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Credit Score needed for the Chase Sapphire Preferred® Card card + odds of approval

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The Chase Sapphire Preferred® Card is one of the most popular travel credit cards in the market for many reasons, but one of the biggest draws is its huge sign-up bonus. 

The welcome offer is 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

That translates to $1,000 in free travel (when redeemed through the travel portal), which more than makes up for the $95 annual fee. It’s the kind of bonus you usually only see with a premium card that costs $500 or more a year.

The Sapphire Preferred card earns points in the popular Chase Ultimate Rewards program, and you can use the card to book travel through the bank’s portal at a value of 1.25 cents per point because this card offers a 25% bonus. 

You can also redeem the points for cash which means that 100,000 points is equal to $1,000 in cash back. Or you can get statement credits for purchases with the “Pay Yourself Back” feature and get a 25% bonus on select categories.

The points also transfer to airline and hotel programs for even better potential value. This is great if you want to get extra value from your points, especially when booking premium airline seats. 

It’s also good if you belong to a travel loyalty program and have some points or miles from flights, hotel stays or credit card sign-up bonuses, but don’t have enough miles or points to book a free hotel stay or award flight.

If you don’t already have the Chase Sapphire Preferred card, this is the perfect time to sign up and take advantage of the elevated welcome bonus.

But before you hop right into their application process you should know what credit score is required along with general income recommendations and other factors that Chase considers.

To get a better understanding of these factors and requirements, continue reading our comprehensive guide below.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

Credit Score Required

Remember, Chase considers a number of factors besides credit score.

If neither of the Chase rules preclude you from having a successful application, then this is a great mid-tier card, and this is the perfect time to apply for it because of the elevated bonus. You will still need to have a good or excellent credit score though to get approved. 

In most cases a credit score of 720 or more will get you approved for most travel credit cards. This one is no different. You can even be approved with a score of only 700 or even less in some cases, but keep in mind that banks look at a number of factors before making a decision on whether to approve an applicant or not.

Credit History

Chase will also look at your credit history to see if you’re a good candidate.

As a general rule [per consumer.gov] credit history aims to tell a story about how you use your money. Things like:

  • How many credit cards you have
  • How many loans you have
  • Do you pay your bills on time?

…are going to be some of the major factors playing into your overall credit history.

Besides checking to make sure you haven’t applied for more than five cards in the past four years as per the 5/24 rule, they will also check to make sure there are no late payments and that can go back a few years.

You will need to have some credit history to get approved, so if you are new to credit cards this is probably not the best card to start with. Although there are reports of first-timers getting approved, they are rare.

Before you hit the submit button on the application, check your credit score to see if it’s in the right range, and be sure to check your credit history to make sure there are no errors that might interfere with your application.

You can find your credit score for free at many online bank portals, or you can use a service like Credit Karma. You can also see your credit report on that site to make sure you don’t run afoul of the Chase 5/24 rule by counting the cards that you have been approved for in the past two years.

Keep in mind that any card, even retail credit cards, are included in that number. If you’ve applied for one of those in recent years to get a discount or a deal on financing, you might have forgotten about it by now.

Income Level Needed 

You will also need to meet income level requirements. They are not formally published, but it is recommended that you earn at least $30,000 a year before applying for the Chase Sapphire card. As is the case with all credit card applications, the more you make the better your chances are of getting approved for this card.

There are many variables that card issuers look at to check your creditworthiness beyond just your credit score, which is determined by looking at credit mix, utilization, payment history, credit history and new credit. The bank will also look at your current employment status and income, and how you’ve used your credit cards in the past in addition to other factors.

Who is the Chase Sapphire Preferred Card For?

The Chase Sapphire Preferred card is a great credit card for people that are new to collecting miles and points for free travel because of its flexible redemption options. People that are new to using credit cards for award travel may be confused by the plethora of credit cards available.

There are airline co-branded cards that offer big bonuses as well, but those cards are tied to a particular airline which means the miles can only be used with that airline or its partners. When you want to redeem miles, you need to find award space which can be difficult especially if you want to fly during peak travel times or book multiple seats 

Also, airline mileage programs get devalued on a regular basis, so if you’re saving points or miles for a big trip, Chase Ultimate Rewards are a safer bet. They also don’t expire like miles in an airline program can if you don’t fly on that airline or use a co-branded credit card to keep miles from expiring.

Chase Rules

The Sapphire Preferred is also popular with seasoned points collectors because of its big bonus, great earning potential and points value. It earns 2x points per dollar spent on dining and travel and one point on all other purchases so your Chase Ultimate Rewards balance can grow quickly.

But people that already have a Chase Sapphire Reserve®, the premium card in the product line, cannot apply for the Preferred card. And you’re not eligible for the bonus if you have gotten one for signing up for either the Preferred or Reserve in the past 48 months.

There is also another Chase rule that may stop you from getting the card. You will not be successful applying for this card if you have gotten more than five personal credit cards in the past two years. And that’s not just Chase cards. It includes any credit card from any issuer, even if you were just added as an authorized user.

Odds of Approval

So what are the odds of getting approved for the Chase Sapphire Preferred?

As our module indicates above, if you have an excellent credit score of 720 or more, your odds of approval are quite good if not excellent. If your income is more than $30k annually, then the odds get better and continue to increase with higher income levels. And if your credit history is clean on top of that then you should be a shoo-in.

If you’ve applied for too many credit cards in the past two years however, that will be a problem. Even though you can call the reconsideration line if your application gets rejected, Chase is not likely to approve you if the number of cards is more than five in the past 24 months.

If you don’t have much credit history, that will also count against you. And if you already have a Sapphire card, then the bank will not approve you. It has to be at least four years since you last held a card in the Sapphire family in order for you to be eligible for the 100,000 point sign-up bonus.

Chase Sapphire Reserve®

Some people that applied for the premium Chase Sapphire Reserve® when it premiered in August 2016 with a $450 annual fee and a 100,000 point bonus would be eligible for this current offer on the Preferred if they no longer hold the Reserve card. 

According to Chase, “This product is available to you if you do not have any Sapphire card and have not received a new cardmember bonus for any Sapphire card in the past 48 months.”

If you applied for the Reserve card when it was first introduced and no longer have it, then you are eligible for the sign-up bonus on the Preferred. If you still have the card, you are not.

If you haven’t applied for the Chase Sapphire Reserve previously, this may not be the time to get that premium card because the sign-up bonus is only 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. The annual fee is a steep $550. 

The Reserve does earn 3x on dining and travel purchases, which is one point more than he Sapphire Preferred. And if you hold the Reserve card, Ultimate Reward points are worth 1.5 cents each if you redeem them through the Chase portal. But the current sign-up bonus on the Reserve is still only worth $900 in travel through the portal, so the Sapphire Preferred is a much better deal..

Chase Sapphire Preferred Benefits

It’s important to look at the card benefits in addition to bonuses and earning potential when making your decision to apply for a card, but if you’re eligible for the Chase Sapphire Preferred and have been thinking about getting it, this is a great time to pull the trigger.

