Wayfair Credit Card Review

 

Wayfair Credit Card Review

Wayfair Credit Card this is probably to the surprise of former wayfarer credit card holders when the card was issued by commenting bank because comenity shut down the old wayfarer credit card either shut it down completely or issued people a new commenting mastercard with some different cash back features but 

It seems as far as i can tell that comedy never told anyone that there actually was a new wayfarer credit card coming so it appeared as if the wayfarer credit card was just dead but really there is a new wayfarer credit card from city all right so there are two new wayfarer credit cards a mastercard or a store only card meaning that second card 

you could only use at wayfair or one of its sister stores or child stores johnson maine is a brand all modern and i think there's one or two others as well so regardless of which card you had you would get a five percent reward on your way fare purchases now if you qualified for the mastercard 

you could also earn rewards other places the card obviously would be accepted anywhere mastercard is accepted and you would get a three percent reward at grocery stores you'd get a two percent reward on online purchases and then a one percent reward everywhere everywhere else 

Now these rewards are only good as rewards toward future wayfarer purchases so you can't use them for anything else so when you're thinking about three percent of grocery stores or two percent of online purchases that sort of thing you're only thinking about the fact that you're getting 

you know points or cash that can be used toward future wayfarer purchases as far as those online purchases go you should know that really they're sort of intended to be like retail purchases 

If you're buying actual things versus uh you know memberships or utilities or paying for your doctor any of those kind of things are not going to qualify as online purchases they have a long list of things that don't qualify 

So you know kind of what you think of as traditional retail is where you would get that two percent one of the nice things about the wayfarer rewards is that there is no minimum to redeem them 

So if you have earned some you can use them on your next wayfarer purchase no matter how small the amount is that you have but you also have the option to save them up if you want to as well 

So they're not going to force you in taking a you know 5 or 10 certificate or whatever after a certain place or you don't have to wait until you reach five dollars or ten dollars in order to actually redeem your reward so that is really nice as far as i can tell the points that you earn here do not expire there are multiple places today that i have seen where they say no expiration 

Now in lieu of rewards you can also choose a special zero percent financing or perhaps some nine point nine nine percent financing for very large purchases so there is zero percent financing that starts at purchases of 199 or more so that'd be zero percent for six months at your 

When you're at that level up to zero percent for 24 months if you are making a purchase of three thousand dollars or more and then you can also take advantage of some 9.99 financing on larger purchases and have it stretch out even farther to 36 or 48 or even 60 months 

When you get into the three four five thousand dollar range of your purchases now as far as that zero percent financing goes you should know that it is deferred financing which means if you don't pay off every single cent within whatever that promotional period is that six months 12 months 24 months 

Then you are going to get charged all the interest that would have accrued since the day you made the purchase so you have to pay off everything within whatever that promotional period is and you don't want to have to pay off all the stuff from the day you made the purchase at the regular interest rate 

So make sure you pay it off because the regular interest rate 26.99 new card holders to the wayfarer credit cards get a discount i would not call it a bonus because it does require you to spend quite a bit at wayfair that discount is 40 off a purchase of 250 dollars or more 

So you have to use that basically when you get the card is not something that you can just let sit for a long time whenever you make a 250 purchase so as far as i'm concerned that's sort of a nice thing if you're going to make a big purchase and in many cases 

If you're going to get this card you're probably in the market for a decent size purchase but still it's 40 bucks off a 250 which is you know roughly a 15 off uh you know discount on a purchase not a big deal now if you apply for the wayfair credit card they are going to be looking at you for both of the cards both the wayfarer mastercard and the wayfarer store only card 

If you qualify for both they're going to give you the choice you can get the mastercard if you want it or you could take the store only card if you only qualify for the store only card they're only going to give you that option if you don't qualify for either then obviously you're not going to get anything although they might ask you if they can set you with set you up with some different financing that probably will be at terrible interest rates now they also have a pre-qualifying or pre-qualification tool on the site that you can use to try to see 

If you would qualify for the cards it is a soft pull not a hard inquiry if you do that pre-qualification i went through it and they did not pre-qualify me but they did say that i could still apply for the card now if you don't pre-qualify me i'm not going to apply for your card because i'm going to assume i'm being turned down i was surprised to not pre-qualify because 

I have a very high credit score although i did recently make a very big purchase from a different furniture retailer and took them up on their credit card offer that gave me a 10 percent reward right up front so that is possibly the reason why i did not pre-qualify for a new furniture card you know less than a month later so anyway you can use that pre-qualifying tool soft pull 

If you go through when you actually apply for the card and they make a decision on your application and give you the card that would be a hard pull and then that would obviously affect your credit history and your credit score by the way wayfair and cities say that this card is potentially instant approval

So if you apply and you are approved you can potentially use the card before it is actually in your hand now city is the new issuer of the wayfarer card community bank was the old issuer if you are someone that is thinking about what your chances are of being approved my guess would be they're a little more difficult with city backing the card than 

They were with commenting bank backing the card now retail credit cards in general tend to be an easier thing to be approved for than bank credit cards that you can you know use more widely and get better rewards however i would think that the uh you know hurdle to be approved has gone up a little bit with city oh and as far as 

I can tell if you had the wayfarer credit card that was issued by commenting bank that is all over and if you want this card you have to reapply all over again all right so what do i think of the new wayfarer credit cards issued now by citibank pretty decent if i were buying from wayfair buying a new couch or maybe setting up a you know new apartment and furnishing it 

I was making some purchases i could see maybe getting this card taking that five percent reward especially knowing that i could use it at my leisure no minimum in terms of the redemption on those points as far as i can tell no expiration on those points so that means it is something that 

I could feel like i don't have to really worry about just use it whenever it makes sense for me i really wouldn't get this card to use as a mastercard outside of wayfair the three percent on groceries is a fine reward the two percent of online shopping is a very nice reward in a lot of ways but still those are rewards only toward wayfarer purchases so no flexibility to use them in any other way the only way i could see that i would really find this is attractive is if maybe 

I had maybe a lower credit score and i was having a harder time getting approved for some other credit cards maybe it would be nice to get those multiples on groceries and online shopping even though they were only going to be useful toward wayfair purchases 

But i think for most people you'd rather have a bank card and you know get your three percent on groceries or your two percent of online purchases elsewhere and then the zero percent offers are fine as long as you don't fall into the deferred financing trap also the 9.99 offers 

If you make a really big purchase and you really want to draw it out all the way up to potentially 60 months these are nice options to have again though this is a retail store credit card and so it is good for a retail store credit card 

It is not a card that I would uh you know compare favorably to bank cards in general but certainly a card that I could see why you might want it especially given the flexibility of how you can use those rewards that's it.

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