As valuable as the Wayfair Credit Card rewards are, they’re not flexible as many taught. Fact!
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Wayfair is one of the largest online destinations that deal with home items such as a coffee table, new rug, furniture and fittings, throw pillow, outdoor fire pit etc across the globe. Wayfair offer over 18million products to users who shop online for home equipment and items.
Customers who are a fan of home furnishing will prefer to use Wayfair Credit Card for the purchases of the home equipment or items.
Five things we must know.
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1. Wayfair Credit Card has two versions
These two versions of the Wayfair Credit Card are the basic Wayfair Credit Card and the Wayfair Mastercard. The basic Wayfair Credit Card can only be used for purchases on the Wayfair family of retail sites, like its flagship Wayfair site, as well as Joss & Main, AllModern, Birch Lane and Perigold.
While the Wayfair Mastercard, can be used anywhere Mastercard is accepted. The benefits of using your Wayfair Mastercard includes:
- 3% back in rewards at grocery stores.
- 2% back on qualifying online purchases.
- 1% back on all other purchases.
The application process of getting these cards is simple. Once you apply, you’ll be considered for both versions of the card. If both are approved, it is at your discretion to decide which one you want. Both cards have a $0 annual fee.
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2. Earn 5% back in rewards on Wayfair purchases
When you make purchases on any Wayfair site, you are entitled to enjoy 5% back in rewards using both the Wayfair Credit Card and the Wayfair Mastercard.
That is to say, if you are considering investing in a new $3,000 for your dining and charges are on your card, consider getting $150 back in Wayfair rewards that you can use toward your next purchase.
Remember this 5% back in reward can only be used to earn you more goods for your next purchase at the Wayfair family site. While 5% back seem to be generous, it’s important to also note that it’s not the same as 5% cashback.
The Wayfair Credit Card hitherto issued by Comenity Bank is now issued by Citi as at last year 2020.
3. If you choose to take advantage of the special financing then you can forgo rewards
When you consider redecorating your whole house and may wish to take advantage of no interest financing on your purchases using the Wayfair Credit Card, you have several options for such special financing. If you choose a no-interest financing plan, you won’t earn the 5% back in rewards on the purchase.
When you go to check out on your Wayfair purchase, you’ll be presented with special financing options, like:
- 6-month financing on orders over $199.
- 12-month financing on orders over $499.
- 18-month financing on orders over $1,499.
- 24-month financing on orders over $2,999.
These act of suspended interest offers are not the same as a true 0% into APR offer, instead of the waiver on interest, you must pay off your balance in full by the end of the no-interest promotional period or you’ll be charged interest on the entire purchase amount, retroactive to the purchase date.
The Wayfair Credit Card as of December 2020, had a variable purchase APR of 26.99%. Nevertheless, eligible purchases above $2,999 may be qualified for “major purchase plans.” This call for low interest charged on APR for some months.
4. Rewards can be valuable
Credit Card rewards performances are valued using points as a baseline value of 1 cent per point. Some can worth a little more, some worthless.
Wayfair points pack more punch. When Wayfair Rewards Dollars are redeemed, it comes with $6 for every 200 points you redeem which make Wayfair points are worth 3 cents apiece.
Cardholders can redeem up to $2,500 in Rewards Dollars each month, there is no minimum threshold to redeem rewards. For Wayfair rewards earned from the Wayfair Credit Card and the Wayfair Mastercard don’t expire.
5. Carrying a balance is a bad design
Card owners must be willing and ready to pay off their Wayfair balance in full at the end of each month because, as it is with many retail credit cards, if you’re not taking advantage of special financing, you’ll pay a high APR. As stated above, the card’s current variable purchase APR is 26.99%.
For most people, a general rewards credit card that is not tied to any specific retailer will be a better and more flexible option.