Lexus Credit Card / Lexus Pursuits Visa Review

Lexus carThe Lexus credit card (officially called the Lexus Pursuits Visa) is a card geared towards those whom drive a Lexus.  It’s not a credit card you normally see advertised or hear much about, so I decided to do some research and do my own review of the Lexus Pursuits Visa.

What type of card is it?
This credit card is issued by Lexus Financial Savings Bank. It’s a Visa Signature card, which isn’t necessarily a good thing. Why? Because these types of cards have “no pre-set spending limit.” Instead, spending is approved or disapproved on a case by case basis.

What are the rewards?
The Lexus Pursuits Visa card does offer some respectable rewards:

  • Regular spending earns 1.5 points per dollar spent.
  • Spending at participating Lexus dealers earns 5 points per dollar spent.

The points can be redeemed for spending at participating Lexus dealers (parts, accessories, service, put towards buying a new Lexus, etc) and also for travel rewards.

What does it say in the fine print?

Participating Dealers: Lexus credit card rewards can only be redeemed at participating dealers in the continental U.S. and Alaska. This concerns me, because I would hate to have to drive hours away to find a “participating” dealer if there weren’t any nearby.

Reward Caps: The fine print says that for spending outside of participating Lexus dealers, you can only earn up to 7,500 points per billing cycle (that’s $5,000 in spending). So if you’re a big spender, keep this in mind.

Fee for Travel Rewards Program: If you want to redeem your points for travel rewards, you will have to pay an annual fee for enrolling in the “Travel Rewards Program.” I don’t know how much that costs, because I couldn’t find the fee listed anywhere.

Below-Average Travel Point Conversion: If you do use your Lexus credit card points for travel, it doesn’t appear the conversion is favorable… every 1 cent in value requires 1.5 points (so a $250 plane ticket costs you 37,500 points).

High Interest Rate: At the time of my review, their credit card had an APR on purchases was 15.99%. It’s tied to the prime rate, so when that goes up, so will your rate. This interest rate is definitely on the high side in my opinion.

Verdict?
I won’t be filling out a Lexus credit card application with these drawbacks. Hopefully some day they will change that. I also don’t like the fact that there are caps on the amount of points you can earn. So for now I think I’ll be sticking with my 5% gas credit cards instead.

 
Comments
The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Does anyone that is a part of the Travel Rewards program have a direct number to them? So frustrated the new company cardholder, Comenity Bank, knows nothing about it and has no number. Just trying to redeem my credit toward a recent hotel stay!

Josh is correct, the card is changing to a different credit card company. The new companies web site, is not up yet and Lexus Pursuits, the old card company web site, has been down for a few days, leaving an undesirable lapse in coverage. I bought a Lexus in April of 2007 and got a Lexus card in June of 2007. The first oil change was free from my dealer. Every other oil change/maintenance was free, paid for with Lexus Card points. I was very happy with the card. I see the new card has 2% at gas stations and 2% at all restaurants and entertainment places, as well as 5% for purchases at Lexus dealers. This is a somewhat better deal than the old card.

The Lexus Pursuits Visa has now undergone major changes. These changes include changes to the points system and the bank. It is no longer Lexus Financial Savings Bank. This review is now out-dated and no longer relevant.

Bought a Lexus 570, Got a rejection letter from the Lexus credit card.
Hummm. I don’t remember applying for the credit card and I sure as heck didn’t want one anyway! Just curious where they got the information for application? I sure as heck didn’t give my permission to use the information.
Permission was probably buried in all the gobbled gook verbiage in the loan application, which was accepted.

I have had the Lexus Visa card for a few years now and when you get the card there is a pre set spending limit which far exceeds my average of $2,000 a month in spending and was increased when they sent my new card out. As far as the interest rate goes I do not know or care since I pay off the account every month. There is no annual fee and the points can be used for down payment on a Lexus as well as for goods and services at local Lexus dealers. I am not sure if someone who does not own a Lexus and does not plan to buy one would benefit much from the card but for me it has been great. I have not spent any money out of pocket for for all my service appointments in over two years.

BEWARE using the Rewards Card (now the Lexus Card) at a hotel. Lexus “holds back” 15% of the value of the card. Can’t use the full face value of the card even if your’re attempting to pay the hotel folio and check out. And customer service – well let’s just say their NOT customer focused. This “trainwreck” of a rewards card will not happen again – I have other options.

I AM VERY DISAPPOINTED that Lexus did not approve me for their visa card. I own an IS 250 and i paid my bill every Month through Lexus financial services. Very upset and really feel like re-financing with different car dealership.

Thank you for posting this- I was considering getting this card and thought I had done my research. I will be looking for another alternative. I have a Lexus and thought having the card would be beneficial for me.

Charles Clawson

Don’t get this credit card:

1. Limit on the points you can earn.
2. Terrible customer service.
3. Ridiculously confusing autopay system.

With SO many other choices out there, pick another card.