The Complete Wayfair Credit Card Review
This credit card is for: Home improvement enthusiasts who shop frequently at Wayfair credit card. People who are about to buy a lot of Wayfair can also benefit from a rewards or financing program with this card.
Wayfair credit card offer some valuable benefits, and it’s best to opt for a 5% repayment or no-interest financing.
5% back at Wayfair
The Wayfair Credit Card offers a 5% cash back bonus at all Wayfair retail locations. It earns Wayfair credit card reward dollars, like cash back that can only be used at Wayfair.
As for bonuses, 5% is a good rate, comparable to the best credit cards. If you shop regularly at Wayfair, you can earn quite a bit of money with your Wayfair Card. Note that if special financing is available, you can choose to pay for the purchase or financing, but not both.
Wayfair Mastercard® also earns:
- 3% at grocery stores
- 2% online
- 1% elsewhere
These prices are reasonable for a credit card with no annual fee
Some credit cards make reward redemption overcomplicated. Fortunately, the Wayfair credit card is not one of them.
If you use your Wayfair credit card on any website, you can redeem any Wayfair Rewards you have at checkout. By redeeming rewards, you can reduce the price of eligible purchases. There is no minimum amount to redeem rewards, and rewards never expire.
Interest-free financing for up to 24 months
The Wayfair Credit Card offers the following interest-free programs (you won’t be rewarded for purchases you finance):
- Six-month financing on orders over $99
- 12-month financing on orders over $499
- 18-month financing on orders over $1,499
- 24-month financing on orders over $2,999
These financing plans have deferred interest, which means you must repay the entire purchase by the end of the distribution period. Otherwise, interest will be charged from the date of purchase.
If you need some time to renew your furniture or appliances, financing programs can help. Just make sure to use financing only when you need it, and pay for the purchase in full by the end of the program. You may also want to check out the 0% introductory APR credit card. They tend to have better financing deals and forgo interest altogether for a period of time.
Introductory discounts up to $40
Introductory discounts are available on qualifying initial orders paid with your Wayfair credit card. If you buy at least $250, you’ll get $40 off. If the price is between $50 and $249.99, you’ll get a $20 discount. The discount amount is based on the total order amount excluding tax and shipping.
No annual fee
There is no annual fee for the Wayfair Credit Card and Wayfair Mastercard®.
Mild entry requirements
Loyalty cards are often good for building credit because they are easier to obtain than traditional credit cards. That’s the case with the Wayfair credit card. You may even be approved with a low credit score, and Wayfair offers an online tool to see if you are prequalified.
If you can’t get a credit card, the Wayfair credit card is worth looking into. While it doesn’t have the greatest benefit, it can help improve your credit score.
What can be improved
Wayfair credit cards have some notable issues that we commonly find with store credit cards.
Rewards can only be used at Wayfair
Rewards you earn with your Wayfair credit card can only be used on Wayfair and its related brands. While many loyalty cards work the same way, this is a disadvantage compared to the top credit cards with more rewards. To redeem rewards with this card, you must buy something from Wayfair.
Just compare the Wayfair credit card to one of the best cash back credit cards. As the name suggests, these cards earn cash back. You can usually deposit cash back into your bank account as a bank statement on your credit card statement or as a deposit. It’s much easier to save money this way than with rewards that can only be used for purchases at specific stores.
Introduce discount amount
Even with in-store credit cards, the introductory discounts on wayfair credit card login are fairly small. Save up to $40 on orders of $250 or more.
By comparison, many of the best sign-up bonuses are worth $150 or more. These cards usually require good credit to be approved, but if you meet this requirement, you can get a more valuable bonus.
Funds for Deferred Interest
Special financing is available on orders over $99 paid with a Wayfair credit card. This type of financing is interest-deferred, which is a plan that pays no interest if you repay the purchase within a certain period of time.
The thing is, if you don’t pay off your purchase on time, you’ll pay interest from the date of your purchase. Another reason deferred interest can be difficult is that the minimum payment amount may not be enough to pay off the purchase on time.
Despite the dangers, deferred interest plans can fund large purchases. But you need to make sure you pay enough each month so you don’t end up with high interest rates after the first period ends.
Suggested Credit Rating
A FICO® score of 580 or higher is recommended before applying for a Wayfair credit card. Based on reports from previous applicants, there is a good chance that consumers in this field will be approved.
If you apply, you will be considered for both a Wayfair credit card and a Wayfair Mastercard®. The Wayfair Mastercard® has stricter approval requirements and usually requires a minimum credit score of 650 to get it. If both of your cards are approved, you can choose the one you want.
Keep in mind that Wayfair offers a prequalification tool on its website, and using it will not affect your credit score. If you are not sure about your chances, you can see if you are prequalified. This does not guarantee approval, but there is a good chance your application will be successful.
- You want a cash back card that matches your spending habits: The Citi Custom Cash℠ Card offers great cash back rates where you spend the most. Earn 5% cash back on your highest eligible spending categories per billing cycle, up to a $500 spending limit per billing cycle.
- You want a big introductory bonus: Discover it® Cash Back offers a unique bonus for new cardholders. Discover automatically adjusts any cash back you earn with the card at the end of the first year. There is no limit to how much you can earn with this bonus, so it can be very valuable.
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