The sign-up bonus has never been this high before and you may not see it again as these promotions are usually for a limited time. It’s very rare for a card like the Preferred at the mid-tier level with such high-value points to offer this much of a bonus just for signing up and meeting minimum spend. 

We’ve already talked about the value of 100,000 points when used for up to $1,250 in travel including airfare, hotels and travel experiences like tours through the Chase Ultimate Rewards travel portal. You can even book local tours if you are taking a staycation. Cardholders also have exclusive access to events in entertainment, dining, music and sports including tickets to the Sundance Film Festival and the Chase Sapphire Private Dining Series.

We’ve also discussed the card’s ability to earn more points when you travel and dine out or order in as it offers double points on those purchases. It’s also important to note that Ultimate Rewards points never expire, especially after a pandemic that shut down travel and dining experiences over the past year.

Food deliveries also earn you 2x points when using the Chase Sapphire card and the card comes with a complimentary one-year DashPass, a subscription service from DoorDash that eliminates delivery fees and reduces service fees on food deliveries. You need to activate it by the end of 2021. 

To work off those calories, you also get a $60 rebate on a Peloton Digital or All-Access membership through the end of this year. It lets you take cardio, running, yoga and other classes using a tablet or TV, which is perfect for travelers as no equipment is needed, so no need to head to the hotel gym.

And for a limited time you can earn 5x points on Lyft rides. That’s three extra points over the 2x you would normally earn for travel. This promotion is in place until March 2022, but if you use rideshares often, these points will add up quickly.

Airline and Hotel Reward Program Transfer Partners

When it comes time to redeem that sign-up bonus and all the points you’ll earn on bonus categories and regular spending, one of your best bets to get the highest value is to transfer them to airline and/or hotel loyalty programs, especially if your goal includes booking a seat in business or first class.

This is also a good way to top off your balance if you want to redeem points or miles with an airline or hotel program, but you are short on the amount needed especially if you don’t stay at a particular hotel chain frequently or fly much on an airline but still have some rewards.

The Chase Sapphire Preferred transfers to airline frequent flyer programs on a 1:1 basis including:

  • Aer Lingus,
  • British Airways,
  • Emirates,
  • Air France/KLM,
  • Iberia,
  • JetBlue,
  • Singapore Airlines,
  • Southwest,
  • United and Virgin Atlantic

These airline partners give you access to all three of the major airline alliances:

  • Oneworld,
  • SkyTeam and
  • Star Alliance.

You can also transfer points to three hotel frequent stay programs including World of Hyatt, IHG Rewards Club and Marriott Bonvoy. Points also transfer on a 1:1 basis with these hotel partners.

Airline mileage programs can be difficult to navigate for people who are not familiar with the program rules or don’t have the time to search for award space, but if you are new to miles and points the Sapphire card is perfect as you can try to find space and book an airline award ticket with these points or simply use the Chase portal to book your next flight, hotel stay, cruise or car rental.

You can also use a combination of points and cash to book through Chase if you use the Sapphire Preferred so the travel possibilities are endless.

Other Travel Benefits

The Chase Sapphire Preferred also comes with a host of travel benefits including access to a Visa Signature Concierge service 24 hours a day, no foreign transaction fees, car rental insurance, trip cancellation/interruption insurance, baggage delay and lost luggage reimbursement, travel accident insurance, emergency assistance and roadside dispatch.

The card offers car rental collision damage waiver (CDW) insurance, which can save you lots of money. Just use the card to book your auto rental and decline the CDW when picking up the car. Coverage is primary and will reimburse you for theft and collision damage on most rentals in the US and overseas.

If your trip is cancelled or interrupted by illness, bad weather or other covered situations, you can be reimbursed up to $10,000 per person and $20,000 per trip for prepaid, non-refundable travel expenses including airfare, hotel stays and tours.

If your baggage is delayed for over six hours, Chase will reimburse you up to $100 a day for five days. There’s also up to $3,000 in coverage on the card If your luggage or a family member’s checked or carry-on luggage is damaged or lost,

There’s also up to $500,000 coverage if you use your card to pay for air, bus, train or cruise transport and there is an accident that causes death or dismemberment.

[Related: Read our guide on how to choose the right travel credit card for you.]

Final Thoughts

This is one of the best opportunities to get a huge stash of Ultimate Rewards points since many Chase cards that have traditionally offered them as a sign-up bonus, like the Chase Freedom and Chase Freedom Unlimited cards, are currently offering $200 cash sign-up bonuses.

While those cards are still great for earning Ultimate Rewards points because the Freedom card has rotating categories that offer 5x points each quarter, and the Unlimited version lets you earn 1.5x on all purchases, they don’t come near the value of the current 100,000-point bonus currently being offered for signing up for the Chase Sapphire Preferred.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

PenFed Pathfinder® Rewards Visa Signature® Card Review

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Are you on the hunt for the next best travel rewards credit card?

image credit: penfed.org
Full disclosure: We may receive financial compensation when you click on links and are approved for products from our advertising partners. Opinions and product recommendations on FlyerGeek are those of our writers and have not been influenced, reviewed or approved by any advertiser. Learn more about how we make money.

The PenFed Pathfinder® Rewards Visa Signature® Card made a splashy entrance in 2021 when it was announced that all applicants who applied for the card between May and September would be automatically entered into a contest for a “dream vacation” valued at $10k. Now, unfortunately there’s no such prize, but it’s still a pretty rewarding travel credit card with above-average points-earning opportunities.

Find out here if this is the right card for you. Plus, see how to qualify and what travel benefits you can take advantage of as a member.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

Features and Benefits

Before we get into the travel perks, let’s talk about the points you can earn with this card.

First, you can qualify to earn up to 50,000 bonus points when you sign up and spend at least $3,000 within the first 90 days of opening your account. After that, you will earn four points per dollar you spend on all travel categories as a PenFed Honors Advantage Member or three points per dollar spent on travel if you are not an Honors Member. Plus, you’ll get 1.5 points per dollar on everything else. Points are not capped for any category.

The variable purchase APR for this card is between 15.99% and 17.99% depending on your creditworthiness. At this time, there is no promotional interest rate or introductory period.

Outside of daily points-earning but including the bonus offer of 50,000 points, this card offers travel benefits valued at up to $799. These include the following:

  • $100 annual statement credit for ancillary domestic travel fees (like seat selection, checked baggage, etc.)
  • $100 Global Entry statement credit or $85 TSA Pre-Check statement credit
  • Complimentary Priority Pass Airport Lounge Annual Membership

You do not need to do anything to qualify for these statement credits. Just use your card to register and your account will be credited automatically. It may take several weeks for a credit to post.

Also included with this card are complimentary 24/7 fraud monitoring services and other enhanced security benefits. The credit card itself is chip-enabled and compatible with Visa Secure Remote Commerce Services.

