Yes, there is an IKEA credit card, issued by Comenity Bank. It’s a store card, so it’s only usable at IKEA. IKEA also used to have a card issued by Synchrony Bank, but that one has been discontinued and replaced by the Comenity card. The new IKEA credit card doesn’t offer any rewards. But it does have a 4.99% introductory APR for 60 months. That’s deferred interest, though, meaning you’ll pay a lot more if you still have a balance after 60 months.
Here are the IKEA credit card’s terms:
- The IKEA store card is issued by Comenity Bank. You can no longer get the Synchrony Bank version.
- The IKEA Card can only be used for IKEA purchases.
- You need fair credit or better for approval, which you should take to mean a credit score of 640+.
- There is no annual fee. The card doesn’t offer rewards, either.
- You get a 4.99% APR on purchases for 60 months. But if you don’t pay in full by the 60-month mark, you’ll owe interest for each month since the beginning, at an annual rate of 21.99%.
While the IKEA Card’s financing period is long, 5 years to be exact, that makes its deferred interest feature all the more dangerous. A lot can happen in 5 years to derail your repayment plans and leave you saddled with expensive finance charges.
You’re much better off getting a general-purpose card with a real 0% APR. That is to say, a card whose regular APR will only apply to whatever balance remains at the end of its intro period. But you’ll need good credit to get such a card. Citi Simplicity and Chase Freedom Unlimited are two good examples.