Rewards Of Special Financing
When you get the Wayfair credit card, you have to choose if you want special financing or the 5% rewards rate. You cant have both, and you cant switch back and forth. The special financing gives you six months to two years to pay your order it full without having to pay interest on it. The 5% rewards give you a percentage back in Reward Dollars for every purchase you make.
Wayfair Funding Valuation & Revenue
According to Crunchbase, Wayfair has raised a total of $1.7 billion across four rounds of debt and equity funding.
Notable company investors include Battery Ventures, Great Hill Partners, T. Rowe Price, Spark Capital, and many more.
When Wayfair went public in 2014, its business was valued at $2.4 billion. Today, that valuation has risen to over $34 billion.
For the fiscal year 2020, Wayfair has generated $14.1 billion in revenue, up 55 percent from the $9.1 billion it made the year prior. Net income rose to $185 million over that same time span.
Send Your Wayfair Payment Online
Besides convenient online shopping, Wayfair makes it easy for you to pay your Wayfair credit card online. First, you need to set up your online account so you can access your Wayfair credit card. Here are the steps to get started:
Now that you are registered for online access, you can go ahead and make payments whenever the bill is due by signing on to your account with your user ID and password. Select how much you want to pay, the date you wish to pay it and the bank from which the funds will be drawn.
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You Have Financing Options
The Wayfair credit card has different financing options available on eligible orders. If your order is a minimum of $250, you can qualify for zero down payment and six month financing option. If your order is $500 or more, you may qualify for a 12 month financing plan. If you pay the balance off by the end of the promotional period, you will not be charged interest.
Wayfair Credit Cards: How They Compare + Are They Worth Opening
December 2, 2021 by Lauren Graves
Wayfair, the online retailer known primarily for inexpensive furniture and home decor, just launched new credit cards in September of last year. But since you probably dont make a habit of collecting store credit cards without doing your research, were going to break down the advantages and disadvantages of the two different Wayfair credit cards on the market.
This article will answer all of the questions youve probably had about Wayfair credit cards from whether theyre worth it, which one is right for you, and how to sign up and use your card. Lets get into it.
In this post you’ll learn:
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Wayfair Launches Two New Credit Cards With Citi
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
Wayfair’s credit card has gone the way of outdated home decor: It’s been swept out and replaced by a pair of spiffed-up versions, including one you can use at merchants besides the Wayfair family of sites.
The old Wayfair Credit Card was issued by Comenity Bank. Its successors, issued by Citi, are:
The new Wayfair Credit Card.
The Wayfair Mastercard.
Image courtesy of Citi
These $0-annual-fee cards launched on Sept. 11, 2020. They offer a choice between 5% back in rewards when you use the card at a Wayfair retail website, or “no-interest financing” for up to 24 months if you pay your balance in full. If you opt for rewards and not financing, youll also get $40 off your qualifying first order of $250 or more.
Wayfair retail websites include wayfair.com, jossandmain.com, allmodern.com, birchlane.com, and perigold.com.
About The Wayfair Credit Cards
Wayfair offers two different credit cards: the Wayfair Credit Card and the Wayfair Mastercard. These credit cards are issued by Citibank and are available to all Wayfair customers as of 2021.
Both Wayfair credit cards allow you to choose how you want to be rewarded. You get a choice between 5% back in rewards on all qualifying Wayfair purchases and no-interest financing when you pay in full after 24 months. You do not get both and need to contact customer service to request a change to your perk after signing up if you change your mind.
If you select the rewards option, you earn 5% rewards on all net qualifying purchases through Wayfair and sites under the Wayfair brand. These can be redeemed through Wayfair retail sites only as transaction credits for future purchases. Sites include wayfair.com, allmodern.com, jossandmain.com, perigold.com, and birchlane.com.
If you select the no-interest financing option, you can make payments on purchases interest-free for a specified time period on all orders over $99. The time periods by purchase amount are as follows:
- Orders over $99: 6-month financing
- Orders over $499: 12-month financing
- Orders over $1499: 18-month financing
- Orders over $2999: 24-month financing
If you fail to pay off your purchase completely within the promotional period, you will incur interest at the rate associated with your card immediately when your time is up.
