The
Wayfair Credit Card is a good credit card for people who want to save money on Wayfair purchases, offering up to
7% back in Reward Dollars back in rewards or interest-free financing on eligible purchases. The rewards are great for anyone who plans to pay their bill in full every month, while the financing promotion is a bit riskier. If you don’t pay off your entire purchase by the end of the introductory period, interest charges will apply retroactively at a very high rate.
When you apply for a
Wayfair Credit Card, you may be approved for either the Wayfair
Mastercard Credit Card or the
Wayfair Store Card. Below, we’ll focus on the Wayfair
Mastercard Credit Card, which generally requires
good credit for approval, can be used wherever
Mastercard is accepted, and gives you great rewards at grocery stores as well as when you shop online.
You can
learn more about the store card here.
What I Like About the Wayfair Credit Card
$0 annual fee
Most credit cards that are co-branded with a company like Wayfair don’t charge annual fees, so this isn’t exactly unique. It beats the alternative, however, and it will save you a few dollars compared to the average credit card offer as well as hundreds compared to some popular rewards cards.
$40 off your first qualifying online order of at least $100
Earning this bonus is unlikely to be your main motivation for applying, as it’s relatively small, but it’s better than nothing. Not all credit cards affiliated with major retailers offer an initial bonus.
5%-7% back on wayfair purchases
These rewards are about as good as you can expect from a store-affiliated credit card, and you’ll earn them when making purchases from wayfair.com as well as AllModern, Birch Lane, Joss & Main, and Perigold. You’ll get 7% normally and 5% when you apply for promotional financing. You can then redeem your earnings to help pay for purchases when checking out on those sites.
1%-3% back on other purchases
Most people could save a lot of money by earning 3% back at groceries stores and 2% back on qualifying online purchases, and the average rewards card only gives about 1% back in these categories.
Low-interest financing promotions
The
Wayfair Credit Card offers interest-free financing for 6-24 months on Wayfair purchases costing more than $199-$2,999. This type of deal could save you a bundle, considering how high regular credit card rates are right now, but you need to be careful (you can learn more below).
Alternatively, if you spend more than $1,599, $1,799 or $1,999, you may be eligible to pay it off over 36, 48, or 60 months with a 9.99% APR. This doesn’t seem to have deferred interest, fortunately.
What I Don’t Like About the Wayfair Credit Card
Deferred interest on promotional financing offers
Although Wayfair’s financing promotions seem very attractive at first glance, there’s some risk involved too, thanks to a feature called
deferred interest. If you don’t pay off your purchase fully by the end of your promotional financing period, interest will retroactively apply to the original purchase amount, like the interest-free offer never existed. Needless to say, you need to be very careful if you want to avoid a shockingly big bill.
Limited rewards redemption options
You can only use the rewards you earn to help pay for a purchase from a Wayfair site. If you could redeem for a simple statement credit to cover the cost of any purchase you make, from any retailer, this card would be a lot more valuable.
33.49% (V) regular APR
If you carry a balance from month to month with this card and you didn’t opt for the financing promotion or you did but took too long to pay, your balance will be subject to this extremely high regular APR. The average APR among credit card offers on the market right now (
22.35%) actually seems low by comparison, and most unsecured credit cards for people with bad credit don’t even charge as much as the
Wayfair Credit Card.
You should plan to pay your bill in full monthly if you decide to apply for the
Wayfair Credit Card. You can avoid interest charges that way.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
