Is It Easy to Get Approved for a Wayfair Credit Card
The massive online furniture store Wayfair offers two credit card options for its frequent shoppers:
- A Wayfair Credit Card that can be used only at Wayfair
- A Wayfair Mastercard® that works anywhere Mastercard is accepted
Each card offers your choice of 5% back or no-interest financing. Discover more about the benefits and drawbacks in this detailed review.
This credit card is a good fit for: Home improvement enthusiasts who shop at Wayfair often. Those who have a big Wayfair purchase coming up could also benefit from this card's rewards or financing plans.
Top perks
There are a few valuable benefits with the Wayfair Credit Card, with the best being your choice of 5% back or no-interest financing.
5% back at Wayfair
The Wayfair Credit Card offers 5% back in rewards at all Wayfair retail sites. It earns Wayfair Credit Card Reward Dollars, which are like cash back that can only be used at Wayfair.
As far as rewards go, 5% is an excellent rate that matches the best store credit cards. If you shop at Wayfair often, a Wayfair card can earn you quite a bit back. Note that when special financing is available, you have the option of rewards or financing the purchase, but not both.
The Wayfair Mastercard® also earns:
- 3% at grocery stores
- 2% online
- 1% elsewhere
Those rates are reasonable for a no annual fee credit card. Now, "online" is a broad spending category, and it's worth mentioning that not all online purchases qualify. For example, payments for online subscription services and utilities bills are excluded. You can see a full list of exclusions in this card's terms and conditions.
Easy-to-use rewards
Some credit cards make redeeming rewards overly complicated. Fortunately, the Wayfair Credit Card isn't one of them.
When you use your Wayfair Credit Card on any of its sites, you can cash in any Wayfair rewards you have during the checkout process. By redeeming rewards, you lower the price of qualifying purchases. There's no minimum threshold to redeem rewards, and rewards never expire.
No-interest financing for up to 24 months
The Wayfair Credit Card offers the following no-interest plans (you won't earn rewards on purchases you finance):
- Six-month financing on orders over $99
- 12-month financing on orders over $499
- 18-month financing on orders over $1,499
- 24-month financing on orders over $2,999
These financing plans have deferred interest, which means you need to pay off the entire purchase by the end of the allotted time period. Otherwise, interest is charged going back to the purchase date.
If you need some time to pay off new furniture or appliances, a financing plan can come in handy. Just make sure to only use financing when necessary and to pay off the purchase in full before the plan ends. You may also want to look at 0% intro APR credit cards. They tend to have better financing offers and waive interest entirely for a set period.
Up to $40 introductory discount
You get an introductory discount on a qualifying first order paid with your Wayfair Credit Card. If the purchase is at least $250, you get $40 off. If it's between $50 and $249.99, you get $20 off. The discount amount is based on the order total excluding tax and shipping charges.
No annual fee
Neither the Wayfair Credit Card or the Wayfair Mastercard® charges an annual fee.
Lenient approval requirements
Store cards are often good for building credit because they're easier to get than traditional credit cards. That's the case with the Wayfair Credit Card. You could get approved even with a low credit score, and Wayfair offers an online tool you can use to see if you prequalify.
If you've been having a hard time getting approved for a credit card, a Wayfair Credit Card is worth a look. Even though it doesn't have the most benefits, it can help you improve your credit.
What could be improved
The Wayfair Credit Card has a few notable issues that we see often from store credit cards.
Rewards can only be used at Wayfair
The rewards you earn with a Wayfair Credit Card can only be used at Wayfair and its associated brands. Although many store cards work the same way, it's a downside compared to top credit cards with more versatile rewards. To redeem rewards with this card, you need to buy something from Wayfair.
Just compare the Wayfair Credit Card to any of the best cash back credit cards. As the name suggests, those cards earn cash back. You can typically redeem cash back as a statement credit on your credit card bill or as a deposit to your bank account. It's much easier to save money this way than with rewards you can only use on purchases with a specific store.
