"Old Navy Visa Card Review": Old Navy Credit Card Review

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Written by: johnnymcc on 2008-05-02

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I recently went shopping at Old Navy. While browsing I noticed large signs posted everywhere "15% off your purchase today when you apply for an Old Navy Credit Card. I purchased over $200 worth of clothing so I said"why not?" In hind site I realize it probably wasn't the best reason to open up an account. My reasoning was that I shop at the store frequently and I'm saving 15%. I knew I 'd pay the full balance in a month or so anyway. As I approached the register the sales girl ask me to fill an application for an Old Navy credit account. The process couldn't of taken three minutes and I was approved for approximately $1500. The limit was fine with me. As I skimmed the credit application form it lists three rates which you may be eligable for. The rates were 14.9%, 17.9 % and 21.99%. These rates are obviously based on your credit worthiness. A couple of weeks later I received an Old Navy Visa with the official approval letter. In the letter it stated I was approved of the 17.9% rate. I wanted just the Old Navy Card not the Visa. My credit score is 770 isn't this enough for the preferred rate? I contacted customer service who indicated they had no authorization to change the rate and gave me info where to write. I would appreciate any suggestions anyone would have. Thank you




3 Comments

Comment 1 by meya
My Suggestion on 2008-05-02

I understand that you have 770, but do you have:

1. Recent new accounts

2. Utilization over 35%

3. Cards with limits that match Old Navy

4. Lates, baddies, old charge off's, bk, over-the-limits... Etc

5. Too many credit cards

6. More credit than income---the use this factor when they ask you about your income.

7. Too many inquiries

These are some of the factors that they look at when they are basing which apr you qualify for. If you have none of the above, then they just want to get over on you due to the big "Crunch". They target good credit individuals to bail them out too ya know. :(
Comment 2 by rockin35
Higher Instant Credit APR on 2008-05-03

I also think with the InStore approvals the rates are higher, it seems. The only way to get the Old Navy Visa Card is to apply inside the store, consumers cant go online or anything. Thats great you got the card... Also, the mere FICO score isn't the only factor that influences your APR. THey may look at how many credit card accounts you have open, or how many you have with GE Moneybank. Never can tell... Rockin35!
Comment 3 by pissedcustomer
Re: Old Navy Visa Card Review on 2012-01-14

LATE FEE WITHOUT STATEMENT SENT OUT!
I PAID COMPLETE BALANCE AND STILL IMPOSE LATE FEE!

THEY ARE RUTHLESS!

NEVER TO BE USED AGAIN...THEY SUCK
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