How Do You Qualify for the Wayfair Credit Card, and What Are Its Benefits?

FT Contributor  | 

If you’re an avid shopper, it’s tempting to sign up for several credit card offers through retailers. Store clerks attempt to entice you to apply for these cards at checkout with great discount offers on your current and future purchases. While signing up for a credit card as you make an in-store purchase may save you a few dollars on your current purchase, consider how the card will affect your credit score and your ability to reach your financial goals.

There are risks associated with signing up for store credit cards so it’s important to remain cautious and scrutinize the details of the offer before agreeing to apply. Use this guide to learn about important characteristics of the Wayfair credit card so you can determine if this card is beneficial for you.

Benefits of the Wayfair Credit Card

If you frequently order from the Wayfair website, you may have already been enticed by offers for the Wayfair credit card upon checkout. Since the card can only be used for purchases through Wayfair and its affiliates, it’s best to sign up for the card if you’re a frequent shopper with one or several of these brands.

As a cardholder, you earn rewards points that can be used to discount future purchases. When you’re approved for card enrollment, you’re also eligible for $40 off your first purchase of $250 or more and free shipping on all future orders with no minimum purchase.

When you use your Wayfair credit card, you may be offered a deferred-interest promotional plan at checkout if you purchased certain eligible items. You may see this offer if you purchased jewelry, furniture, or medical service items. When you opt to take advantage of this deferred-interest plan, you have at least six months to pay off the balance on these eligible items without interest.

The website might also present special financing at checkout for cardholders making eligible purchases with a Wayfair credit card. The credit plan offers are unique to each cardholder and may be offered in the following situations:

  • A 6-month financing plan for orders over $60;
  • A 12-month financing plan for orders over $499;
  • A 24-month financing plan for orders over $849;
  • A 36-month financing plan for orders over $1,299;
  • A 48-month financing plan for orders over $1,699;
  • A 24-month financing plan for specific mattress purchases over $849;
  • A 36-month financing plan for specific mattress purchases over $1,299.

While the Wayfair credit card doesn’t require an annual fee, as a cardholder you are subject to:

  • An annual percentage rate (APR) of 28.49% on all financed purchases.
  • A late or returned payment penalty fee of up to $39.
  • A minimum interest charge of at least $2 per credit plan.
  • A monthly minimum balance payment of at least $5 or 3.5% of your current balance.

If you pay off your credit card balance before its due date, you aren’t charged interest on your purchases and you can earn rewards points for the money you spent. Your Wayfair credit card may only be used to make purchases through Wayfair and its affiliated brands. You can’t use it to obtain cash or make purchases through other ineligible retailers.

Wayfair Credit Card Cashback Match

The Wayfair credit card doesn’t offer a cashback match but does have a unique rewards program. You can earn these rewards through Wayfair and the company’s other managed brands, including Joss & Main, AllModern, Birch Lane, and DwellStudio. For every eligible purchase you make using your Wayfair credit card at one of these participating retailers, you earn 3% back in rewards.

Your rewards can be redeemed through these retail sites once they’re available in your rewards account. If you finance the purchases you make with your Wayfair credit card, your financed purchases aren’t eligible to earn rewards points.

Wayfair Credit Card Minimum Credit Score

Your approval for a Wayfair credit card is subject to credit score approval. You may need to have a credit score of at least 550 to qualify for the card, which is considered a “poor” score. If you aren’t approved for a Wayfair credit card, you should work on increasing your credit score before attempting to apply again.

Wayfair Credit Card Credit Limit

When you’re approved for a Wayfair credit card, a specific credit limit is assigned to your account. Your credit limit is the highest balance you can carry on your Wayfair card at any given time.

Once you reach your credit limit, you can’t continue using the card for purchases until you’ve paid it down. If you do continue making purchases, they’re subject to additional interest or penalty fees. Your individual credit limit is determined by your creditworthiness and current debt.

Wayfair can change your credit limit at any time. For example, if you continuously make late payments on your financed purchases, the company may decide to decrease your limit. However, if you have a good track record of always paying on time or paying off your balance each month, Wayfair may increase your credit limit. As a cardholder, if you feel your credit limit should be increased or decreased, call the Wayfair customer service department to plead your case.

How to Apply for the Wayfair Credit Card

If you think the Wayfair credit card is the best credit card for you, visit the Wayfair site to pre-qualify. After you create an account with Wayfair and provide your contact information, the system pulls your credit score and credit history to determine if you qualify for the credit card.

If you do qualify, you can complete the application process online. You must provide additional information, such as your mailing address and Social Security number.

The Wayfair credit card is administered through Comenity Bank. Once you’ve been approved for the card, you can log in to your online account through the bank’s website to view your balance, make a payment, or ask questions.

Using the Wayfair Credit Card in Your Credit Strategy

It’s important to understand the terms and conditions of the credit card before you sign up. If you’re an avid shopper with Wayfair or one of its affiliates, the rewards program or special financing offers may be beneficial to your financial strategy. However, to maintain financial health, be sure you:

  • Review the high APR associated with carrying a balance.
  • Keep your monthly balance low or pay it off completely.
  • Take advantage of free shipping and other discount offers.
  • Cash in your rewards with Wayfair and its affiliate partners.
  • Make payments on time.

The Wayfair credit card can be part of a healthy credit strategy, as long as you’re aware of both the benefits and drawbacks of using the card.


Image Source: https://depositphotos.com/

This post was updated January 29, 2020. It was originally published January 29, 2020.