 90 days at any other place than a Toyota dealer can earn 5,000 bonus points. This bonus is worth $50 if it’s redeemed at Toyota dealerships.
Other cards offer higher bonuses. The Chase Freedom Unlimited card, for example, has no annual fees and offers $200 cash back after you spend $500 within the first three months. The Chase Freedom Unlimited card also offers a 15-month 0% APR promotional period on purchases.
Rewards Redemption Details
Reward points can be used at Toyota dealerships to redeem for $0.01 per point. Points can be used to pay for parts and service or even towards a vehicle purchase.
You also have the option to redeem statement credit, gift certificates, merchandise, or travel. There are some hoops to go through and the redemption rates are determined by the administrators of the programs. However, the denominations listed by the bank limit the options you have. CTM Loyalty is responsible for travel fulfillment. Hinda, a third-party administrator, manages the gift card and merchandise programs.
Each redemption option has its own redemption rate and process, making it hard to redeem points for other than Toyota purchases.
Toyota Rewards Visa does not offer a points transfer program.
Maximizing Your Reward
After taking advantage of certain rewards tiers, the best way to maximize your rewards is to use them in a Toyota dealership.
The average consumer spent $2912 on entertainment in 2019 and $2,375 dining out. These spending categories earn two pts for every $ with the Toyota Rewards Visa. This means that you could potentially earn 10,574 points just from these categories. 10,574 points can be redeemed at Toyota dealerships for $105.74, which could pay for at most two oil changes per year depending on the dealer’s charges.
The lock/unlock security feature is one of the best features on this card. You can lock your card simply by signing in to your account and clicking one button. You can cancel all charges if your card is stolen or lost, and keep your streaming subscriptions and other services active. You can unlock your card once you have located it.
The Toyota Rewards card is a Visa and comes with $0 liability for fraudulent purchases. You can also get an emergency replacement card within one to three days.
This card is suitable for people who plan to spend a lot at Toyota dealerships and want to earn rewards or redeem rewards towards the purchase of new Toyotas at participating dealers.
The rewards are not great and it can be difficult to redeem them for Toyota parts, vehicles or service or a statement credit. A card like the Amex Blue Cash Everyday might be a better option for those looking for flexible cash back tiered rewards.