This card also qualifies you for Visa Signature discounts on a variety of spending categories and travel. All you have to do is use your Pathfinder card to access available discounts.

Finally, you can use your card to transfer your balance on another card to PenFed. You can do this to consolidate your debt and potentially pay less interest, reduce your monthly repayments, or cover unexpected expenses without exceeding your credit limit. Many people also use a balance transfer to pay down high-interest debt and take advantage of introductory rates with a new card. There is a 0% introductory APR for balance transfers made between now and September 30th, 2022. After that, it is 17.99%.

How to Redeem Points

With all those points you can earn on travel, how do you use them? First, you’re going to want to log in to your PenFed account and select “Access My Rewards.” 

There are three different ways to redeem your rewards points: by using the points to purchase gift cards, book travel, or shop. Gift cards are available for a number of categories including retail, dining, entertainment, and more. 

When you use your rewards to book travel, you can purchase hotel stays, airline travel, rental cars, and other forms of transportation. You will incur an additional transaction fee when booking travel with points.

Note that your points will expire after five years or if your account is closed. There is no way to redeem your points for cash or use your rewards as a credit toward your balance.

Who Is It For?

You probably need a credit score of at least 700 to qualify for the PenFed Pathfinder Rewards card, possibly even 750, which will put this card out of reach for a lot of applicants. But if you meet the credit and income requirements and you’re a PenFed member, it might be worth applying.

The people who will benefit the most from this card are those who travel often. PenFed Honors Advantage members enjoy the most perks and can earn points at a higher rate than non-Honors members.

How to Become a PenFed Member

First things first: you cannot qualify for this card unless you are a member of PenFed Credit Union. There are no exceptions. For many years, only those actively serving or retired from the military–and their relatives–qualified to join PenFed. But now, anyone can become a member.

To join, you just need to apply for a Regular Share savings account and deposit at least $5. As long as this account is open and in good standing, you will be a member of PenFed and can apply for this credit card. 

Alternatively, you can open a Premium Online Savings account. This account also requires a minimum opening deposit of $5. There is no monthly maintenance fee and you will earn an APY of 0.55%.

There are other advantages to being a member besides getting to apply for this travel card. For example, there are many member discounts you can automatically qualify for that fall into the categories auto, finances, home, personal, and retail. Here are just a few:

  • 25% all Alamo car rentals
  • Discounted auto insurance coverage through Travelers insurance
  • $25 H&R Block tax prep services
  • $20 TurboTax services
  • Free home security camera + two months of free monitoring services through SimpliSafe
  • Up to $360 annual Tracfone savings
  • 10% discount on select Starr Wright USA insurance plans
  • 30% off Alpha Industries purchases

How to Become a PenFed Honors Advantage Member

If you want to take it one step further, you could become an Honors Advantage member. 

There are a few perks that you can only qualify for as a PenFed Honors Advantage Member, and these include a waiver for the annual fee and four points per dollar on travel instead of the baseline three points per dollar.

To become an Honors Advantage Member, you need to either be a member of the U.S. military–-either active-duty, retired, or otherwise discharged–or have a PenFed Access America checking account. This checking account pays 0.35% interest on balances between $20,000 and $50,000 and offers convenient banking features such as early direct deposit and the option for an Overdraft Line of Credit.

If you think that you might want this checking account anyway, it’s probably worth it to wait to apply for the travel credit card until you’ve opened the account.

Note that the Access America checking account also opens you up to more benefits if you have the PenFed Power Cash Rewards credit card.

Fees

This card carries an annual fee of $95 that’s waived if you’re a PenFed Honors Advantage Member or military member.

There is a 3% transaction fee for balance transfers, a $25 returned payment fee, a late payment fee of between $20 and $28 ($20 if your balance is less than $1,000, $25 if it’s between $1,000 and $2,000, and $28 if it’s above $2,000). 

There are no fees for cash advances or foreign transactions.

Is It Worth It?

Though there are plenty of travel credit cards that don’t have an annual fee, 1.5 points on everything and up to four points on all travel is nothing to scoff at. If you’ll travel enough in a year to easily make the annual fee up, you probably won’t even notice the $95. 

With that said, this fee is comparable to the top competitors like the Capital One Venture Rewards Card and the Chase Sapphire Preferred. Check these options out and compare the points categories to figure out which one will be the best fit for you.

If you don’t like the idea of joining a credit union, this card isn’t for you. There’s no way around that one.

Consumer Sentiment + Customer Support

If you know PenFed, you know that they tend to do right by their customers. As a rule, they score well on consumer review platforms and have a Better Business Bureau rating of A+. Customer service representatives are generally helpful and prompt in responding to and resolving inquiries. The majority of customers are satisfied with the quality of service they receive and their overall experiences with PenFed.

To get in touch with customer service, you can call 724-473-6333. This is the general phone line for all inquiries, so don’t be surprised if you’re put on hold. Representatives are available to assist from 7 am to 11 pm EST Monday through Friday, from 8 am to 11 pm on Saturday, and from 9 am to 5:30 pm on Sunday.

The phone number for lost/stolen cards or to report an unauthorized transaction is 1-866-820-8875 and the line for card activation is 1-877-856-9690. If you have any questions about your rewards or travel bookings, just sign in to your account.

The PenFed mobile app could be a little bit better. It currently has a rating of 4.4 on Google Play and 4.2 in the App Store. While many users find the app to be perfectly fine, some complain about being locked out of their accounts on their phones or having trouble installing updates. But as far as financial apps go, it’s definitely not bad.

Pros and Cons

✅ Pros: What makes this a good travel credit card?

The PenFed Pathfinder Rewards card comes with a lot of advantages besides the opportunity to earn points on all travel and other purchases.

For example, the fact that this card does not charge foreign transaction fees is a huge benefit that could certainly come in handy if you do a lot of international travel. Considering the average travel credit card charges a foreign transaction fee of around 3%, you could save a significant amount using this card overseas. And the same goes for cash advances

Weekend and evening customer service availability, member discounts, are a few more benefits that make this card competitive.

🛑 Cons: What are some of its drawbacks?

One of the main disadvantages is that PenFed doesn’t offer as many points redemption categories as competitors like Chase and Citi. This could be a disadvantage for you if you’re hoping to simply cash out on the points or pay yourself back for purchases. Gift cards are the closest you’ll get. You also can’t transfer your points to another loyalty account with an airline or hotel brand as you can with many similar cards.

Another possible con to note is that your credit limit may be lower than you like. It has been reported that PenFed limits how much credit it gives customers to $50,000 across all accounts, so if you have multiple credit cards with the credit union already, you might not be thrilled with the limit you’re approved for when you get the Pathfinder Rewards card. You can always request an increase, but there is no guarantee it’ll be accepted.

Finally, you might be disappointed that there is no introductory APR for this card. Many of its competitors offer 0% interest introductory periods of up to 15 months.

