[WARNING] Wayfair Credit Card Review // The Not So 'Fair' Card!
The Wayfair Credit Card perks allows customers to choose between 3% rewards or no interest financing for a short period of time on selected items at checkout. Unfortunately, the Wayfair card is issued by Comenity Bank with extremely high APR rates and an even worse customer service record. The Comenity Wayfair Credit Card reviews tell of horrifying stories such as accounts in good standing being closed at the determent of customers credit scores. Choosing a more traditional credit card over the Wayfair Comenity Bank Card could literally save your credit score and thousands of dollars in interest payments over your lifetime.
Wayfair Credit Card
Points value extremely low
RATES & FEES
One of the highest APR's we reviewed
EASE OF USE
Limited use to Wayfair companies
Only concerned about you making your payments
Credit Knocks Overall Star Rating:
The Wayfair Credit Card starts by charging you some of the highest APR rates we have reviewed but does offer flexible financing options under some scenarios.
Keep in mind that the Comenity Bank Wayfair Store Card cannot be used anywhere else but at Wayfair/Comenity owned stores.
A major problem with this card is the issuer, Comenity Bank, who will cancel your card if you do not keep a balance and pay them interest regardless if you always pay on time or how long you have been a customer.
When a revolving credit card account is closed it can hurt your credit score which plays a major role in the interest rates you receive on future credit card offers, auto loans and even home mortgages.
There are many traditional credit cards that would be a better choice over the Comenity/Wayfair Card if you are looking for a credit card.
This Wayfair Credit Card review was written so that you can understand how their card works, its short comings, and better alternatives.
What's The Wayfair Credit Card?
The Wayfair Credit Card accounts are issued by Comenity Bank for use only at the Wayfair stores and their online website.
Just to be clear, this card cannot be used anywhere but on the Wayfair website or in their family of stores including Joss & Main, Birch Lane, AllModern, and Perigold.
You will not find a Visa, MasterCard, Discover, or American Express, logo on this card so it can't be used anywhere else.
Customers who use the Wayfair card to make purchases will have the option to receive 3% in rewards or select flexible financing for a short period of time.
Wayfair rewards expire one year from the date they are rewarded on eligible purchases and can be applied to a future purchases account balance.
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In a recent study at Credit Knocks, we found that *48% of clients who used a credit repair company got a credit score increase of 100+ points.
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The Comenity/Wayfair card also offers $40 off of your first purchase of $250 and free shipping when you use their card at checkout.
Overall, the 3% rewards does little to offset the 28.49% APR rate you will be spending on interest each month to receive those rewards, the actual savings is very low as compared to many other rewards programs.
Basically what you get with a Wayfair CC is a high interest rate card that can't be used anywhere but Wayfair and a few other of their obscure and lesser known stores.
Regardless of your credit score there are many better alternatives to the Comenity Wayfair Card option that will save you more money.
Who Is Comenity Bank?
Comenity Bank and Comenity Capital Bank are owned by Data Alliance and together manage multiple customer loyalty programs.
Generally, they work with retail locations and provide them with store credit cards, rewards programs and marketing information to retain customers.
They have a horrible reputation for cancelling customers store credit cards of people who pay off their credit cards regularly and don't pay interest.
It doesn't matter how much you charge on your card, or how long you have had it, if they are not making money in the form of interest or late payments, and you pay off your card...
They will cancel it!
Many Comenity Bank Reviews can be found complaining about how bad their credit score was affected after having their revolving credit account closed for no reason.
Beware, signing up for a store credit card issued by Comenity Bank or Comenity Capital Bank can cost you a lot of money.
Comenity Bank/Wayfair Card Basics
Below are some of the basic features of the Comenity Bank/Wayfair CC:
Remember that if you payoff the complete balance of your card regularly, customers regularly complain that Comenity Bank may close your Wayfair Credit Account which could hurt your credit score.
Wayfair Comenity Bank Benefits
The Wayfair card offers their customers 3% rewards on eligible purchases or they can choose flexible financing options on some products.
In addition, the Wayfair Rewards also include the following:
What Is The Starting Comenity Wayfair Credit Limit
Your initial Wayfair credit limit will be determined by a number of factors including your credit history and income.
There is no way of predicting the credit limit you will be given.
Low Credit Score?
Get a free consultation with a credit repair expert to see how much they can help your credit score.
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Wayfair Credit Limit Increase
Your Comenity Bank/Wayfair CC will periodically be reviewed for eligible credit limit increases.
If you make you payments on time, Comenity Bank will consider you for a credit limit increase.
You can also request a credit limit increase on your customer dashboard or by calling Comenity Bank directly.
The above is actually true for most credit cards and should not be a determining factor in choosing a high interest, low reward, Wayfair Card.
What makes credit limit increases so great is that they allow you to:
Wayfair Credit Card Pros & Cons
Reports To Major Credit Bureaus
$0 Annual Fee
28.49% Variable APR
Bad Customer Service
Low Rewards Value
Best Alternatives To The Comenity Wayfair Card
Comenity Bank is the 'Nancy' of credit card companies, only caring about their profits with little concern for their customers.
If you apply for Wayfair Credit Card you need to understand that you will be paying much more in interest rates than a more traditional credit card.
Wayfair Rewards program offers some of the lowest value of rewards compared to their competitors.
In addition, Comenity Bank Wayfair has a long history of closing good customers accounts and hurting their credit score if they do not carry a balance and pay interest.
Read some of the recent reviews submitted below about Comenity Bank which is the issuer and company you are actually working with if you apply for the Wayfair Comenity Credit Card.
Steps To Take After You're Approved
The real work starts once you have been approved for your Wayfair Comenity Credit Card.
Monitor Your Credit
One of the most overlooked areas of building credit, is monitoring your credit.
This is truly your first line of defense when trying to build or rebuild your credit.
You should try to find a service that allows you to monitor all 3 of your reports.
If your application goes to "Pending" status it doesn't mean Declined. Usually, more information may be needed.
Make On Time Payments
Making on time payments sounds like a super simple thing to do; however, we all live in the real world where things almost never go as planned.
Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.
No matter what, avoid late payments.
Keep Credit Utilization Low
Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.
For example, if your Wayfair card has a $300 limit and you spend $60.
Spending $60 on a $300 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommend credit utilization percentage, so be mindful of how much you spend.
How Do I Cancel My Wayfair Comenity Bank Credit Card?
You can cancel your account at any time by contacting their Customer Service Department at the phone number listed on your billing statement or on the back of your credit card.
Is There A Fee For Closing My Account?
Outside of the fees associated with your remaining balance, there is no fee for closing your account.
I would recommend keeping the card active as long as you can, there really isn't a reason to cancel the card any time soon.
Taking Action On Your Credit
Hopefully, you found this Wayfair Credit Card Review helpful because applying for their card could be a terrible mistake.
Click on any of the orange buttons in this article to be taken to a page with a detailed list of many better alternative credit cards.
Today is a great day to apply for a new credit card that you can use anywhere and be charged a fair APR interest rate, but the Wayfair Card is not that card.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.