What the New York & Company Credit Card Is
The New York & Company credit card is a store card issued by Synchrony Bank that you can use at New York & Company stores and online. Unlike a general-purpose credit card, it works only at that retailer — you cannot use it at other merchants. The card comes with a rewards program that gives you points on purchases, which you can redeem for discounts on future shopping trips.
Store cards like this one typically offer higher rewards rates than general credit cards, but only for purchases at that specific store. They also tend to have higher interest rates if you carry a balance. The card is free to open and has no annual fee, so the cost to you depends entirely on whether you pay your full balance each month.
Key Takeaways
- The New York & Company card earns rewards points on purchases at New York & Company stores and online, but cannot be used anywhere else.
- You earn points faster during promotional periods, and the card offers periodic sales and discounts to cardholders before they are open to the general public.
- The interest rate is typically higher than a general credit card, so carrying a balance costs more money than paying in full each month.
- Your credit limit and interest rate depend on your credit history, and Synchrony Bank will report your account activity to the three major credit bureaus.
How Rewards Points Work
When you use the New York & Company card to make a purchase, you earn points based on the dollar amount spent. The exact earning rate varies — the card typically earns points at a standard rate on regular purchases, with bonus point offers during certain times of the year or on specific product categories. Synchrony Bank, which manages the card, periodically sends cardholders notices about these bonus periods by mail or email.
You redeem points by converting them into a statement credit or a discount certificate that you can use on future purchases. The redemption value depends on how many points you have accumulated and what promotion is currently running. Some redemption options give you more value per point than others, so it pays to check what is available before you redeem.
Points do not expire as long as your account remains open and active. However, if you close the account, you typically lose any remaining points. This is why keeping the card open — even if you do not use it often — can preserve the value of points you have already earned.
Interest Rates and Fees
The New York & Company card charges interest on any balance you do not pay in full by the due date. The interest rate (called the Annual Percentage Rate, or APR) is set based on your credit score and credit history at the time you open the account. Store cards generally carry higher APRs than general credit cards — you may see rates ranging widely depending on your creditworthiness, so the rate you receive could be very different from what another person receives.
There is no annual fee to hold the card. However, if you miss a payment, Synchrony Bank will charge a late fee. If your payment is more than 60 days late, the interest rate may increase to a penalty rate, which is even higher than your regular APR. Paying on time every month is the most important way to keep the cost of this card low.
If you carry a balance, the interest charges can quickly outweigh any rewards you earn. For example, if you earn $50 in rewards but pay $100 in interest charges, you have lost money overall. This is why the card works best for people who pay their full balance each month.
How the Card Affects Your Credit
Opening a New York & Company card will create a hard inquiry on your credit report, which temporarily lowers your credit score by a few points. This inquiry stays on your report for about two years but has the most impact in the first few months.
Once the account is open, Synchrony Bank reports your payment history and balance to Equifax, Experian, and TransUnion — the three major credit bureaus. This means your on-time payments help build your credit history, but missed or late payments will damage your score. The card also affects your credit utilization ratio, which is the percentage of your available credit that you are using. Keeping your balance low relative to your credit limit helps your credit score.
If you close the account, the card will remain on your credit report for up to seven years. Closing it also removes that available credit from your total, which can raise your utilization ratio and temporarily lower your score.
When a Store Card Makes Sense
A store card is worth opening if you shop at that retailer regularly and you can commit to paying the full balance every month. The rewards rate is usually high enough to offset the inconvenience of having a card that works in only one place. If you shop at New York & Company several times a year, the points add up quickly.
A store card is not worth opening if you carry a balance. The higher interest rate means you will pay more in finance charges than you earn in rewards. It is also not worth opening if you shop there only occasionally — the rewards will take years to accumulate to a meaningful discount.
If you already have a general-purpose credit card with a strong rewards program, compare the earning rates. Some travel cards or cash-back cards earn rewards at a rate that rivals store cards, and those cards work everywhere, not just one retailer.
Managing Your Account
You can manage your New York & Company card account online through Synchrony Bank's website or by calling the customer service number on the back of your card. You can view your balance, make payments, see your available credit, and check your rewards balance online. Most people set up automatic payments to may support they never miss a due date.
Synchrony Bank sends your monthly statement by mail or email, depending on your preference. The statement shows your purchases, your balance, your minimum payment due, and your due date. It also shows your interest rate and any fees charged during that month.
If you have questions about your rewards, your interest rate, or your account status, contact Synchrony Bank directly. The customer service team can explain your current rewards balance, answer questions about redemption options, and help you troubleshoot any problems with your account.
Frequently Asked Questions
Can I use the New York & Company card anywhere besides New York & Company stores?
No. The card works only at New York & Company locations and on their website. It cannot be used at other retailers, restaurants, gas stations, or online merchants. If you need a card that works everywhere, you would need a separate general-purpose credit card.
What happens to my rewards points if I close the account?
You lose any remaining points when you close the account. If you have accumulated points you want to use, redeem them before you close the account. Once the account is closed, there is no way to recover the points.
How long does it take to receive my rewards discount after I redeem points?
This depends on the type of redemption. A statement credit typically appears within one or two billing cycles. A discount certificate usually arrives by mail within one to two weeks. Check your redemption confirmation for the specific timeline for your reward.
Will opening this card hurt my credit score?
Opening the card will cause a small, temporary drop in your credit score due to the hard inquiry. However, if you make on-time payments and keep your balance low, the account will help your credit score over time by building a positive payment history and lowering your overall credit utilization.
What should I do if I cannot pay my full balance?
Contact Synchrony Bank before your payment is due. Explain your situation and ask about your options. Paying at least the minimum payment on time is critical to avoid late fees and penalty interest rates. Even if you cannot pay the full balance, making the minimum payment protects your credit score from when ready damage.