Final Thoughts

This card definitely competes with many of the best travel credit cards out there right now. The PenFed Pathfinder Rewards card lets you earn a whole lot of points, doesn’t charge foreign transaction fees, and offers many travel benefits that more than pay for the annual fee (which is also avoidable). This isn’t the card for you if you want to cash out or transfer points or borrow without interest for any period of time.

If you’re not already a member of the credit union and you’re willing to apply–even better if you don’t mind opening an Access America checking account for that higher rewards rate–this is a solid option for travelers, especially those who travel outside of the country. Overall, we definitely think this card is worth it.

Wells Fargo Credit Cards: Here’s the Latest for 2022

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Full disclosure: We may receive financial compensation when you click on links and are approved for products from our advertising partners. Opinions and product recommendations on FlyerGeek are those of our writers and have not been influenced, reviewed or approved by any advertiser. Learn more about how we make money.

Back in the Fall of 2021, there was a lot of online chatter about Wells Fargo shutting down their credit cards. While this bank was up to a lot of restructuring and plans to make big changes in 2022, they are certainly not shutting down their credit cards.

In fact, the opposite. Wells Fargo launched a handful of new cards last year and plans to do more this year.

Below is a run down of what happened with Wells Fargo last year and what to expect in 2022 with their credit card line-up.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

What Happened?

In July 2021, Wells Fargo made a public announcement that it would be shutting down all personal lines of credit. Those with outstanding balances at the end of the 60-day notice would be expected to begin making fixed monthly payments until their debt was fully repaid.

Understandably, there was some backlash. Customers were furious that their credit scores would be negatively impacted. The closure of an account can cause credit utilization to go up (how much depends on total available credit and the borrowing limit for the closed account) and directly affect one’s credit score. It can also lower the age of accounts and bring one’s credit score down further. 

Even government officials were deriding Wells Fargo for the decision, threatening the bank with legal action if it went through with the shutdowns.

Then just a month later in August, Wells Fargo announced that it had changed its mind. With a “we have heard your concerns” message, it explained that existing personal lines of credit would not be shut down. Instead, customers who had been using their credit would be able to continue doing so and customers who had not used their credit in a while would be given the choice to either keep their account open or have it closed. 

Otherwise, the only change is that new personal lines of credit are no longer available through Wells Fargo, which is old news. This has not been a profitable product for Wells Fargo for some time. Previously offered in amounts of between $3,000 and $100,000, customers will need to choose a different product if they want to borrow money or a different bank if they want unsecured credit.

All of this very public flip-flopping caused a good deal of confusion about Wells Fargo credit cards, with some rumors going around that existing card accounts would be shutting down as well. But in reality, the changes to personal lines of credit were all part of a restructuring strategy designed to direct more resources to credit cards and loans. The bank is focusing more on credit cards, not closing them.

So Wells Fargo credit cards are very much still available, and there are even some new ones you might not know about.

The New Credit Cards

Want one of the new Wells Fargo credit cards for yourself? Below are the personal credit cards you can choose from as of February 2022.

It’s likely that we’ll see more cards rolled out here soon, but there are only three available for the time being (and if you don’t see an old Wells Fargo card on this list, it’s no longer available to new customers).

Wells Fargo Active Cash Card

image credit: creditcards.wellsfargo.com

You’ve probably seen the ads. This new card offers unlimited 2% cashback on qualifying purchases and a welcome bonus of $200 when you spend $1,000 within the first three months of opening. There are no reward categories and your rewards never expire as long as your account stays open. 

Only ATM transactions, balance or wire transfers, cash advances, checks, money orders, and gambling purchases don’t qualify to earn 2% back per dollar spent. This card also gives you cell phone protection up to $600 for stolen or damaged phones at no additional cost and zero liability protection for unauthorized transactions.

There is no annual fee for the Wells Fargo Active Cash Card. You need a credit score of at least 670 to qualify.

Wells Fargo Reflect Card

image credit: creditcards.wellsfargo.com

This new card is designed for people who intend to borrow more than they can immediately pay back, making it a great choice for those who used to have a personal line of credit with the bank. This card offers a 0% APR for 18 months after opening, with an optional three-month extension if you make your minimum payments on time during this period. After the introductory period, the APR is between 12.99% and 24.99%, depending on your credit.

This is not a rewards card, but it does come with a couple of other perks. Cardholders get up to $600 in cell phone protection, 24/7 roadside assistance, and access to My Wells Fargo Deals. 

There is no annual fee for the Wells Fargo Reflect Card. You need a credit score of at least 670 to qualify.

Hotels.com Rewards Visa Credit Card

image credit: creditcards.wellsfargo.com

Last but not least, the Hotels.com Rewards Visa Card. This is a unique travel credit card offering perks for fans of the travel booking site Hotels.com. You can earn one stamp for every $500 you spend in net purchases (do not have to be travel-related) and one stamp for every night you stay at eligible Hotels.com properties. Ten stamps can be redeemed for one reward night at a Hotels.com property that permits prepaid bookings.

Plus, earn two reward nights at a value of up to $125 each night when you spend $1,000 in qualifying purchases within the first three months of opening. The maximum redemption value of your award night is equal to the average value of your 10 stamps. You cannot cash out and must pay the difference if your total is greater than the value of your reward.

Although this card doesn’t offer as wide a range of redemption options as others, it’s a good option if you book with Hotels.com.

There is no annual fee for this card.

Understand Your Status

If you have a Wells Fargo revolving credit account, you probably received a letter from the bank stating your options when all of this was first announced. 

Basically, if you’ve been using the line of credit and making repayments, you don’t have anything to worry about. No changes should have been made to your account as a result of restructuring and you should still be in good standing with the bank. Review your credit report to make sure your credit score or history has not changed and check in with Wells Fargo with any questions you may have.

If you have not been using your line of credit for a while, Wells Fargo gave you the choice to either close your account or keep it open last fall. Customers had until November 2021 to ask Wells Fargo not to close their accounts. Your account was probably closed for you at the beginning of December if you did not specifically reach out to Wells Fargo to request this. 

Finally, if you have a loan or credit card with Wells Fargo, you should not have been affected by these changes.

What to Do If Your Account Was Closed

If you were one of the people who had an inactive personal line of credit that got closed, hopefully it didn’t come as a shock. You should have received notice about what was happening. So now what? 

The most important thing to know is that your credit probably took a hit. Unfortunately, there’s not really anything you can do about this. If your total available credit dropped dramatically as a result of this account closing, your score probably dipped because your credit utilization went up. 

You might have also seen a change in your score if your total age of accounts was lowered when this account closed. You can work to improve your score by keeping your credit card spend low and paying all of your bills on time, but it might take a while to recover the lost points.

Also, you should have received a repayment schedule from Wells Fargo at the time your account was closed. This will show you what fixed monthly payments you will make to pay back the balance you had, if any at all. You’re now locked into whatever interest rate you had when the account was closed. You will only pay interest on the money you borrowed, not on the total available credit.

