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Toyota Rewards Visa card Review: Low-Value Perks and Rewards Except for Big Toyota Spenders

Review Updated
Natasha Etzel
By: Natasha Etzel

Our Credit Cards Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

The Toyota Rewards Visa® Credit Card is a credit card made with Toyota customers in mind. It has no annual fee, offers a welcome bonus, and earns unlimited rewards. You'll earn up to 5 points per $1 on eligible Toyota purchases and can earn rewards in other ways.

If you regularly get maintenance and service done at a Toyota dealership and you're looking to earn rewards on your spending, this card may be a good fit for you. Find out more about this card's top benefits in our full Toyota Rewards Visa® Credit Card review.

Ratings Methodology

Toyota Rewards Visa® Credit Card

Toyota Rewards Visa® Credit Card
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Fair/New to Credit Under(669)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Fair/New to Credit Under(669)

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

13.99% - 22.99%, variable

Rewards Circle with letter I in it. 5x points at Toyota dealerships, 2x points for gas, dining and entertainment, 1 point on other purchases

1x - 5x points

Annual Fee

$0

Welcome Offer Circle with letter I in it. Earn 5,000 points when you spend $500 on non-Toyota purchases within 90 days

5,000 points

  • The target market for this credit card is (obviously) people buying a Toyota car and the rewards on those purchases can be valuable. But other credit cards are more well-rounded.

    • No annual fee
    • Sign-up bonus offer
    • Toyota rewards
    • No earning cap
    • Points don't expire
    • Flexible redemption options
    • Low-value bonus offer
    • Foreign transaction fees
    • No introductory APR rate
    • 5,000 bonus points for spending $500 outside Toyota dealerships within first 90 days
    • 5 points per $1 at Toyota dealerships
    • 2 points per $1 on gas and dining/entertainment
    • 1 point per $1 everywhere else Visa is accepted
    • Redeem points your way---service, parts, gift cards, travel experiences and more
Ratings Methodology

Full Toyota Rewards Visa card review

This credit card is a good fit for: Toyota owners who spend big on repairs and services done at dealerships or consumers planning to buy a Toyota vehicle.

Top perks

These are the top highlights of the Toyota Rewards Visa® Credit Card.

No annual fee

This rewards credit card doesn't charge an annual fee. Applying for a credit card with no annual fee is a smart choice if you're looking to minimize paying extra fees.

New cardmember bonus offer

The Toyota Rewards Visa® Credit Card has a bonus offer available to new cardmembers who meet the minimum spend requirements. You'll earn 5,000 bonus points when you spend $500 outside of Toyota dealerships within the first 90 days of account ownership.

Read more: Best Sign-Up Bonus Credit Cards

Earn up to 5 points per $1 in rewards

With the Toyota Rewards Visa® Credit Card, you can earn up to 5 points per $1 in rewards. How much you'll earn will depend on your purchase habits.

Here's a breakdown of how this card earns rewards points:

  • Earn 5 points per $1 on purchases at participating Toyota dealerships
  • Earn 2 points per $1 at gas stations
  • Earn 2 points per $1 on dining and entertainment (movie theaters, concert tickets, etc.)
  • Earn 1 point per $1 on purchases outside of these categories

This card offers various ways to earn rewards points. If you typically spend at Toyota dealerships, gas stations, restaurants, and make entertainment purchases, you can maximize the points earned with this card.

If saving on gas is at the top of your list, check out our picks for the best gas credit cards.

No earning cap

Some rewards credit cards have an earning cap in place. The Toyota Rewards Visa® Credit Card doesn't. That means you can earn unlimited rewards points.

Points don't expire

With this card, you won't have to worry about your points expiring. As long as you maintain a Toyota Rewards Visa® Credit Card account, your points won't expire. That means you can take your time redeeming your points.

Flexible redemption options

The Toyota Rewards Visa® Credit Card offers flexible redemption options, which means you can choose the redemption that makes the most sense for you. You can redeem your points toward a vehicle purchase or lease down payment or towards service and maintenance costs at participating dealerships. Additionally, you can redeem your points for cash back in the form of a statement credit or redeem points for gift cards, travel, or merchandise.

What could be improved

While the Toyota Rewards Visa® Credit Card has some notable perks, there are some issues worth noting.

Low-value bonus offer

While the Toyota Rewards Visa® Credit Card does have a bonus offer, it's a low-value offer. When applying earned points toward a Toyota purchase or lease, service, or maintenance, points are worth $0.01 each. That means the 5,000 bonus offer points are only worth $50.

Other rewards credit cards offer more valuable offers to new cardmembers. You can get a higher value incentive by getting a different rewards credit card.

