Despite a tightening credit market here in the U.S., Toyota announced on Wednesday that it will be launching its own credit card this fall. The card will allow users to accumulate points, which can be used on Toyota parts and maintenance, as well as the down payment on a new Toyota vehicle.
This isn’t the Japanese automaker’s first foray into the credit card business, as it launched a Lexus-branded card in 2005. Since the launch of the Lexus credit card, Toyota has issued 50,000 cards and awarded 11 million points, according to Automotive News. However, only about 21,000 card holders have redeemed their points — totaling 4.5 million points — with the vast majority of card holders using the points to service their Lexus vehicles. Only about 5 percent of card holders have used points for the down payment on a new vehicle.
Toyota expects to issue 140,000 credit cards in the program’s first year, with more likely in the future.
“We came at this from a retention perspective,” Mike Wells, Toyota Financial Services vice president of marketing, product and branding, told Automotive News. “How can we (reward) a customer for what they are already doing?”
The Toyota credit card will be available beginning in October.
05/21, 5:43 PM
posted by:
nitehawk
Why dont we get this in Canada!
05/21, 6:48 PM
posted by:
howsmydriving
It was GM that started this whole stupid credit card thing. All these restrictions were placed on it, to make it difficult for cardholders to redeem their points. I idiotically signed up for the card, but cancelled once I realized that it was a crock, like so much of what GM does.
05/21, 7:21 PM
posted by:
johnnycanuck
nitehawk: what we need in Canada is the Molsons or Labatts card. I would rather be rewarded when I get lubed. F*ck the car.
05/21, 8:04 PM
posted by:
autonut
Johnny, are there any dark beers in Canada? You need a lot of Molson to satisfy the itch.
05/21, 8:22 PM
posted by:
Kaizen
This has been a very good service retention tool for Lexus so it’s been made a big deal for Toyota as their main focus is on retention and maintaining market share.
05/21, 10:22 PM
posted by:
brentd
Autonutcase: The Molson’s you drink the the good ol US of A are weaker than the ones we get in Canada!
Its a ripoff drinking in The US, the beer is too WEAK! takes to many beers to satisfy the itch!
05/21, 11:10 PM
posted by:
johnnycanuck
autonut: there are some excellent dark beers here, especially from our micro-breweries. As good as they are, my favorite dark has always been Michelob Classic dark. My definition of ‘run for the border’ has nothing to do with Taco Bell.
05/22, 1:24 AM
posted by:
Stinky007
Toyota should remember what made them be top dog: build quality. Maintaining market share means they don’t give a dime about this anymore and have turned to other “unconventional marketing tools” (in normal language: bull****)…
On the beer discussion: you guys should come to Europe, we have the best damn beer in the world
05/22, 9:45 AM
posted by:
mayer_ray_nagin
This is no different than any good cash back card. I use one that gets me free gas and run up business costs on it. It works well as long as you pay it off in full each month like I do. Save about $750/year with it.
05/22, 9:46 AM
posted by:
xyunya
On subject of beer guys (which obviously much more important then stinking Toyota credit card), one German bloke told me a joke: what’s US beer and making love in a canoe have in common? To ****en close to water.
05/22, 11:25 AM
posted by:
jumpoffit
what you all really need is some Tequila from mexico- and swallow the worm
05/22, 11:29 AM
posted by:
LBNA
It’s not tequila that has the worm, it’s Mezcal!!
05/22, 4:35 PM
posted by:
ktulu
Can U use it 2 buy a car U actually want? or do U have 2 buy a toyota?>
german beer is terrible, like american beer.