Banana Republic Visa Application Experience
Last month I wrote about the Banana Republic credit card and an interesting opportunity to earn up to 6X with one of their targeted offers. After going over the card benefits and weighing the pros and cons of getting the card, I concluded:
I actually think this card may be worth the hard credit inquiry for a select few who can shift some spend, but not take away from their main MS goals with other cards. This card doesn’t have an annual fee so it is something you can keep forever. There is of course a risk that the 5X-10X promotions stop coming, but at the very least you are building account history. There is a lot of upside, but it isn’t guaranteed.
Given my thoughts, it probably isn’t a surprise that I decided to apply for this credit card yesterday as part of my mini application round that also included the NBA American Express card. So why did I finally decide to bite the bullet? Here is why:
- The card is issued by Synchrony Bank and I don’t have one of their cards.
- Synchrony pulls from Transunion for me. The only other bank that pulls Transunion (in my area) is Barclaycard and thus I don’t have a lot of TU inquiries.
- This is a no annual fee card I can keep to lengthen average age of accounts.
- I am hoping that the targeted 5X-10X promotions will continue.
After filling out the application, I hit submit and was happy to see an instant approval. Unfortunately I was only given a $1,400 credit line which will make it tough to MS during big promotions, but I’m playing the long game here. Hopefully I’ll be able to get them to increase the limit at some point. At least my foot is now in the door.
If you are interested in learning more about this card, recent lucrative offers and its benefits (including some elite benefits after $5K in spend) then head over to last month’s post where I covered everything in great detail. After a lot of debate I felt this card was worth an inquiry given the potential upside and the fact that they pull from Transunion. Now I’ll patiently wait for it to come and for Synchrony to offer me something good to use it!