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 you’re 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.
Wayfair Credit Card Issued by Citi Pros
1. 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.
2. – Switching Banks
The Wayfair card is making the switch from Comenity Bank over to Citi Bank. This is good news for a lot of people who already use Citi. For new people, it allows them to work with a more well-known entity. This can give you peace of mind because you know you’re working side by side with a reputable bank that puts customers first.
3. – No Interest Financing
You get the choice of 5% cashback or no-interest financing for up to 24 months on select purchases with the Wayfair Card. If you choose this option, you’ll have up to 24 months to pay off your purchase without paying anything in interest. This is a great way to save money, and you can feel good knowing you got the items or furniture you want without breaking the bank.
4. – Approval Odds
The Wayfair credit card has decent approval odds for those with fair credit. The Wayfair credit card approval score is a credit range between 580 and up. A higher credit score would be needed to get approved for the Wayfair Mastercard. You can see if you prequalify to avoid a hard inquiry on your credit report. Wayfair will automatically check your eligibility for both the Wayfair Mastercard and Wayfair store card in one application. If they approve both, you can pick the one that suits you the best.
5. – Flexible Reward Redemption
When you purchase an item at Wayfair or one of their partner websites, you’ll earn up to 5% back. You earn 3% at grocery stores, 2% for online shopping, and 1% everywhere else with the Wayfair Mastercard. There is no minimum redemption rate you need. You can redeem up to $2,500 every month in Reward Dollars at Wayfair’s retail sites. You can stack the Rewards Dollars since they never expire.
6. No Annual Fee
Neither card comes with an annual fee. This is excellent news if you don’t use that card that much because you won’t have to try and justify not getting a lot of rewards to help balance out the fee. You can allow your rewards to stack up as long as you like to maximize your savings.
7. Wayfair Payment Options
Wayfair gives cardholders several different ways to pay their bill. You can mail in your Wayfair credit card payment. You can pay the bill online or over the phone. Once you log into your account, you can check your orders, bills, and submit a payment that way. There’s also an app. If your card came from Comenity Bank, there’s an online portal you can use to pay it.
8. Introductory Offer
People who are new to the Wayfair credit card can get an introductory offer of $40 off their first purchase of $250 or more. You can’t combine this with other rewards or financing offers, but it’s reasonable. You will have to get credit approval to get this introductory offer, but it’s a nice bonus just for signing up for the card.
9. Better Security
The Wayfair card comes equipped with better security because it’s a chip card. There is embedded security technology that makes it very hard for people to duplicate it for fraud purposes. You can tap your card on the terminal when you pay instead of swiping it, and this also boosts your security measures.
Wayfair Credit Card Issued by Citi Cons
1. 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 can’t have both, and you can’t 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.
2. Deferred Interest
You get a set period to pay your purchases off with no interest with the Wayfair Card. If you don’t, every order has deferred interest. What this does is it backdates interest on your purchase from the date you bought your item. Since the interest rate is higher, you could end up paying a lot more for your purchase than you originally bargained for.
3. Strict Redemption
You may earn Rewards Dollars on every purchase you make, but you can only redeem them at Wayfair or their partner websites. You can’t cash them out for a check or gift card, but the rewards never expire. As long as your account is open and in good standing, you can let the rewards accumulate.
3. High APR
The average APR for the Wayfair credit card is 26.99%, and this includes people who have excellent credit. If you don’t pick the special financing option for your purchases and pay it back in time, you’ll have to pay hefty interest fees every month until you get your balance to zero.
4. Low Introductory Offer
All you get in the form of an introductory offer is $40 off your first purchase. You can’t combine it with any other discounts, and you have to spend at least $250 on your first purchase to qualify for it. Since Wayfair’s items tend to be on the more expensive side, this is a very low introductory offer.
