Upgrading the pieces of furniture you have at home can be extremely expensive. Really expensive. A high-end couch alone can cost up to $2,000, and paying for it upfront is almost a problem for most shoppers. However, that doesn’t mean that you should continuously torture yourself sitting on it with its springs piercing your bottom. You could either wait until you get the money to buy it or find a good store that allows financing plans. That’s where Wayfair will save you. To be exact, that’s where Wayfair credit card comes into action.
Intro Bonus: $40 off
Regular APR: 26.99%
Credit Score: Good to Excellent
Annual Fee: $0
- Both can be used on all Wayfair retail sites: wayfair.com, jossandmain.com, allmodern.com, birchlane.com, and perigold.com.
- The cards can earn 5% back when used at Wayfair stores.
- The Wayfair Mastercard can earn % at grocery stores, 2% on qualifying online purchases, and 1% on all other purchases.
- Wayfair Mastercard has a variable 26.99% balance transfer APR, 29.99% cash APR, and 3% foreign transaction fee.
- Instead of 5% back, you can opt for a special financing plan.
- The balance transfer fee and cash advance fee of Wayfair Mastercard are $10 or 5% of each transfer or cash advance, whichever is greater.
Wayfair Credit Cards Review:
Shoppers usually shy away from retail store cards due to their dull rewards structure, but Wayfair credit card is not one of them. It still has its flaws but compared to others, it can be incredibly handy (if you know how to use it).
Wayfair offers two CCs: the closed-loop Wayfair credit card and the open-loop Wayfair Mastercard. The application would be based on your creditworthiness, so you can’t just choose which card to apply for. You need at least good credit levels to qualify, so you need to be sure of your credit state before submitting a full application. Once you are approved, you can choose the card you want.
Both require no annual fee, and new cardholders will receive $40 off their qualifying first order of $150+. If you fail to meet the minimum and only have a total of between $50 and $149.99, you can only get $20 off. Also, mind that the offer is only valid from 08/31/2021 through 1/31/2022.
The cards offer a decent rewards program in the form of cashback. The closed-loop Wayfair credit card and the Wayfair Mastercard can earn 5% back on purchases at Wayfair. As an open-loop credit card, the latter can also work at other stores where Mastercard is accepted. However, where things get interesting is how much the Mastercard version can earn. Unlike other cards that only provide 1 point or 1% back when you use them outside their respective stores, the Wayfair Mastercard surprisingly makes 3% at grocery stores, 2% on qualifying online purchases, and 1% on all other purchases. You can redeem your rewards up to a maximum of $2500 in Reward Dollars per month on any of Wayfair’s retail sites by applying them at checkout. Most of all, the rewards do not expire, and there’s no minimum threshold to redeem them.
On the other hand, besides using the cards to earn points, you can also use them to take advantage of the special financing plans the store is offering until 03/31/22. Indeed, instead of the 5% back, you can trade the reward for a more extended financing period. Depending on the amount of your purchase, you can pay for it for up to 24 months. Here is the complete list of the options you have when you hit a specific spending threshold:
- 6-month financing on orders over $199
- 12-month financing on orders over $499
- 18-month financing on orders over $1499
- 24-month financing on orders over $2999
The offer can benefit shoppers who need more time paying off a costly purchase. However, anyone who will choose this option should be careful. While it is true that no interest will be charged to you during the given period on your plan, failing to pay off in full the purchase balance before the promotional period ends will cause interest to be charged to your account from the purchase date. This is where you don’t want to get wrong, as the purchase APR of the cards comes at a relatively high rate of 26.99%.
Meanwhile, Wayfair also offers Major Purchase Plans for big purchases. Here, the APR will be decreased down to 9.99%, while the length of the paying period will still depend on the amount of your purchase. Here is the list of the Major Purchase Plans Wayfair is offering.
- 9.99% APR for 36 months on orders over $2999
- 9.99% APR for 48 months on orders over $3999
- 9.99% APR for 60 months on orders over $4999
Wayfair credit cards are one of the best store cards you could ever get. If you need a reliable credit card for shopping for new pieces of furniture, there is probably nothing better than them. The rate of cashback reward of the two cards is exemplary, and the Wayfair Mastercard’s earning rate outside the Wayfair stores is unexpectedly satisfying.
The special financing option is also one of the best features of the Wayfair credit cards. This is ideal for those planning to purchase new pieces of furniture or who want to upgrade their things at home. Nonetheless, this benefit doesn’t come without any catch. Remember that if the purchase balance is not paid in full within the promotional period, interest will be charged to your account from the purchase date. And with the cards having high APR, nobody wants that to happen.
With all of these things, anyone with a Wayfair credit card should use it with utter caution. If you manage to handle it appropriately, you can expect the best benefits from it possible. On the other side of the coin, also consider other general rewards cards with versatile redemption options. Some of them are cards from Capital One, Bank of America, Discover, and Chase.