Wayfair Credit Card Review: Comenity Bank issues the Wayfair credit card and cardholders are granted access to the perks. During this overview of the Wayfair credit card, we’ll explain all that this card can do.
We ‘re going to discuss also what the Comenity Wayfair card can’t do. You’ll get a good idea if you could end up benefiting from this card or not. Here’s what you need to know about a Wayfair Credit Card.
What is the Wayfair credit card?
Wayfair is a popular e-commerce platform, known for its high-quality, but inexpensive, retail goods and ever-increasing customer base. In 2017, Wayfair created net sales of $4.7 billion, and a significant number of its customers took advantage of the Wayfair credit card, which provides 3 percent rewards on all eligible orders.
Wayfair Credit Card Quick Review
Annual Fee: $0
Sign-Up Bonus: $40 off your first order of $250 or more
Key Benefit: Get 3% back in rewards on all purchases at Wayfair.com, Joss & Main, AllModern, BirchLane or DwellStudio to be redeemed at any of these stores
Financing Offer: Special $0 down financing at any of the listed stores:
6-month financing for purchases of $250 or more
12-month financing for purchases of $500 or more
18-month financing for purchases of $1,500 or more
Minimum Payment: If your balance is less than $25, then the full balance. If your balance is $25 or more, the greater of $25 or 3.5% of the new balance.
Other Fees: Up to $38 for late payments. Up to $38 for returned payments. $6 for copies of statements, sales/credit drafts, or checks/money orders.
3% back in rewards or special financing options ranging from 6 to 48 months on eligible purchases over $60
15% off your first order
Free shipping with no order minimum
Store card for use online at Wayfair, AllModern, Perigold, Birch Lane, and Joss & Main
Cardless credit card program that integrates with your Wayfair account online
Your card will connect to your Wayfair account upon application approval
Comenity Wayfair will give you a respectable rate of incentive on any qualifying order. Each time you use it at Wayfair, AllModern, Joss & Main, DwellStudio, and Birch Lane, you’ll gain three per cent cashback. Such incentives are valid for all transactions where special financing is not used. Those Reward Dollars can be redeemed for future order credit.
2. Bonus for Signing Up
The registration bonus is incredibly quick to receive. All you do is make a $250 buy or more once your application is approved by Wayfair Comenity. You’ll get a $40 bonus right away. So, this incentive may be extended to future orders. You can’t use special means of financing to make your order, however. You won’t get the $40 bonus if you do, because it doesn’t count the order.
3. Special Financing or Rewards on Each Purchase
Comenity Wayfair has a special perk not seen on other cards. For each purchase you make, you can choose between two different options. You can receive three per cent back on the order if you want bonuses.
Special buy pay later financing now is the second option you can choose if you don’t want to get back three per cent. Spending $250 will qualify you for special support for the next six months. Spending $500 would allow you to get interest-free funding for one year.
4. Free Shipping
On all orders over $49 the Wayfair card gives you free shipping. This is great because on Wayfair you can buy big items and don’t have to worry about the shipping costs. Order the sofa or table in the dining room and ship it free to your door. And this free delivery does not rely on returns.
5. Builds Credit
Comenity Wayfair is a carte de détail. Credit cards at retail stores offer credit building benefits. They ‘re easier for one to get. Less strict approval requirements are appended. It reports to all credit bureaus as well. Each payment on time can help to boost your credit score and build your credit history.
6. No Annual Fee
If the Wayfair card is smart you can make it work for you. Unlike other loyalty cards, you are not going to be charged an annual fee. If you can also stop the deferred interest, the opportunity for savings is massive. Each credit and incentive you receive for future purchases is yours.
7. No Hard Credit Inquiry
Every point counts when you’ve lower credit. Hard inquiries will drop three to five points each on your ranking. To Comenity Wayfair you do not have to think about that. As long as you use a pre-qualification connection to apply, there’s no hard inquiry. You will get a soft question, instead. So this in no way drops your credit score.
8. Optional Furniture Assembly
Dread putting together furniture after you buy it? If so, then you are in luck! ComenityWayfair offers assembly of furniture for purchases online. This is big, because you don’t buy it pre-assembled.
Wayfair was partnering with Handy to provide assembly and installation services for Wayfair customers. When checking out, you can add this feature. They give even hassle-free returns. Give it back if you’re not thrilled. However, you must pay for return shipment.
Comenity Wayfair Credit Card Cons
1. Deferred Interest
Usage of the special funding option comes with attached deferred interest. When you don’t pay it off in time, that will add hundreds or thousands to your balance. Every time you buy an item, you’ll get six months or a year without interest to pay it off. When you miss the deadline, value will get backdated. That could be of interest all at once for six months or a year.
2. High-Interest Rate Charged by Comenity Bank
The Wayfair card comes at a high rate of interest. Although this isn’t new to retail cards, if it backdates for a transaction it can be annoying. With this card, you will pay 28.49 per cent a month. If you get hit with it, that can put a huge dent in your budget. This includes getting just around $50 to pay on your initial purchase and missing a single day’s expiration deadline.
3. Restricted Use
The Wayfair card is not being co-branded as a Visa or MasterCard. Only Wayfair or the partner sites can use this. It includes Wayfair, AllModern, Joss & Main, Birch Road, and DwellStudio. The card is not much use if you don’t shop a lot at these stores. You will not be in a position to construct your reputation effectively.
4. Restricted Rewards Redemption
Yeah, the three percent return seems like an excellent shot. But stop for a minute, and think about it. Comenity Wayfair only allows you to redeem your incentives at Wayfair itself or on associated pages for purchase credits. If you find a table or sectional on a different site and fall in love with this card, you are out of luck.
How to use the Wayfair Credit Card:
Use the card for all purchases at the Wayfair family of brands.
Spend $250 at Wayfair to get $40 off.
If opting for deferred financing, have a solid plan to pay back your purchases on time and in full before the financing period ends.
Pay off your purchases in full each month to avoid paying interest.
The Wayfair Credit Card starts by charging you some of the highest APR rates we have reviewed but does offer flexible financing options under some scenarios. Keep in mind that the Comenity Bank Wayfair Store Card cannot be used anywhere else but at Wayfair/Comenity owned stores.