Foreign transaction fees

It's important to know that the Toyota Rewards Visa® Credit Card charges foreign transaction fees. That means if you use this credit card to make international purchases, you'll be charged a fee of 3% for every foreign transaction you make. If you're traveling internationally and use a card that charges these fees, it can make your trip more expensive. If you plan to travel abroad, use a credit card that doesn't charge foreign transaction fees.

No introductory APR rate

If you're looking for a way to make upcoming repair needs or down payment costs for a car purchase more affordable, you may be searching for a credit card with a 0% introductory APR rate. This card doesn't offer an initial 0% APR rate for purchases or balance transfers. If you're looking for this kind of offer, check out our other credit card reviews. We've also compiled a list of some of our favorite top credit cards that could be worth a look.

Suggested credit score

If you want to apply for the Toyota Rewards Visa® Credit Card, we recommend having a FICO® Score of 670 or higher. This credit card is intended for consumers with good credit. In addition to credit score, other factors are also assessed, such as income and current debt. It could be possible to get approved with a lower credit score -- or be denied with a higher score.

Alternatives to consider

If you want a $0 annual fee card with easy earning: The Citi Double Cash® Card is a no annual fee card that earns up to 2% in rewards on spending. Here's how it works: you'll earn 1% when you make a purchase and an additional 1% when you pay at least the minimum balance due by the due date. This makes earning easy with no categories to track.

If you want a no annual fee card with a more valuable bonus offer: The Chase Freedom Unlimited® has no annual fee and a generous welcome bonus offer. You can also earn 3% on dining, takeout, delivery, and drugstore purchases, 5% on travel booked through the Chase Travel portal, and 1.5% cash back on other purchases. Plus, this rewards card offers an intro 0% APR.

As of Apr. 16, 2024
Image for
Image for
Citi Double Cash® Card Chase Freedom Unlimited®
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Apply Now for Citi Double Cash® Card

On Citi's Secure Website.

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Apply Now for Chase Freedom Unlimited®

On Chase's Secure Website.

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Fair to Excellent (580-850)

Fair to Excellent (580-850)

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Good/Excellent (670-850)

Welcome Offer: Circle with letter I in it. Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.

20,000 ThankYou® Points

Welcome Offer: Circle with letter I in it. Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.

Up to $300 cash back

Rewards Program: Circle with letter I in it. 2% cash back: 1% when you buy plus 1% as you pay

Up to 2% cash back

Rewards Program: Circle with letter I in it. Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases

1.5% - 5% cash back

Intro APR: Circle with letter I in it. N/A

Purchases: N/A

Balance Transfers: 0%, 18 months

Intro APR: Circle with letter I in it. 0% Intro APR on Purchases and Balance Transfers for 15 months

Purchases: 0% Intro APR on Purchases, 15 months

Balance Transfers: 0% Intro APR on Balance Transfers, 15 months

Regular APR:

19.24% - 29.24% (Variable)

Regular APR:

20.49% - 29.24% Variable

Annual Fee:

$0

Annual Fee: Circle with letter I in it. N/A

$0

Highlights:

  • Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time.
    Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
  • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
  • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

Highlights:

  • INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
  • Enjoy 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
  • After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
  • No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
  • Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
  • Member FDIC
Apply Now for Citi Double Cash® Card

On Citi's Secure Website.

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Apply Now for Chase Freedom Unlimited®

On Chase's Secure Website.

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The Toyota Rewards Visa card is right for you if:

If you drive a Toyota and get your vehicle serviced at Toyota dealerships or if you're considering buying a Toyota vehicle soon, the Toyota Rewards Visa® Credit Card may be an option to explore. If the following statements are true, you should consider applying for this card:

  • You want a card with no annual fee.
  • You get your car serviced at Toyota dealerships or plan to do so.
  • You're planning to purchase or lease a Toyota vehicle.
  • You want to earn 5 points per $1 on eligible Toyota dealership purchases and service.
  • You would benefit from earning 2 points per $1 on dining, entertainment, and gas purchases.
  • You're able to meet the spend requirements to earn the bonus offer.

But if you're not a Toyota owner, don't plan to buy a Toyota vehicle, or get your car serviced at a non-Toyota car repair shop, then this card is likely not a good option for you. A rewards card with more perks and a higher-value bonus offer may be more appealing.

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.

Our Credit Cards Expert

Natasha Etzel
By: Natasha Etzel

Writer

Natasha has been a freelance writer since 2015. She specializes in credit card and credit card rewards content. When not busy writing, she's either dreaming up her next credit card rewards redemption or traveling the globe. Her goal is to encourage more people to experience the world around them while making smart financial choices.