Wayfair Credit Card Review
In the world of online home improvement stores, there are several big competitors. These include the likes of Walmart and Amazon. However, Wayfair consistently attracts buyers looking for stylish and high-quality items. If you are a long-time buyer or need to purchase a few big-ticket items, you may wonder whether a Wayfair credit card is worth applying for. We think it is; here’s why.
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Wayfair Credit Card Features
Wayfair stands out from the pack of ever-increasing store card options with above-average perks and a strong rewards system. You also have two great cards to choose from.
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Wayfair Mastercard
The more flexible card of the two is the Wayfair Mastercard. It is a store-branded credit card that you can use anywhere that accepts Mastercard. Citibank backs the card. While this bank does have mixed reviews, Bankrate rates it at 4.1 stars.
These are some additional perks of the Wayfair Mastercard:
- Interest-free financing for up to 24 months or 5% cashback on Wayfair purchases
- 3% back at grocery stores
- 2% back for online shopping
- 1% back for all other purchases
- Free shipping on Wayfair purchases
Wayfair Credit Card
This is a store credit card that only works for Wayfair.com purchases. It has exactly the same perks as the Wayfair Mastercard, but can only offer rewards for its Wayfair.com purchases. Like the Mastercard, you can choose 24 months of 0% APR financing on Wayfair purchases or the rewards program
Why Choose a Wayfair Credit Card
Most store cards do not include 0% APR financing. Those that do tend to extend this offer for up to six months, such as the Amazon Prime credit card. There are very few companies willing to extend 0% APR financing for 24 months. If you plan to make big purchases and could use the extra time to repay the balance, this is a great option. Wayfair also occasionally runs promotional offers for major purchases that provide financing for longer periods.
If you choose the rewards program instead, the interest payments are comparable to other store cards. An additional perk of choosing the rewards program is that Wayfair gives you $40 off your first order using the card if it totals $250 or more. It is also worth noting that unlike many other credit cards, your rewards never expire.
How To Choose a Wayfair Credit Card
Companies with multiple credit cards often only approve customers for one or require separate applications for each. Wayfair has no such restrictions. Its easy application process submits information used for both cards. When approved, you become approved for both. You can then choose if you want just one card or both of them.
We recommend choosing the Wayfair Mastercard if you only intend to have one credit card or struggle to keep up with multiple cards. Customers who have a difficult time choosing between the 5% rewards or the 0% APR may consider using the Wayfair credit card for no-interest financing and the Mastercard for the rewards program.
Quick Questions
How do I know how long I can finance an item for at 0% APR?
Wayfair offers financing terms from six months to 24 months for the following order amounts:
24 months for orders over $2,999
18 months for orders over $1,499
12 months for orders over $499
6 months for orders over $199
How much do I owe if I don’t pay the full balance in the 0% APR financing period?
If you don’t pay the full balance at the end of the financing period, you owe the remaining principal plus up to 26.99% of interest. The interest on the remaining balance is calculated from the original date of purchase.
Are Wayfair professional members eligible for its credit cards?
Unfortunately, Wayfair only offers personal credit cards. Professional members need to submit personal information to be approved for the card. Applications that use business information may be automatically declined.
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