If you really need to replace this account with something else, you could go find a different bank that offers personal lines of credit. You can open one with KeyBank, PenFed, or U.S. Bank, for example.

But rather than go searching for somewhere else to get a personal line of credit, you may decide that this product isn’t actually the best choice for you anymore.

Alternatives to Personal Lines of Credit

Personal lines of credit aren’t as popular or necessary as they used to be for most people. When they were first introduced, they offered more flexibility than loans and often better interest rates than credit cards. 

But today, credit card interest rates are comparable (and/or easier to avoid paying) and come with additional bonuses and spending perks that personal lines of credit didn’t offer. And many banks and credit unions offer personal loans and will let you see if you pre-qualify without a hard credit pull. These are much more readily available than unsecured personal lines of credit, which are a bit hard to come by.

Here’s a look at the advantages of these alternatives.

Credit Cards

The main advantage of credit cards over lines of credit is that you can avoid paying interest entirely with a card if you use it like you would a debit card and avoid carrying a balance. Many credit cards have 0% APR introductory offers as well.

You may also be able to borrow more than you could with a personal line of credit, depending on what credit limit you’re approved for. Plus, you can use the card for as long as you want and you’re not restricted to a borrowing period. 

Finally, credit cards are generally easier to qualify for and charge lower fees on average than lines of credit.

Personal Loans

Personal loans let you take out the total amount of money you need for a project or expense and pay it back in fixed monthly repayments. You can’t borrow a little at a time with a loan like you can with a line of credit, but you get all the money you need as a lump sum. 

If you have the time to plan how much you need to borrow, a personal loan might be a better option than a line of credit. You pay a fixed interest rate on the entire loan, typically lower than whatever the rate would be for a line of credit, and you don’t usually need to have great credit to qualify.

Wells Fargo does offer both credit cards and personal loans, but you might find better rates and promotions with a different bank.

Final Thoughts

We hope you’re a little more clear now on what’s going with Wells Fargo this year. Unless you had a personal line of credit account with the bank, the changes last fall probably didn’t affect you–or your credit–at all. And to recap: Wells Fargo isn’t shutting down current credit card accounts or loans for new or existing customers. You just can’t get a new personal line of credit.

Chase Private Client – Are The Benefits Worth It in 2022

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The Chase Private Client Welcome Kit was designed by AlyssaStrand. Image courtesy of AlyssaStrand.com
Full disclosure: We may receive financial compensation when you click on links and are approved for products from our advertising partners. Opinions and product recommendations on FlyerGeek are those of our writers and have not been influenced, reviewed or approved by any advertiser. Learn more about how we make money.

[Update January 2022: The $2,000 welcome bonus is now available by invitation from Chase. A FlyerGeek subscriber received the offer in his (physical) mailbox on January 13, 2022. See the comment section below for more information.]

In 2022, banking is more sophisticated and nuanced than just putting money into an account for safe-keeping. And with so much at stake, you want to make sure that you’re partnering with the right bank to meet all of your financial goals and needs.

If you’re a Chase customer with considerable assets under your belt, you may be considering the Chase Private Client Program. This personalized membership offers countless member-exclusive benefits, including one-on-one time with various financial advisors, banking and lending perks, and discounts on loans and transactions.

Here is a detailed look at everything this elite club has to offer.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

What Is the Chase Private Client Program?

The Chase Private Client Program (CPCP) is an invite-only program that offers countless exclusive benefits and services to its members. According to the bank, Private Clients enjoy a “personalized relationship” with Chase through which they receive access to only the best banking features and services offered.

From customized ​J.P. Morgan investing guidance​ to exclusive lending programs, there’s almost no end to the special treatment you’ll get as a Private Client. Other benefits include but are not limited to:

☎️ Priority banking service (24/7 on-call access)
💳 Member-only credit cards
🏠 Loan discounts*
👵🏻 Extensive retirement and financial planning resources
💰 Lower fees on most transactions (including those made abroad) and higher withdrawal and credit limits
🤵 Access to dedicated lending advisors
  • Chase Home Lending offers $500 off of the processing fee for Chase Private Clients with combined assets of $150,000 – $499,999 in eligible Chase deposit accounts and waives the entire processing fee (up to $1,150 for most loans) completely for $500,000+ in such eligible accounts.
  • Receive a 0.25% discount on your standard auto loan when you’re a Chase Private Client customer.

Who Is Eligible for the Private Client Program?

Not just anyone can become a Private Client (PC) with Chase. This invitation is given only to Chase’s “best customers,” and you’ll either need to request a meeting with a Private Client banker to discuss your qualifications or wait around for a letter just to be invited. There are two ways to qualify for an upgrade to top-tier status with Chase:

Have a combined total of $250,000 or more between all of your Chase personal and business checking, savings, and investment accounts. This does not include online self-directed investment accounts with ​You Invest​ or retirement accounts.

Have a family member extend their Private Client membership to you. Though being a Private Client does not technically cost anything in membership fees, members not invited by a family member must maintain a daily average of $250,000 for continued status. Within 45 days of upgrading, Private Clients must disperse this sum across whichever qualifying accounts they choose.

For most, that’s quite a chunk of cash and not a lot of time. You’ll want to consider any opportunity loss you may incur from moving money out of another investment or savings vehicle to meet this $250,000 requirement. If you don’t have that kind of money lying around, you might find yourself selling shares of stock, pulling from a savings account that was accruing interest, and even missing out on countless investment opportunities you were considering pulling the trigger on – just to meet this target. You’ll have to decide for yourself if the program is worth the sacrifice.

The second way to hack your way into the CPCP is to become a joint account owner with another Chase Private Client that is an immediate family member. All adult members of a shared Private Client deposit account are awarded the privileges of a membership, whether each of them has $250,000 or not. This loophole is utilized by many Chase customers that would otherwise never qualify for elite status.

Benefits of the Chase Private Client Program

Several aspects of modern banking are changed for Chase members elevated to Private Client status—overall, the program has many strengths, but it also has many caveats. Chase works hard to keep its Private Clients, but be sure to read the fine print before you make any decisions.

$2,000 Sign-Up Bonus – Back January 2022!

$2000 Sign Up Bonus sent via mail January 13, 2022 to FlyerGeek subscriber JB.

Chase customers opting to upgrade to Private Client status are periodically provided a hefty reward.

Chase is offering existing clients upgrading to Chase Private Client a lucrative welcome bonus of 💰$2,000💰 after completing a few qualifying actions.

Qualifying actions include:

  1. Meet with a Private Client Banker to upgrade to Chase Private Client CheckingSM account and
  2. Within 45 calendar days, transfer a total of $250,000 or more in qualifying new money or securities to a combination of eligible accounts.

Eligible VS Ineligible Accounts:

–  Eligible Accounts: qualifying Chase personal checking accounts and savings accounts, as well as J.P. Morgan investment accounts. These must be opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor. 