5. Small Qualification Window
Another not-so-nice thing about the Wayfair credit card is that it has strict qualification requirements. It does let you prequalify before putting a hard inquiry on your credit report. However, the Wayfair Mastercard caters to the higher end of the credit score spectrum. This can shut out a lot of potential applicants.
Learn About Other Store Credit Cards
10 Best Store Credit Cards to Build Credit With Easiest Store Credit Card Approvals
Wayfair Credit Card Approval Odds
Fortunately for people with lower credit, the Wayfair store card has more lenient approval odds. The Wayfair credit card approval score hovers around fair credit levels. Typically, this means between 580 and 669. However, it’s critical that you apply with a prequalification link. This way, you won’t get a penalty for checking your eligibility status because it’s a soft pull.
These Wayfair credit card requirements are why retail cards are so popular for rebuilding credit. It’s a great tool for learning responsible use as well because you want to plan your budget to avoid the deferred interest.
Wayfair Payment Options
You get flexible payment options with Wayfair. It’s a good idea to use the Wayfair credit card because you get special financing or rewards. Possible Wayfair payment options include:
- Credit or Debit Cards (Wayfair, American Express, Discover, Mastercard, or Visa)
- Wayfair Gift Cards and Store Credit
- Wayfair Rewards
- Personal Checks, Cashiers Checks, and Money Orders
- Purchase Orders
- Wire Transfers
Keep the following payment considerations in mind when you pay your bill. This will help ensure that you don’t forget a payment or get stuck halfway through.
Accepted Payment Options in the Account Center
If you plan to pay online through the Account Center, have a checking account ready. You currently can’t use a debit card to make a payment. You’ll need to input your checking account number and routing number. You can find this number on your monthly statement, on the bottom of your check, or your bank will give it to you.
Wayfair Bank Fees for Paying Online
Wayfair doesn’t charge any extra fees for paying your bill online. Additionally, it’ll store your preferred payment method for future use. Since the site comes encrypted, you don’t have to worry about your sensitive information going anywhere. So you can switch it out whenever you like.
Wayfair Store Locations
Wayfair also has one brick and mortar outlet stores available. However, you have to know one critical piece of information involving the Wayfair outlet.
IMPORTANT: You are NOT ALLOWED to use your Wayfair credit account at the Wayfair outlet location. You’re ONLY allowed to use this account online.
However, you’re free to make whatever purchases you’d like with another card or cash. For people who have the Wayfair outlet by their home and need something right away, this is great. The outlet address, hours, and phone number is:
5101 Renegade Way
Florence, KY 41042
Friday and Saturday – 10 AM to 6 PM
Sunday – 10 AM to 4 PM
Telephone: (857) 559-4994
Conclusion – Wayfair Credit Card Now Issued by Citibank
The Wayfair credit card is a decent store-branded card for people with fair credit or higher. The application process is quick and easy, and you can use it to add a credit line to your history to continue building your credit score. If you like to shop at Wayfair, consider applying for the Wayfair card to help finance larger purchases.
Major Update With the Wayfair Credit Card Now Issued by Citi
Just announced, The Wayfair store credit card is now issued by Citi. There are two versions available the Citi Wayfair Mastercard and Citi Wayfair store card. To help note the key benefits of this credit card, I have provided this chart to illustrate the differences between the two new Wayfair cards. From my understanding, is that when you apply, you will either get the Wayfair Store card or Wayfair Mastercard based on your credit score. To learn more, click on the application link.
Learn more About the New Citi Wayfair Store Card
There is a prequalification option.
Wayfair Card Application
Wayfair Card and the Shopping Cart Trick from Comenity Bank
Comenity Bank no longer issues these new Wayfair store cards, so there is no longer any association with the Shopping Cart Trick. If you are interested in the Comenity Shopping cart trick, watch my 2020 YouTube Shopping Cart Trick Tutorial Video. Learn how to increase your chances of getting the Shopping Trick to work for you. Thank you so much for taking an interest in both my blog and YouTube Channel. I have always appreciated your support throughout the years.