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LOFT Credit Card Review (Feb. 2024)

LOFT Credit Card Review
Brittney Mayer

Written by: Brittney Mayer

Brittney Mayer
Brittney Mayer

Brittney is a Credit Strategist and Finance Expert who has spent years honing her knowledge of the credit industry both personally and professionally. Brittney applies her more than a decade of research experience to crafting in-depth consumer guides designed to help CardRates readers make better, more informed financial decisions.

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Edited by: Lillian Guevara-Castro

Lillian Guevara-Castro
Lillian Guevara-Castro

Lillian Guevara-Castro brings more than 30 years of editing and journalism experience to the CardRates team. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct journalism instructor at the University of Florida. Today, Lillian edits all CardRates content for clarity, accuracy, and reader engagement.

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Reviewed by: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.

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Advertiser Disclosure

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.

Bank of America® Customized Cash Rewards credit card Review

at Bank Of America'ssecure website

CASH BACK RATING

★★★★★

4.9

OVERALL RATING

  • $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, 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.
  • Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
  • If you're a Bank of America 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 cash rewards don’t expire as long as your account remains open.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • 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.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 billing cycles for purchases
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
19.24% - 29.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

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.

Bank of America® Customized Cash Rewards credit card Review

at Bank Of America'ssecure website

0% INTRO APR RATING

★★★★★

4.8

OVERALL RATING

  • $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, 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.
  • Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
  • If you're a Bank of America 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 cash rewards don’t expire as long as your account remains open.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • 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.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 billing cycles for purchases
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
19.24% - 29.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

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).

Discover it® Miles Review

at Discover Card'ssecure website

AIR MILES RATING

★★★★★

4.9

OVERALL RATING

  • UNLIMITED BONUS: Unlimited Mile-for-Mile match for all new cardmembers—only from Discover. Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. You could turn 35,000 Miles to 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. Or redeem as a statement credit for your 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.
  • Terms and conditions apply.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 months
0% Intro APR for 15 months
17.24% - 28.24% Variable APR
$0
Excellent/Good

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 Feb 2024
  • Annual Fee: $0
  • Rewards: Earn 5X points per dollar spent
★★★ 2.8/5.0

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.

WalletHub.com
A review from WalletHub.com says:

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

★★ 2.0/5.0
Influenster.com
A review from Influenster.com says:

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

★★★★★ 5.0/5.0
ConsumerAffairs.com
A review from ConsumerAffairs.com says:

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

1.0/5.0

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.

Advertiser Disclosure

CardRates.com is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation for referrals for many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across CardRates.com (including, for example, the order in which they appear). CardRates.com does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.