–  Ineligible Accounts: Chase business checking and savings accounts, any You InvestSM accounts, any J.P. Morgan retirement accounts (such as Traditional and Roth IRAs, Keoghs, SEP and SIMPLE IRAs, and 401(k) plans); CDs; insurance products; fixed and variable annuities; J.P.Morgan Fund Accounts; 529 College Savings Plans; attorney trust accounts; client fund trust accounts; as well as Government or Non-Profit accounts.

Credit Cards and Rewards

Behold! These are Chase Bank’s most illustrious credit cards. Image courtesy of AlyssaStrand.com

The Private Client Program does not have any unique cards except for the debit card given to members; even the highest-rated Chase cards are available to all. Any Chase member can apply for the ​Chase Sapphire Reserve®, an elusive travel card that un​officially requires a credit score of 750 or higher​, and the ​Chase Sapphire Preferred® Card, which requires a 700 or higher.

Private Clients are more likely to have these cards, but their approval odds are only higher because they have more money and better credit to begin with. If a person is likely to qualify as a Private Client, they are also likely to qualify for the top cards. The CPCP does not guarantee credit card approval and card rewards and points are the same for everyone.

Unless you’re a long-time personal finance junkie, you’re probably not familiar with the Chase 5/24 rule. This quietly enforced “no more than 5 credit card accounts opened in the course of 24 months” rule includes ​all​ cards that contribute to a person’s credit (not just Chase), and it is firm for everyone. That means that PC’s aren’t likely to get around this stipulation even though they are Chase’s “favorites.”

✈️ Looking for a new travel credit card this year? See today’s top offers below:

Convenient Banking

Members of the Chase Private Client Program never have to go long without getting help. Private Clients have access to a 24/7 exclusive Banking Services line ​(Domestic: 1-888-994-5626, International: 1-405-235-4847) to answer questions the moment they have them, no in-person appointment or hours on the hold required.

Members of this program also have a dedicated banker ready to help them navigate and make the most of their membership. There’s a lot to the private program, but clients don’t have to figure it out alone. ​In addition to these helplines, Private Clients are offered a number of banking benefits, including:

●  Higher daily ATM withdrawal limits (up to $2,000)

●  Higher daily purchase limits (up to $7,500 with Chase Private Client debit card)

●  Higher QuickDeposit and QuickPay limits ​($25,000 per day and $100,000 every 30 days and $5,000 per day and $40,000 every 30 days, respectively)

●  Rushed (free) card replacement

●  No Chase fees at non-Chase ATMs or on wire transfers

●  No monthly service fees on checking or savings accounts

Business Account Bonuses

Chase members with Private Client status that also use ​Chase for their business banking​ can count on a few special accommodations. Specialized business banking advisors are assigned to every Private Client business owner. These advisors can answer any of your questions and help you strategize your business spending so that you’re using your money as effectively as possible.

Private Clients do not pay any fees on electronic deposits to Platinum or Total Business Checking Accounts or service fees on these accounts. Even better, minimum balance requirements are lower for Private Client Platinum Business Checking accounts. If you’re wondering whether your business account funds can be used to qualify you to become a Private Client, the answer is yes.

Investment and Retirement Counseling

Rest easy with a dedicated investment advisor.

Members of the Chase Private Client Program get to partner up with dedicated J.P. Morgan investment advisors. Because J.P. Morgan is one of the biggest investment banking companies in the business, that means access to global expertise and vast market research. Clients meet with their advisors regularly to discuss immediate financial needs and market and economic trends as well as smart next moves.

Chase Private Client members also get help preparing for retirement​ in the form of a comprehensive 4-step plan. Through this plan, clients identify what they want to get out of retirement, evaluate their current financial situation, develop strategies for success, and assess their goal progression, all with the help of an investment professional.

However, there is a catch. Giving J.P. Morgan the reins to manage your investment portfolio and offer advice isn’t free, even for Private Clients. An annual fee of 1.25%, billed quarterly, is charged for portfolio management services from J.P. Morgan. Many professional portfolio advisors, through firms like Vanguard and Personal Capital, charge less than this (the average is more in the 1% range). If users choose to use You Invest, a self-directed free trading platform, instead, their investment opportunities will be severely limited and their returns much lower.

Mortgage and Loan Advice

The stressful process of taking out a home mortgage or auto loan is made less stressful for Private Clients because these Chase members receive discounted rates on lending and top-notch personal loan advice. Through the Chase Private Client Mortgage Rate Program, members work with home lending advisors and other team members such as underwriters and processors to plan their home loans with big picture financial goals in mind.

When it’s time to take out a loan, Private Clients can expect up to 1.25% off the standard variable rate for a home equity line of credit and a 0.25% rate discount off standard auto loan rates with an additional 0.25% off of that when refinancing.

Privileges for the Whole Family

Benefits the whole family can enjoy!

While Chase Private Clients can extend their benefits to other members of their immediate family with whom they share accounts, the family privileges of this membership don’t stop there.

Parents might like the fact that they can set withdrawal and spending limits on authorized debit cards for use by their kids through the Private Client Program, but young adults can learn more about responsible banking themselves through ​Chase’s Student Banking Program​. However, these features are not exclusive to the CPCP.

Additional Benefits

There are a few final hidden perks to the Chase Private Client Program that shouldn’t be overlooked for those that enjoy skipping lines and being treated like a VIP. Chase Private Clients have access to annual member-exclusive events, early ticket purchase on select entertainment, and can even utilize their membership to gain special entry into certain institutions through the Chase Private Client Arts & Culture Program​ (though use of this perk is limited).

Does It Pay to Be a Chase Private Client?

The CPCP likely isn’t for anyone still improving their credit, new to investing, paying off large loans (other than perhaps home loans and mortgages), or just beginning to plan for retirement.

The Chase Private Client Program is best-suited for larger asset-holding Chase customers that favor convenience and may want a little help with big financial decisions but have already made some progress towards long-term financial goals. It’s also worth noting that not all Chase banks participate in this program, so this is very much a case by case offer.

As with anything, there are pros and cons. There are discounted loan rates, waived service fees, and member-exclusive events, but there’s also that massive $250,000 ​minimum ​account balance requirement.

Do you have experience being a Chase Private Client? Please share in the comments.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

American Express® Gold Card VS The Platinum Card® from American Express

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Full disclosure: We may receive financial compensation when you click on links and are approved for products from our advertising partners. Opinions and product recommendations on FlyerGeek are those of our writers and have not been influenced, reviewed or approved by any advertiser. Learn more about how we make money.

American Express has a reputation for premium products and above-and-beyond customer service, and Amex membership is generally pretty rewarding. Just how rewarding depends on which card–or cards–you carry. Two of the most popular American Express cards are also two of the most premium.

These are:

  1. American Express® Gold Card and
  2. The Platinum Card® from American Express

These cards are often compared, with Gold being the next step above Platinum.

So what are the differences between the Amex Platinum and Gold cards?

