![LOFT Credit Card Review ([current_year])](https://www.cardrates.com/images/uploads/2018/04/loft-cover.png?width=415&height=216 "LOFT Credit Card Review ([current_year])")
The store known as LOFT was established in 1996 as Ann Taylor LOFT, an extension of the popular Ann Taylor women's apparel brand. Though still focused on put-together looks for home and work, LOFT traditionally offers more relaxed, casual options than its more formal progenitor. Many of the more than 500 LOFT stores are found in suburban shopping malls across the country, though some stores can be found in standalone or strip-mall locations.
Given that a typical LOFT top can cost between $30 and $50, and the average dress comes in over $70, many loyal LOFT shoppers are likely looking for ways to save on their casual business wear. The LOFT Credit Card offers cardholders the ability to earn rewards points on every LOFT purchase but, like most store cards, is a bad way to make purchases unless you can pay them off right away.
Better Cards to Use at LOFT
With a decent rewards rate, the LOFT Credit Card's benefits are definitely competitive — but that's where the card's usefulness comes to an end. Its ridiculously high APR makes it bad for carrying a balance, and the limited number of stores where it can be used makes it somewhat of a one-trick pony.
Overall, an all-purpose rewards credit card is a better option if you're looking for a new credit card that can help you save on clothing purchases and everything else you buy. And most prime credit cards will offer lower rates for those prone to carrying a balance.
Cash Back
Although few cash back credit cards will provide a better rewards rate on LOFT purchases than the LOFT Credit Card, an open-loop rewards card will let you earn — and redeem — rewards for more than just filling your closet. Choose a card with bonus rewards categories that match your spending habits to get the most out of your rewards card.
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 3% cash back in the category of your choice - now with expanded categories, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
- Newly expanded categories based on Bank of America customer feedback! 3% cash back on Gas (to now include Electric Vehicle Charging (EVC) Stations) and Online Shopping (to now include Cable, Streaming, Internet and Phone Services).
- If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
- No annual fee and no expiration on rewards.
- 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
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Intro (Purchases)
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Intro (Transfers)
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Regular APR
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Annual Fee
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Credit Needed
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|---|---|---|---|---|
0% Intro APR for 15 billing cycles for purchases
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0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
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18.24% - 28.24% Variable APR on purchases and balance transfers
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$0
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Excellent/Good
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Additional Disclosure: Bank of America is a CardRates advertiser.
0% APR
Unless you're solely shopping discount racks, it can get pricey to revamp your work wardrobe, particularly if you're a fan of Loft and its family of pricey brands. Unfortunately, putting a big clothing haul on your Loft Credit Card can mean heaps of interest fees if you can't pay it off right away.
If you have a big buy coming up that you may need a few months to repay, a credit card with an introductory 0% APR offer is often your best bet for avoiding high interest fees.
- Start off strong with 0% Intro APR for 18 months from account opening on purchases and balance transfers. A variable APR of 20.49% - 29.24% on balance transfers and purchases after the introductory period ends.
- Lower your interest rate by 2% each year. Automatically be considered for an APR reduction when you pay on time, and spend at least $1000 on your card by your next account anniversary.
- Raise your credit limit. Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months.
- All for no annual fee - You won't have to pay an annual fee for all the great features that come with your Slate Edge℠ card
- Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more
- Member FDIC
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Intro (Purchases)
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Intro (Transfers)
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Regular APR
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Annual Fee
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Credit Needed
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|---|---|---|---|---|
0% Intro APR on Purchases 18 months
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0% Intro APR on Balance Transfers 18 months
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20.49% - 29.24% Variable
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$0
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Good/Excellent
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Travel Rewards
While you may be shopping Loft for a casual work wardrobe, each blouse and pair of slacks can help you earn your way to a well-earned vacation with the right travel rewards credit card. The points and miles you earn can be used to pay for flights, hotel stays, and other travel-related expenses that can get you out of the office and onto the sand (or slopes, as the case may be).
- UNLIMITED BONUS: Only Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. For example, if you earn 35,000 Miles, you get 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.
- Automatically earn unlimited 1.5x Miles on every dollar of every purchase
- No annual fee
- Turn Miles into cash in any amount, any time. Or redeem as a statement credit for travel purchases like airfare, hotels, rideshares, gas stations, restaurants and more.
- 0% intro APR for 15 months on purchases. Then 17.24% - 28.24% Standard Variable Purchase APR will apply.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- Discover is accepted nationwide by 99% of the places that take credit cards.
