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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.

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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.