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Wayfair's credit card has gone the way of outdated home decor: It's been swept out and replaced by a pair of spiffed-up versions, including one you can use at merchants besides the Wayfair family of sites.
The old Wayfair Credit Card was issued by Comenity Bank. Its successors, issued by Citi, are:
The new Wayfair Credit Card.
The Wayfair Mastercard.
These $0-annual-fee cards launched on Sept. 11, 2020. They offer a choice between 5% back in rewards when you use the card at a Wayfair retail website, or "no-interest financing" (aka deferred interest) for up to 24 months if you pay your balance in full. If you opt for rewards and not financing, you’ll also get $40 off your qualifying first order of $250 or more.
Wayfair retail websites include wayfair.com, jossandmain.com, allmodern.com, birchlane.com, and perigold.com.
The two new cards
The Wayfair Mastercard
The Wayfair Mastercard can be used wherever Mastercard is accepted. In addition to the option of earning 5% back in rewards on Wayfair retail website purchases, you’ll earn:
3% back in rewards at grocery stores.
2% back on qualifying online purchases.
1% back on all other purchases.
The Wayfair Credit Card
The Wayfair Credit Card can be used only for purchases on Wayfair retail sites and therefore doesn't earn rewards elsewhere.
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.
What can you redeem rewards for?
Redeem rewards by applying them at checkout for purchases on any Wayfair retail site. You can redeem a maximum of $2,500 worth of rewards per month. Rewards aren't redeemable for cash.
How does the no-interest financing work?
As of September 2020, APRs on purchases for either card were above 26%. But the cards do offer the option of deferred interest on qualifying purchases from Wayfair sites. (You don't earn rewards on purchases where you opt for deferred interest.)
The size of your purchase affects how long you have to make interest-free payments:
6 months for orders over $199.
12 months for orders over $499.
18 months for orders over $1,499.
24 months for orders over $2,999.
These deferred interest offers are not the same as a true 0% intro APR offer, in which interest is waived. Instead, you must pay off your balance in full by the end of the no-interest promotional period. If you don't, you'll be charged interest on the entire purchase amount, retroactive to the purchase date.
For qualifying purchases above $2,999, for a limited time, you may also be eligible for "major purchase plans," in which you are charged interest, but at a lower ongoing APR over a set number of months.
What happens if you have the old Comenity card?
Card accounts for Comenity Bank’s Wayfair Credit Card closed on Sept. 10, 2020, although Comenity notes that any rewards you earned through that date can still be redeemed until Sept. 10, 2021.
On your credit report, it will show the account as closed by Comenity, not you. This could have a temporary effect on your credit scores.