Sunday, March 12, 2006

Lexus 5% / 1.5% Points Back Credit Card

This card is useful for not only those that own a Lexus but also those planning on buying one... It also has a feature for doubling your points to a 10% equivalent when buying or leasing a new Lexus. I frown on the limitation to only new. I would like to see it include purchase of pre-owned vehicles. Nonetheless, the card is still useful.

I typically take our cars to the regular quick-lube or Wal-Mart for oil changes. However, I take our cars to the dealership at roughly 30k mile intervals. I just got back from our local Lexus dealership and found a visa card offer attached to the bill. The details of the offer are below.

This credit card gives 5% back on all Lexus dealership transactions and 1.5% back on purchases elsewhere. The % back is in the form of points that can be redeemed in a number of ways, principally at the dealership. Dealerships are inherently expensive for maintenance; however, if you're like me and bring it to the dealership for only major service appointments (30k, 60k, 90k, 120k, etc), then this might be a prudent option.

There is no cap on the points that accrue. There is a 50k point transaction cap on down payments made with it (equivalent to $10k down payment).

I didn't bother checking out the APR. I don't believe in using a credit card unless you can pay it off or you're using their money at 3% or less APR.

Details can be found at: Lexus Pursuits Visa

1 comment:

Finance Junkie said...

Below you'll find a website address for a site that consolidates the list of automotive credit cards. At first glance, the only competitive cards are the Lexus and GM cards.

It's important to note that a promotional APR is not available on the Lexus card. Sometimes one is available but only if you get an offer through the mail.

I don't like and recommend applying for cards via a referring site. I always go to the corporate site and use their search function to find the appropriate place for applying.