- Freeze your account in seconds with an on/off switch either on the mobile app or website to prevent new purchases, cash advances, and balance transfers.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
- Terms and conditions apply
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Intro (Purchases)
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Intro (Transfers)
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Regular APR
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Annual Fee
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Credit Needed
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|---|---|---|---|---|
0% Intro APR for 15 months
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0% Intro APR for 15 months
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17.24% - 28.24% Variable APR
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$0
|
Excellent/Good
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The Loft Credit Card may be a good addition to the wallet of regular Loft shoppers who can pay off their purchases before accruing interest. For everyone else, the card's limitations mean it will likely just take up room in your wallet that can be better used for an all-around rewards card or low-APR option.
LOFT Card Overall Rating: 2.8/5.0
Although the high price of LOFT clothing can make it tempting to pay off your purchases over time, the LOFT Credit Card is a poor choice for carrying a balance thanks to a high interest rate. At 35.24%, the card's APR can quickly outpace any rewards you may earn on your purchases.
That high rate makes it almost a good thing that the LOFT Credit Card's closed-loop nature means it can only be used to make purchases with Ann Inc. brand stores and websites, which means it's limited to LOFT, LOFT Outlet, Ann Taylor, and the Ann Taylor Factory Store (plus their associated websites).
LOFT Credit Card
- APR: 35.24% as of Nov 2023
- Annual Fee: $0
- Rewards: Earn 5X points per dollar spent
On the plus side, the LOFT Credit Card does offer a fairly decent rewards rate. Cardholders can earn 5X points per dollar spent on Ann Inc. purchases, and since 1,000 points are redeemable for a $10 rewards card, it comes out to a 5% return. Of course, like the card, those rewards are only usable on Ann Inc. purchases, though they usually can be combined with Loft coupons for extra savings.
While the LOFT Credit Card's rewards are fairly competitive, it's the discounts that can pack the most punch for many shoppers. Not only do new cardholders receive $20 off their first purchase when they open and use their card for the first time, but all cardholders will receive 15% off Ann Inc. purchases on the first Tuesday of every month. Cardholders will also get an extra discount once a year, earning a coupon for $15 off a purchase each birthday month.
Approval Requirements & Application
If you're looking for a card that will help you buy work clothes despite bad credit, then this card is probably not the right choice. You'll generally need at least a fair credit score or better to qualify for a LOFT Credit Card.
You can apply for a LOFT Credit Card in your local LOFT store, or you can head online via the link below to fill out an application.
What Others Say About the LOFT Credit Card
The rewards, discounts, and sales offered to cardholders are a big hit with many LOFT Credit Card reviewers, but many others report having issues with the card's customer service, particularly when trying to cancel a card.
While the Loft credit card appears like a fantastic option to first, I would caution people against enrolling in the program. While there are a lot of options to earn rewards (5 points for each $1), and it is accepted at nearly every Loft retail venue, the ~25% interest rate is pretty concerning. If you shop at Loft fairly exclusively and are EXTREMELY diligent about paying off the balance each month, that might justify the risk-reward ratio. Otherwise, I would probably advise against it. — WalletHub.com
”
A fantastic store for women of all shapes and sizes. The online site has additional styles and sizes available. I love the loft credit card (also can be used at Ann Taylor) which has great rewards. From dresses to shoes to scarves to dress pants — you really cannot go wrong with the Loft! I've been a brand loyal for 5+ years!!!!! — Influenster.com
”
After applying for the Loft Credit Card, I made a purchase around $18 in September. I did receive the credit card in the mail, but I never received any credit card statement and totally forgot about this until I got a collection call in December asking for immediate payment around $63. I could not even remember what the $63 charge was for until I created a Loft login online and checked the statement. It turned out the additional $45 were two late payment fees and finance charges. They told me I could make a minimum payment, but I told them, first of all, I never received the credit card statements, secondly, I will make the full payment, but it was really not my fault, why should I pay the late fee? So they agreed to take off one late fee charge and I ended paying with around $40. — ConsumerAffairs.com
”Is the LOFT Card Right for You?
Since the LOFT Credit Card can be used to make purchases with any Ann Inc. brand, it's a little more useful than your typical store credit card — but not by much. In the end, while LOFT loyalists who can make the most of the card's rewards and discounts may find it a worthwhile addition to their credit card collection, it's likely that few sporadic LOFT shoppers will find the card worth picking up.
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