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Complete Your Wayfair Credit Card Payment By Phone
To make an immediate payment, call Wayfair credit services at 800-365-2714. You can access your account through the automated system using your account number or your Social Security number. Once youve accessed your account, follow the prompts to make your payment. Make sure you have your checking account number and bank routing number ready to complete the transaction.
Wayfair Credit Card Review: Not The Fairest Deal
Summary: The Wayfair credit card is designed for frequent shoppers at Wayfair and related stores: Joss & Main, Perigold, Birch Lane, and AllModern. The card allows a choice between rewards and a zero-interest financing plan. Be careful: the APR is sky high and the financing plan comes with a serious risk.
The Verdict: The Wayfair credit card might be useful to you if you consistently spend on furniture, lighting, decor, appliances, and other home needs. The APR is extremely high, so you wont want to carry a balance. Be sure you fully understand the risks of the financing plan before you use it. Most people will be better off with a conventional credit card.
In this review:
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Up To 5% Back On Wayfair Purchases
When you use your card online on Wayfair, you get 5% back. This percentage goes for every purchase you make for your rewards, and you can see it in your Wayfair credit account. This bonus never expires, so you can easily stack it up over the course of several purchases and cash it in as statement credits or to pay for future purchases. If you have a big purchase or two, this perk could really pay off.
Wayfair And Capital One Partner For Professional Credit Program
+5.64% have partnered to launch the Wayfair Professional Credit Card and the Wayfair Professional Flex Account, which offers extended payment terms. Wayfair brands include the namesake, AllModern and Joss & Main. Wayfair stock has slumped 55.7% over the past year. Capital One is up 12.6%. And the S& P 500 index SPX,
Stocks have recovered this week, even after warnings from Federal Reserve Chairman Jerome Powell that the central bank’s efforts to cool inflation by raising interest rates could cause a recession.
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What If My Wayfair Payment Is Late
If you dont make your Wayfair payment by the due date, you can still pay online, by phone or by mail. However, a late fee of $29 will apply. Additionally, if youve had a late fee applied to your account within the previous six billing cycles, a higher late fee of $40 will apply.
This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Citibank.
This article has been updated with additional reporting since its original publication.
Information is accurate as of Dec. 14, 2021.
Wayfair Credit Card Issued Now By Citi Review
There are significant changes underway for the Wayfair credit card. Citi now issues the Wayfair card. This is exciting news for cardholders, and it may prompt more people to sign up. If youre curious about what it means for you with your Wayfair Card, this is for you. Our Wayfair credit card review will highlight everything good and the not-so-good that comes with having this card.
Comenity Wayfair Update
If you had an interest in the Wayfair store card because of the Comenity Shopping Cart Trick, read the last paragraph of this article. The Comenity Wayfair store card no longer exists, but other Comenity Bank issued store cards you can get by using the Shopping Cart Trick. Learn how to get approved for Comenity Bank issued store cards when you have less than perfect credit. Also, using the shopping cart trick correctly allows you to avoid a hard credit inquiry.
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The Wayfair Business Model How Does Wayfair Make Money
Wayfair is an online retailer that sells products in the home category, such as furniture, kitchen appliances, and even pet items.
Wayfair makes money from the sale of products, installation services, advertising on its platform, as well as interchange and interest fees. The company operates on a wholesale cost business model.
Founded in 2002 , Wayfair has grown to become one of the worlds largest online retailers of home-related products. It went public in 2014.
How Do I Qualify For A Credit Card
The better the benefits, the more hoops you’ll need to jump through to be eligible for certain credit cards. Credit cards with attractive rewards programs or cash-back rewards require better credit than more basic credit card varieties.
If you have poor or fair credit, you might only qualify for credit-building or secured credit cards. If you have good to excellent credit, you may easily qualify for any credit card you want. But even if you don’t have the right score, you can always work to improve your credit for a better chance of approval.
