What the Loft Credit Card is and who issues it

The Loft Credit Card is a store credit card issued by Synchrony Bank for customers who shop at Loft, the women's clothing and accessories retailer. Unlike a general-purpose credit card, you can use it only at Loft stores and on Loft.com. Synchrony Bank handles the account management, billing, and customer service on behalf of Loft.

Store credit cards are designed to reward frequent shoppers at a single retailer. The Loft card offers discounts and promotional financing that you won't find if you pay with a regular Visa or Mastercard. The tradeoff is that the card only works at one place, and the interest rate is typically higher than a standard credit card if you carry a balance.

Key Takeaways

  • The Loft Credit Card is issued by Synchrony Bank and can only be used at Loft stores and Loft.com, not at other retailers.
  • Cardholders receive a discount on their first purchase and ongoing rewards on future purchases, though the exact offers change periodically.
  • The card charges interest on unpaid balances, and the APR (annual percentage rate) is typically higher than standard credit cards.
  • You must meet Synchrony Bank's credit requirements to be issued the card, and your credit history will be checked during the process.
  • Paying your full balance each month helps you avoid interest charges and makes the rewards more valuable.

How to request the Loft Credit Card

You can request the card in three ways: in a Loft store at checkout, on Loft.com during the payment step, or by calling Synchrony Bank directly. In-store and online requests are the most common. When you request the card, you'll provide your name, address, date of birth, Social Security number, and income information. Synchrony Bank will check your credit report to decide whether to issue the card.

The entire process usually takes a few minutes in-store or online. You'll get an when ready decision in most cases. If approved, you can use the card right away for your purchase. If you're denied, Synchrony will send you a letter explaining why within 30 days. You can request a copy of your credit report from the credit bureau that Synchrony used, which is free once per year.

Rewards and discounts on the Loft card

The Loft card typically offers a discount on your first purchase—often 15% to 20% off—when you use it for that transaction. After that, you earn rewards points on purchases made with the card. The exact rewards rate and promotional offers change throughout the year, so it's worth checking Loft.com or asking in-store for the current terms.

The card also qualifies you for special promotional financing offers, such as "12 months special financing" on purchases over a certain amount. These promotions are advertised in stores and online. Special financing means you pay no interest during the promotional period if you pay off the purchase in full by the end of that time. If you don't pay it off, interest is charged from the original purchase date, which can be substantial.

Interest rates and fees on the Loft card

The Loft Credit Card charges interest on any balance you don't pay in full by the due date. The APR (the yearly interest rate) is set by Synchrony Bank based on your credit score and history. Store credit cards typically have APRs between 18% and 28%, which is higher than most standard credit cards. Your specific rate will be shown in your card agreement when you receive it.

The card does not charge an annual fee to hold it. However, if you miss a payment, Synchrony charges a late fee. If your payment is more than 60 days late, the interest rate may increase to a penalty APR, which is even higher. To avoid these charges, set up automatic payments or mark your due date on a calendar.

How to manage your Loft card account

Once you receive your card, you can manage your account online through Synchrony's website or mobile app, or by calling customer service. You'll need to set up a login with your email and a password. Through your online account, you can view your balance, make payments, see your rewards points, and read statements.

Payments can be made online, by phone, by mail, or in some cases in-store. The minimum payment is due by the date shown on your statement, usually 21 to 25 days after your statement closes. Paying only the minimum means you'll carry a balance and pay interest. Paying your full statement balance by the due date means you pay no interest and get the full benefit of the rewards.

What happens if you carry a balance

If you don't pay your full balance by the due date, Synchrony charges interest on the remaining amount. The interest is calculated daily and added to your balance each month. This means your debt grows faster the longer you carry it. For example, a $500 balance at 24% APR costs about $10 in interest the first month, but that interest is added to your balance, so the next month you owe interest on $510.

Carrying a balance also means you lose the value of any rewards you earned, because the interest charges will exceed the rewards points. Store credit cards are most useful when you pay the full balance each month. If you think you might carry a balance, a standard credit card with a lower APR may be a better choice.

Loft card versus other payment methods

The main advantage of the Loft card is the first-purchase discount and ongoing rewards if you shop at Loft regularly. If you shop there once or twice a year, the rewards probably won't add up to much. If you shop there monthly, the rewards and promotional financing offers can save you money.

A standard credit card or debit card has no rewards at Loft, but it also has no risk of overspending or carrying a high-interest balance. Some general-purpose credit cards offer cash back or points on all purchases, which you can use anywhere. If you have a rewards credit card with a lower APR, using that card at Loft and paying it off each month may be smarter than opening a store card.

Frequently Asked Questions

Can I use the Loft card at other stores?

No. The Loft Credit Card works only at Loft stores and Loft.com. It cannot be used at other retailers, even if they carry similar clothing. If you need a card that works everywhere, you'll need a standard Visa or Mastercard.

What credit score do I need to get the Loft card?

Synchrony Bank does not publish a minimum credit score requirement. Generally, store credit cards are easier to get than standard credit cards, and people with fair credit (scores around 600 and up) have a reasonable chance of approval. Your income and payment history also matter. If you're denied, you can call Synchrony to ask why.

What if I miss a payment on the Loft card?

A missed payment will be reported to the credit bureaus and will hurt your credit score. Synchrony will charge a late fee and may increase your interest rate. If your payment is 30 days late, Synchrony may suspend your account. Contact Synchrony when ready if you miss a payment to discuss your options.

Can I pay off my Loft card with a different credit card?

Yes. You can use another credit card to pay your Loft card balance through Synchrony's website or by phone. However, this only makes sense if your other card has a lower interest rate. Paying one high-interest card with another high-interest card doesn't solve the problem.

Do I have to use the Loft card to get the first-purchase discount?

Yes. The first-purchase discount is only available when you open and use the card for that transaction. You cannot get the discount by paying with cash, debit, or another credit card. The discount is Loft's incentive for you to open the account.