The
Wayfair Store Card is a good credit card for people with
fair credit or better (
640+ credit score) who want to save money on purchases from Wayfair, AllModern, Birch Lane, Joss & Main, and Perigold. The card is easily worth owning, considering it has a
$0 annual fee and rewards you with
7% back in Reward Dollars.
The
Wayfair Store Card can also help you avoid interest on large purchases that you pay off over the course of 6-24 months. But you have to pay on schedule to benefit. If you haven’t paid off the full amount you financed by the end of the promotional period, interest will retroactively apply to the original purchase amount at a very high rate.
What I Like About the Wayfair Store Card
$0 Annual Fee
Other store credit cards and credit cards for people with
fair credit have $0 annual fees, too, but this is an attractive feature of the
Wayfair Store Card nonetheless. You don’t have to spend a certain amount just to earn enough rewards to break even, and you won’t have to face a decision every year around your account anniversary regarding whether your account is still worth the money.
$40 off your first qualifying online order of at least $100
This bonus is smaller than the market average of
$236, but if you’re going to spend
$100 at Wayfair anyway, you might as well save an extra
$40 off in the process.
5%-7% Back on Wayfair Purchases
You’ll earn rewards at this impressive rate on purchases from Wayfair, AllModern, Birch Lane, Joss & Main, and Perigold. This is the top rewards rate you can expect from a store credit card, and you can redeem what you earn when you check out online.
Low-Interest Financing Promotions
The
Wayfair Store Card offers 0% financing for 6-24 months if you spend more than $199-$2,999 and pay off your purchase by the end of your promotional financing period. Just bear in mind that if you don’t pay on time, things get very expensive very fast.
You could be offered a payment plan with a 9.99% APR, too. It depends on what you buy and how much you spend.
Either option could save you money, if you’re careful. But this card is not one of the
market’s best for 0% financing.
One Application With Two Possibilities
If you decide to apply for the
Wayfair Store Card, you will also be considered for the Wayfair
Store Card Credit Card. The main difference between the two cards is that the store card only works for purchases from Wayfair sites, while the
Store Card works pretty much everywhere and gives you extra bonus rewards categories. If you’re approved for both, you can choose which to get.
What I Don’t Like About the Wayfair Store Card
Deferred Interest on Promotional Financing Offers
Wayfair’s interest-free financing promotion has a feature called
deferred interest that allows interest charges to retroactively apply to your original purchase amount, like the 0% deal never existed, if you don’t pay off your full purchase by the end of the promo period. That could transform the potential to avoid interest into a very expensive mistake.
33.49% (V) Regular APR
Carrying a balance from month to month with this card is a mistake if you don’t carefully take advantage of a promotional financing offer. The regular APR is far too high. Even some unsecured credit cards for people with bad credit don’t charge interest rates this high.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
