It's important to know your options before making major purchases. That's why we've put together the most complete review of the Wayfair credit card (issued by Comenity Bank) (https://www.wayfair.com/wayfaircard). We'll cover all this information below so you can make a well-informed decision.
Pros
- No annual fee
- Frequent promotions for bonus points on spending
- Can save 5% on all purchases
- Free shipping without any minimums required
- Less than 1 minute is needed to apply
- Offers $40 off if your purchase of $250 or above in your first order
- The spending limit is dependent on credit history
- Easy to get (if you have a credit score above 580)
Cons
- Limited rewards-based
- The interest rate is quite high
- Only can be used in Wayfair family brands
Wayfair Credit Card Review
The Wayfair credit card has no annual fee. Initially, it was launched to save up to 3% on all purchases through Wayfair - akin to Ebates' cashback program. Still, it now includes special promotions with many online retailers, including Newegg, Macy's, and more. You can save 5% on everything from TVs to make-up to luggage- just keep your eye out for the monthly promotions.
In addition to the 5% savings, Synchrony also offers a welcome bonus of $10 off your next Wayfair purchase just for signing up. The only downside is that you have to spend at least $99 within the first year before you can keep your card - as it's a temporary card with no commitment.
How Do I Earn Points?
When signing up for the Wayfair Credit Card, you will receive a bonus of $40 if you make your first purchase of $250 or above.
You collect points by linking the card to your account with Wayfair. Every time you make a purchase on their website, you automatically earn points without doing anything else. Unfortunately, they don't offer any ongoing rewards or bonus categories like other cards, such as Chase Freedom Unlimited. However, it's still an easy way to save 5% on purchases at Wayfair and many other online retailers.
What Can I Redeem My Points for?
The 200 points are redeemed $6 for any purchase.
Interest Rate and Fees
The interest rate for the Wayfair credit card is quite high at 26.99%, which is about average compared to other store cards such as the Banana Republic - although it does vary depending on your credit history.
Your credit limit is dependent on your personal history with Comenity and how much you've spent in the past. You'll start off by being approved for a small amount. Then if you spend over $2,000 per year, you should be bumped up at least a few times until you're able to receive a maximum spending limit which could be anywhere from a few hundred dollars to tens of thousands depending on your creditworthiness. Of course, the further into the negative that your balance goes, the more likely it is that they will take away your available credit limits - so using this card responsibly is important!
The Wayfair credit card is great for those who spend a lot on home decor and furniture, as you can earn up to 3% cashback on all purchases. Of course, that's only if there happens to be an ongoing promotion like we mentioned above. If not, it's still worth applying as the sign-up bonus of $40 off your next order is quite generous and easy to redeem.
The cashback reward system is as follows:
- 3% cashback for the purchase in grocery stores
- 2% cashback on all qualifying purchases (online)
- 1% cashback on any other purchases
What Other Ways Can I Use My Points?
Currently, there aren't any other rewards programs associated with this card - although we'd love to see them partner with Ebates or even Cash Back shopping portals such as TopCashBack or MrRebates at some point in the future! Since they're affiliated with over 400 stores, it would be pretty easy for them to develop a nice rewards program.
Our Verdict
All in all, the Wayfair credit card is great if you shop on their website frequently and are looking for a no annual fee credit card with decent interest rates. But don't rely on this card being your primary source of spending as it's only rewarding when you purchase home decor or furniture from Wayfair (or other affiliate stores) - although that can be quite lucrative if shopping there regularly!
This card doesn't have an annual fee, so there's no harm in signing up for it if they offer a promotion when you apply! Just remember to read over their terms and conditions before enrolling, as there might be some restrictions or purchase limits involved - such as only being able to redeem your points during certain times of the year.