These two premium metal credit cards are not as alike as you might think. Keep reading to find out more about the similarities and differences between Amex Gold and Platinum and decide which one is right for you.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

Differences

To help you understand how these two credit cards really compare, we’ve put together a table outlining the differences.

Note that the American Express Gold and American Express Rose Gold cards are equal in every way and differ only in color.

 Amex GoldAmex Platinum
💸 Fees
– $250 annual fee
– $10 or 5% for cash advances
– $40 late or returned payment
– No fee for adding more cards to your Gold account
– $695 annual fee
– $10 or 5% for cash advances
– $40 late or returned payment
– $175 for each additional card you add to your Platinum account (up to 3 permitted)
✅ Credit Score670-700 minimum690-700 minimum
Income Level 💰Estimated to be at least $50,000 per individual. Not disclosed by American Express.
Estimated to be between $50,000 and $100,000 annually per individual. Not disclosed by American Express.
💳 Credits
(terms apply)		$120 dining credit – up to $10 statement credit per month when you use your Gold card at:
– The Cheesecake Factory,
– Ruth’s Chris Steak House,
– Grubhub, Seamless,
– Boxed, and
– select Shake Shack locations.

– Up to $120 Uber Cash annually when you use your Gold card to pay for rides and UberEats orders, with $10 Uber Cash credit every month.

– Also earn 4 points per dollar on Uber rides and UberEats purchases.		Total value: >$1,400
– Up to $200 Uber Cash when you use your Platinum card to pay for rides and UberEats orders, with $15 Uber Cash credit every month plus an additional $20 bonus in December.

– $300 Equinox Credit
– $25 per month toward your luxury fitness membership when you pay for Equinox All Access, Destination, or E by Equinox using your Platinum card.

– $240 digital entertainment credit – up to $20 per month on partner subscriptions including Peacock, the New York Times, Sirius XM, and Audible.

– $179 CLEAR credit per year when you pay for membership with your Platinum card (annual price is $179).

– $200 airline fee credit per year when you charge incidental fees to your Platinum card.

– $100 Saks credit per year (up to $50 every six months) when you make Saks Fifth Avenue purchases with your Platinum card.
⭐️ Points
(terms apply)		– 4 points per dollar at US restaurants.

– 4 points per dollar at US supermarkets (up to $25,000 per calendar year).

– 3 points per dollar on flights booked direct or on amextravel.com.

– 1 point per dollar on everything else.
– 5 points per dollar on flights booked direct or through American Express Travel and hotels paid for in full in advance of stay (up to $500,000 per calendar year).

– 5 points per dollar on hotels included in the Hotel Collection and paid in full prior to stay

– 1 point per dollar on everything else.
💲 Welcome Bonus
(terms apply)		– 60,000 bonus points when you spend $4,000 within six months of signing up as a new Platinum card member.– 100,000 bonus points when you spend $6,000 or more within six months of signing up as a new Platinum card member.
📈 Rates– 16.74% – 23.74% for Pay Over Time
– 25.99% for Cash Advances
– 29.99% penalty APR		– 16.74% – 23.74% for Pay Over Time
– 25.99% for Cash Advances
– 29.99% penalty APR

As you can see, most of the differences come in when you’re looking at points and perks. The majority of Platinum perks are related to travel–such as 5x points on flights and airline fee credits–and this card offers a number of generous bonuses and credits. If you were to use every single Platinum benefit available to you, you would receive about $1,419 in value.

Gold offers a variety of perks from dining benefits to purchase protection. This card doesn’t give you as many statement credits, but the points earning categories are ideal for everyday use when traveling, shopping, or paying bills. And that’s not to say that the Amex Gold card isn’t also good for travel–members receive annual Hotel Collection credits and 3 points per dollar on flights, and all American Express premium cardholders receive personalized travel services at no cost.

As for similarities, these cards charge the same interest rates and fees except for the annual membership premium and cost for adding additional cards.

You may be able to get the annual fee waived for either of these cards if you are an active-duty U.S. military member if you get in touch with customer support.

Which Is Better?

The better choice for you depends on your bottom line. Are you looking to save money on travel specifically or do you think you’d get more use out of a general card with several perks categories?

If you’re looking for a card with travel perks, then the Amex Platinum card is going to be the better option. Because the majority of additional benefits that come with this card are for travel, members can save more if they travel or fly a lot, but this card does cost considerably more than the Gold card. Unless you are offered the invitation-only Amex Black card, the Platinum card is the most elite card you can get.

If you travel a lot, you will probably find the American Express Platinum card to be more rewarding. It offers a number of travel perks including up to 5x points on flights and prepaid hotels as well as hotel and Uber credits, but you might not necessarily need or even use all of this enough to make the steep annual fee worth it. If you don’t travel a lot and you’re just looking for a great card for everyday use, the American Express Gold card is for you.

We also recommend the Gold or Rose Gold card if you want a less expensive option but you still want the benefits of being an American Express member. This card could also be better for you if you don’t think you’d qualify for Platinum, as it is easier for most applicants to qualify for than the Platinum card.

With that said, neither card is easy to get. Although income requirements are not provided for either card, applicants who do not have stable incomes will not be considered, and you may need excellent credit if your income isn’t great or a high income if your credit is lacking.

Or maybe neither card sounds quite right. American Express has many credit cards in its product suite, so you can explore these for more options. For example, with an annual fee of $150, the Amex Green card is a more affordable option that rewards you three points per dollar on restaurants and travel.

Final Thoughts

At the end of the day, these are both all-around good credit cards if you’re in the market for a premium metal card. Which one is right for you depends on what annual fee you’re willing to pay, what benefits you’re looking for, and how you’re going to use your card. If you take advantage of all perks offered with an American Express Gold or American Express Platinum card, you can get your money’s worth from the annual fee pretty easily and start saving.

Wayfair Credit Cards: How they compare + are they worth opening?

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image credit: wayfair.com
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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 don’t make a habit of collecting store credit cards without doing your research, we’re 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 you’ve probably had about Wayfair credit cards from whether they’re worth it, which one is right for you, and how to sign up and use your card. Let’s get into it.

✈️ Looking for a new travel credit card this year? See today’s top offers below:

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 (up to 24 months) 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 (see “Fees”) immediately when your time is up.

Not that these are personal credit cards not intended for business or travel use. If you are a business owner, you can apply using your personal information but will not receive any business discounts or perks when using your card. For this, consider Wayfair Professional.

This program offers special pricing and perks including expedited shipping and personalized services to business owners who shop at Wayfair for furniture and decor. Wayfair Professional is free to join and all you need to do is verify your business using your business identification number to get approved. You can use a Wayfair credit card for Wayfair Professional purchases.

Perks

Besides the rewards and no-interest financing perks, the Wayfair Mastercard also offers rewards on non-Wayfair purchases (but the Wayfair Credit Card does not). These include 3% rewards at grocery stores, 2% rewards on online purchases, and 1% on everything else.

