5 Things to Know About the Wayfair Credit Card

Rewards are valuable if you choose to earn them on the card — but they're not flexible.

Erin HurdDecember 21, 2020
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If you’ve ever searched online for a new rug, coffee table, throw pillow or outdoor fire pit, your hunt has likely led you to a Wayfair page. Wayfair is one of the world's largest online destinations for the home, offering more than 18 million products.

Chronic house redecorators, or even just casual shoppers, may consider the Wayfair Credit Card for their home-enhancing purchases. Here are five things to know.

1. There are two versions of the Wayfair Credit Card

There’s a basic Wayfair Credit Card that can be used only for purchases on the Wayfair family of retail sites, including its flagship Wayfair site, as well as Joss & Main, AllModern, Birch Lane and Perigold.

There’s also another version, the Wayfair Mastercard, that can be used anywhere Mastercard is accepted. When you use your Wayfair Mastercard you’ll get:

  • 3% back in rewards at grocery stores.

  • 2% back on qualifying online purchases.

  • 1% back on all other purchases.

When you apply, you'll be considered for both versions of the card. If you're approved for both, you can choose which one you want. Both cards have a $0 annual fee.

2. You can earn 5% back in rewards on Wayfair purchases

Both the Wayfair Credit Card and the Wayfair Mastercard can earn 5% back in rewards when you use it to make a purchase on any Wayfair site. That means if you’re investing in a new $3,000 sectional for your living room and charge it on your card, you’ll get $150 back in Wayfair rewards that you can use toward your next purchase.

While 5% back is generous, it’s important to be aware that it’s not the same as 5% cash back. The rewards you’ll earn are good only toward purchases on the Wayfair family of sites.

If you choose rewards (more on that later), you’ll get an introductory offer: Save $40 off your first qualifying order of $250 or more.

Nerd tip: The Wayfair Credit Card used to be issued by Comenity Bank, but in 2020 the two current credit cards were launched by Citi.

3. You can take advantage of special financing (but you’ll forgo rewards)

Redecorating your whole house and want to take advantage of no interest financing on your purchases? With the Wayfair Credit Card, there are several options for special financing. The catch is, if you choose a no-interest financing plan, you won’t earn the 5% back in rewards on the purchase.

When you go to check out on your Wayfair purchase, you’ll be presented with special financing options, like:

  • 6-month financing on orders over $199.

  • 12-month financing on orders over $499.

  • 18-month financing on orders over $1,499.

  • 24-month financing on orders over $2,999.

These deferred interest offers are not the same as a true 0% intro APR offer, though. Instead of interest being waived, you must pay off your balance in full by the end of the no-interest promotional period or you'll be charged interest on the entire purchase amount, retroactive to the purchase date.

As of December 2020, the Wayfair Credit Card had a variable purchase APR of 26.99%. However, for a limited time, qualifying purchases above $2,999 may be eligible for "major purchase plans." This means you will be charged interest, but at a lower ongoing APR over a set number of months.

4. Rewards can be valuable

When it comes to credit card rewards, most points have a baseline value of 1 cent per point. Some can be worth a little more, some worth less.

But Wayfair points pack more punch. When you redeem Wayfair Rewards Dollars, you’ll get $6 for every 200 points you redeem. That means that Wayfair points are worth 3 cents apiece.

You can redeem up to $2,500 in Rewards Dollars each month, and there’s no minimum threshold to redeem rewards. Wayfair rewards earned from the Wayfair Credit Card and the Wayfair Mastercard will not expire.

5. Carrying a balance is bad design

You’ll want to make sure you pay off your Wayfair balance in full at the end of each month because, as with many retail credit cards, if you’re not taking advantage of special financing, you’ll pay a high APR. As stated above, the card's current variable purchase APR is 26.99%.

For most people, a general rewards credit card that's not tied to any specific retailer will be a better and more flexible option.

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