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You Can Finance Major Purchases
There are times when its difficult to come up with a lump sum of cash to purchase major items such as furnishings and other types of home decor. With the Wayfair credit card, you can order merchandise online from the comfort of your own home and make convenient monthly payments. This makes it possible to redecorate your home in style without the need to wait while youre saving up.
Wayfair Store Card Reviews
If I could rate this review with a negative star rating I would. This was the worst credit card I made the mistake of getting in my entire life, will never do that again. They charge crazy finance and late fees, never give you a break, and have no way of doing auto-pay so you have no easy way of meeting your due date monthly. They have pretty much found a way to penalize you for services they dont offer efficiently. I ended up paying double my original cost at the end and this was the most awful experience ever. DON’T DO IT
The customer service rep was not informative and my question did not get answered. She transferred me to the wrong department. Comenity was better. She had a lot of noise in her background and very unprofessional. She did not affect to look up my account.
Customer service is a joke. They dont care about their customers during a pandemic. I had ONE late fee during my entire promotional period and they REFUSED to waive it. They said NO with absolutely no reason. I will NEVER deal with Commenity credit again! They have no compassion for their customers. Plus they dont offer a reoccurring monthly payment option. Its as if they want their customers to pay late fees. Im very disappointed. Ive dealt with many other credit companies that care. If you want a company that cares do NOT open an account with Commenity Bank!!
WalletHub is an independent comparison service.
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This Card Lacks The Flexibility And Perks To Be A Contender
- Get this card if youre a regular Wayfair shopper and you cant qualify for the Wayfair Mastercard®.
- Pick something else if you want a credit card to use on purchases outside of Wayfair.
- Apply with a fair credit score of 580 or higher.
Please note: Citi is an advertising partner of finder.com
Finder has independently collected all the information about this card.
5% back in reward dollars on Wayfair.com purchases
|$40 off your first order of $250 or more|
|Rewards||5% back in reward dollars on Wayfair.com purchases|
Steven Dashiell is a writer at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finders YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.
Us Bank Visa Platinum Card
If the most appealing part of the Wayfair Credit Card to you is the 0% APR financing, then the U.S. Bank Visa® Platinum Card may be a great alternative. This credit card offers one of the longest 0% introductory APR card on purchases of any card with no annual fee, at a whopping 20 billing cycles . While Wayfair’s card does technically beat this for purchases of $2,500 or more, the U.S. Bank Visa Platinum offer extends to all of your purchases, not just those from Wayfair. However you choose to finance your purchases, make sure to keep track of the details so you can make your payments on time and in full.
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You Can Take Advantage Of Special Financing
Redecorating your whole house and want to take advantage of no interest financing on your purchases? With the Wayfair Credit Card, there are several options for special financing. The catch is, if you choose a no-interest financing plan, you wont earn the 5% back in rewards on the purchase.
When you go to check out on your Wayfair purchase, youll 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 deferred interest offers are not the same as a true 0% intro APR offer, though. Instead of interest being waived, 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.
As of December 2020, the Wayfair Credit Card had a variable purchase APR of 26.99%. However, for a limited time, qualifying purchases above $2,999 may be eligible for “major purchase plans.” This means you will be charged interest, but at a lower ongoing APR over a set number of months.
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Approval Odds And Credit
Many people apply for a store credit card because theyre hoping to build or rebuild their credit and may not qualify for a more lucrative rewards card. And its true that making small purchases with a store card and paying on time can be a smart way to demonstrate your creditworthiness.
The Wayfair credit card could work for this purpose, as store credit cards are typically easier to qualify for than general rewards cards. But since its rewards can only be used at Wayfairs family of brands, the Wayfair credit card doesnt make for the best long-term option. After all, some credit-building cards backed by a security deposit like the Discover it® Secured Credit Card and 1% on all other purchases) offer more flexible redemption, as well as the chance to graduate to an unsecured card with responsible use.
On the plus side, you can check if you pre-qualify for the Wayfair credit cards with only a soft pull of your credit report, which has no impact your credit score. Applicants are considered for both the open-loop Wayfair Mastercard and store-only Wayfair Credit Card when they apply and, if approved for both, can choose which they want to move forward with.
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