Not all purchases qualify. Recurring payments for subscriptions and bills, insurance payments, taxes, and personal and business service transactions, and promotional financing purchases, for example, do not earn rewards when you pay with the Wayfair Mastercard.

Rewards do not expire and there is no minimum that you must maintain in your account or use when redeeming. You can earn a maximum of $2,500 Reward Dollars per month with either the Wayfair Credit Card or Mastercard. Rewards can be redeemed for Reward Dollars that can be used toward Wayfair purchases at checkout. You can check your balance from your Wayfair account.

You can not use Reward Dollars to pay for non-Wayfair purchases with the Wayfair Mastercard.

Another perk available to all cardmembers (you do not need to choose this perk over rewards) is Major Purchase Plans. In a nutshell, cardmembers may qualify for reduced interest rates on large Wayfair purchases, subject to credit approval, and have up to 60 months to pay in full. Here is a breakdown of the repayment plans available:

  • Orders over $1,999: 0% APR for 36 months
  • Orders over $3,999: 9.99% APR for 48 months
  • Orders over $4,999: 9.99% APR for 60 months

Note that special financing payments and promotional payments must be made with a Wayfair credit card but are not eligible to earn rewards. Also, the 0% APR on orders of $1,999 or more is a limited-time offer only available through January 5, 2022.

Fees

The Wayfair Credit Card and Wayfair Mastercard do not have annual fees. There is a fee of 3% on foreign transactions and a balance transfer fee of $10 or 5% (whichever is greater). The fee for late payments can be up to $40 and for returned payments also up to $40 each.

The Wayfair Credit Card has a variable APR of 26.99% and the Wayfair Mastercard has a variable purchase APR of 26.99% and cash APR of 29.99%. There is a minimum interest charge of $2.

Old Wayfair Credit Cards

Previously, Wayfair had a Credit Card Program in partnership with Comenity Bank that included only one credit card. If you have this card, you can no longer use it to make purchases or redeem rewards still in your account.

There used to be more rewards for Wayfair cardmembers as well, including exclusive or early access to select items and free shipping on everything. But with the release of a second credit card and a new partnership with Citibank, these free perks disappeared and the rewards program was stripped down to savings and financing.

Pros and Cons

The best thing about the Wayfair credit cards is the savings. If you find yourself on websites within the Wayfair family often, it is probably worth it for you to sign up for a card just for the rewards. Membership doesn’t cost a penny, so you don’t have to worry about spending a certain amount to make the card worth it.

Another advantage to both of these credit cards is that they give you the option to pay off purchases over time. Between No Interest Financing and Major Purchase Plans, you have payback flexibility (as long as you choose financing as your perk).

Now onto the bad. Like most store-branded credit cards, you can’t use the Wayfair Credit Card just anywhere. You are restricted to Wayfair sites. This is one of the main reasons we recommend the Wayfair Mastercard over the Credit Card, if you have the choice, because you can use the Mastercard anywhere Mastercard is accepted.

But the main disadvantage to these cards is that the rewards program is pretty lacking. Rewards are capped to a maximum of $2500 Reward Dollars each month, and you are very limited in how you can use them. They can only be applied to Wayfair retail purchases, which is not unusual for a co-branded store credit card, but it would be nice to at least have the option to redeem for cashback.

Wayfair’s program also doesn’t have any of the additional cardmember perks that many store credit cards do. Many stores offer extras like free shipping, members-only events and discounts, waived fees, added purchase protection, etc.

The Target RedCard, for example, gives you free shipping and a 5% discount on every in-store or online purchase. The Walmart Rewards Mastercard automatically enrolls you in MasterRental Insurance at no cost and also comes with extended warranties and price protection on every purchase.

It’s also worth noting that the introductory offers are disappointing. $40 off your first order is nothing to get excited about and you only get it if you choose the rewards perk, which brings us to another disadvantage. You can’t earn rewards and take part in no-interest financing, so you’re going to miss out on something no matter what perk you choose.

And the APRs for these cards are high outside of promotions, so don’t carry a balance if you can help it.

How to Apply

If you don’t already have a Wayfair account, you’ll need to sign up for one. It only takes a few minutes to apply for a Wayfair credit card. From your Wayfair account, you can see if you pre-qualify and submit an application. Checking to see if you pre-qualify does not require a hard credit pull and therefore has no effect on your credit.

Most people who apply for a Wayfair credit card get approved. You only have to have a credit score of at least 580 to qualify. But if you have poor credit and do get approved, you might not qualify for perks such as Major Purchase financing (or may get stuck with higher monthly payments). You have to apply each time for promotional financing, and there is no guarantee that you will qualify even if you have in the past.

When you apply, you will automatically be considered for both credit cards though your application only includes one hard credit inquiry. You can choose your preferred card if approved for both. The Wayfair Credit Card is easier to qualify for than the Wayfair Mastercard, but you’ll want to choose the Wayfair Mastercard if you get approved for it.

You may receive a small bonus for applying if you have chosen rewards instead of financing. The current welcome offer gives you $40 off your first qualifying Wayfair order of at least $250.

How to Use Your Wayfair Credit Card

To use your Wayfair Credit Card, you need to sign in to your Wayfair account when checking out and should see your card in your saved payment methods. Wayfair Credit Card members receive a digital version of their card and cannot request a physical card.

Using your Wayfair Mastercard, a physical card that you will receive in the mail about a week after your application is accepted, is just like using any other credit card. This is a contactless chip card that you can swipe or tap at most terminals. Rewards will deposit to your account automatically following qualifying transactions. You can use this card at checkout when shopping online at Wayfair and other retail sites.

Sign into your Wayfair account to check your rewards balance. If you have Reward Dollars, you can use them toward whatever purchases you want. There is no minimum requirement for how many points you may use at a time. Just remember that rewards have no cash value, so the only way to use them is to credit them toward Wayfair purchases. You can’t cash out.

The process is the same when shopping at Wayfair family sites such as All Modern and Joss and Main. From your account, add your Wayfair credit card to your saved payment methods, then just select this option when checking out.

You can also pay your bill or make changes to your account from your Wayfair profile where you will be redirected to Citibank. Alternatively, you can pay bills directly through your Citibank account or over the phone by calling 1-800-365-2714. Citibank allows you to enroll in paperless statements and AutoPay at no cost.

If you have a Wayfair credit card issued through Comenity, you will need to contact Comenity to pay any outstanding bills and manage your account.

Final Thoughts

If you shop often enough at Wayfair and its affiliate sites, then a Wayfair Mastercard might be worth it for you. We definitely recommend the Wayfair Mastercard over the Wayfair Credit Card, as this option is the much more flexible and rewarding of the two. However, this isn’t a great credit card either.

The Wayfair credit cards can help you save money at Wayfair and finance large purchases, but the card rewards program is below average in a lot of ways. For example, there are no cardmember perks other than rewards and promotional financing. For most people, a free cashback rewards credit card such as the Chase Freedom Flex Card or the Citi Double Cash Card is going to be a much smarter and more rewarding option.