I am personally not a fan of store-branded credit cards, which include the Gap credit card -- and similar offerings from Banana Republic and Old Navy (both of which are owned by the same company).
The Gap credit card is a VISA, not a MasterCard. Rewards can get you credit toward certain purchases at Gap stores.
I don't like store credit cards for a couple of reasons... the interest rates tend to be rather high, as is the case with the Gap card's regular APR, and the reward typically aren't all that great. Big deal, $10 off next time you buy some jeans or shirts at the Gap.
Instead of getting a Banana Republic or Old Navy credit card either, I would recommend checking out a solid cash back card from Citi or American Express. Don't box yourself in with store-branded credit cards and their high interest rates.
I've found that AmEx and Citi, along with Chase and Bank of America, spend more resources on things like the online banking and mobile banking interface -- little touches that add up to a much more enjoyable cardholder experience over the long haul.
Also, large card issuers are more likely to offer a generous 0% intro APR period of 6 months or longer; maybe even 12 months in some cases.
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