Learn more: How Do Cash Back Credit Cards Work?
Introductory discount amount
The Wayfair Credit Card's introductory discount is on the low side, even for a store credit card. At most, it saves you $40 on an order of $250 or more.
For comparison's sake, many of the best sign-up bonus offers are worth $150 or more. Those cards usually require a good credit score to get approved, but if you meet that requirement, you can get a much more valuable bonus.
Deferred interest financing
On orders over $99 paid for with the Wayfair Credit Card, you have the option of special financing. This financing is deferred interest, a type of plan where you pay no interest if you pay off the purchase within a certain time period.
The catch is that if you don't pay off the purchase in time, you incur interest charges going back to the purchase date. Another reason deferred interest can be tricky is because the minimum payment amount might not be enough to pay off the purchase in time.
Despite the dangers, deferred interest plans can work for financing large purchases. But you need to be sure to pay enough every month so you don't get hit with costly interest after the initial period ends.
A FICO® Score of 580 or higher is recommended before applying for the Wayfair Credit Card. Consumers in this range have good approval odds based on reports from previous applicants.
When you apply, you'll be considered for both the Wayfair Credit Card and the Wayfair Mastercard®. The Wayfair Mastercard® has stricter approval requirements, and it usually takes a credit score of at least 650 to get it. If you're approved for both cards, you'll be able to choose the one you want.
Remember that Wayfair offers a prequalification tool on its website, and using it doesn't affect your credit score. If you're unsure about your chances, you can see if you're prequalified. This doesn't guarantee an approval, but it means there's a strong chance your application will be a success.
Alternatives to consider
- You want a cash back card that matches your spending habits: The Citi Custom Cash℠ Card offers a great cash back rate wherever you spend the most. Every billing cycle, it earns 5% cash back in your top eligible spending category, up to a spending limit of $500 each billing cycle.
- You want a big introductory bonus: The Discover it® Cash Back offers a unique bonus for new cardholders. Discover automatically matches all the cash back you've earned at the end of your first year using the card. There's no limit to how much you can earn through this bonus, so it can be extremely valuable.
As of Aug. 01, 2022
| | |
| Citi Custom Cash℠ Card | Discover it® Cash Back |
| Rating image, 5.00 out of 5 stars. 5.00 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 5.00 out of 5 stars. 5.00 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
| Apply Now for Citi Custom Cash℠ Card On Citi's Secure Website. | Apply Now for Discover it® Cash Back On Discover's Secure Website. |
| Read Full Review | Read Full Review |
| Rates & Fees | |
| Credit Rating Requirement: Good/Excellent (670-850) | Credit Rating Requirement: Good/Excellent (670-850) |
| Welcome Offer: 20,000 ThankYou® Points | Welcome Offer: Cashback Match |
| Rewards Program: 1% - 5% cash back | Rewards Program: 1% - 5% Cashback |
| Intro APR: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months | Intro APR: Purchases: 0% Intro APR, 15 months Balance Transfers: 0% Intro APR, 15 months |
| Regular APR: 15.49% - 25.49% Variable | Regular APR: 13.49% - 24.49% Variable APR |
| Annual Fee: $0 | Annual Fee: $0 |
| Highlights:
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| Apply Now for Citi Custom Cash℠ Card On Citi's Secure Website. | Apply Now for Discover it® Cash Back On Discover's Secure Website. |
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You love shopping for furniture and other home goods on Wayfair and you spend at least $1,000 per year there.
The Wayfair Credit Card has some solid benefits, especially the 5% back it offers on Wayfair purchases. That could make it worth getting if you're a frequent Wayfair shopper --- and especially if you have a low credit score and you're looking for a card that's easy to get.
However, most consumers are better off avoiding store credit cards, including this one. Unless you're a huge fan of Wayfair, check out reviews for credit cards with more flexible rewards programs, as these usually offer more value.
Source: https://www.fool.com/the-ascent/credit-cards/wayfair-credit-card-review/
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