The Rooms to Go Credit Card is meant for financing purchases at Rooms to Go, a furniture store with locations across multiple states in the South. With the card, you can pay down purchases interest-free for a set period of time, and Rooms to Go offers several repayment time frames.
As with other store cards designed for financing, the Rooms to Go Credit Card, issued by Synchrony Bank, can be used in-store only and isn’t meant for other purchases.
Here are five things to know about the Rooms to Go Credit Card.
1. The card’s sole purpose is financing
The Rooms to Go Credit Card does not earn rewards, but it does allow you to pay off your purchase in monthly installments over a predetermined number of months without interest charges. Outside of any no-interest promotions, the Rooms to Go Credit Card charges an APR of nearly 35% as of this writing.
Currently, you have three options for interest-free financing with this card:
- 50 months for purchases of $1,475 or more.
- 24 months.
- 17 months.
- Terms apply.
Those are pretty lengthly interest-free periods that many general-purpose rewards credit cards can’t beat. But if you don’t need as long of a time to pay off a purchase, you might get more value from a general-purpose rewards credit card.
The Wells Fargo Active Cash® Card, for example, earns 2% cash back on all qualifying purchases. It also has an introductory offer for new cardholders: Get a 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 18.49%, 24.49%, or 28.49% Variable APR. The card’s sign-up bonus can also help you defray the cost of a purchase if you can meet its requirements. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
Or consider the Chase Freedom Unlimited®. It features a 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 18.24%-27.74% Variable APR. You’ll earn 1.5% cash back on all purchases, including those at Room to Go. You’ll also receive 5% cash back on travel purchased through Chase's travel portal, as well as 3% cash back on drugstore purchases and dining at restaurants. It also has a sign-up bonus for new cardholders: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
2. Prequalify without affecting your credit scores
Applying for a new credit card can temporarily lower your credit scores, but some cards, including the Rooms to Go Credit Card, will prequalify you without this consequence. If after that point the card issuer determines that you're indeed eligible for the card and you proceed with the application, then you’ll be subject to a hard credit pull and your credit scores may be affected.
3. It can’t be used for a down payment
For the financing options, you must make a down payment equal to sales tax and delivery fees. However, you may not use the Rooms to Go Credit Card to cover the down payment.
4. You’re required to make equal monthly payments
The no-interest promotions on the Rooms to Go Credit Card are different from the usual deferred-interest plans other store cards offer. With those, you’re charged 0% APR for a set time frame, and if you don’t pay off your total balance by the end, you’ll owe interest on the total amount you originally borrowed.
Rooms to Go’s financing plans split your payments into equal monthly payments by dividing the total cost by the number of months in the promotional period. Payments are rounded up to the nearest whole dollar, so as you get closer to paying your balance down entirely, what you owe each month may actually get lower since the rounding essentially made you “overpay” earlier on.
5. Other pay-over-time options are available
In addition to financing a purchase with the Rooms to Go Credit Card, you can pay over time with Affirm, a "buy now, pay later" service that allows you to split your purchase into four interest-free payments.
