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Wayfair Financing: 5 Options for Your New Home Decor

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Home decor usually isn’t a huge expense. But when you’re moving into a new home, paying for furniture to fill out each room can be a challenge if you either don’t have the spare cash to pay for a big purchase or would rather not empty your savings over it.

For Wayfair purchases, you can choose from one of the following two: the company’s credit card (which also offers special financing) and an Affirm loan.

Click below to learn more about the Wayfair credit card and the Affirm loan, plus three other options you might consider:

Wayfair’s financing options: A credit card and a loan

Wayfair credit card

Rather than offering just rewards for purchases or acting as a special financing card to help you defer costs, the Wayfair credit card gives qualified applicants a choice between the two.

  • Rewards: For those who go the rewards route, you’d get $25 on a purchase of $100 or more, and 3% back in rewards for purchases. You can earn up to $1,800 in rewards dollars per billing cycle. But those rewards expire after one year of inactivity on the card.
  • Special financing: The Wayfair credit card offers special financing with a 9.99% APR for 24,36,48 months based on your purchase amount. However, you must spend at least $210. The more you spend, the longer you’ll have to repay it. This offer is available on a periodic basis, however, so if you don’t see it mentioned when you go to apply for the card, you may have missed the window. Special financing is also available for a six-month term if you spend at least $210, but the terms for that deal are unclear.

Your credit card can only be used at Wayfair and its other brands, including Joss & Main, AllModern, Birch Lane and Perigold. The non-promotional APR is 28.99% Variable. Cardholders get access to perks, like free shipping on most orders, even those under $49, and there’s no annual fee.

How to qualify for the Wayfair credit card

To qualify, you’ll need to meet your state’s minimum age requirement to have a credit card, and have a U.S. address (P.O. boxes are not accepted). If you apply in-store, you’ll have to present a valid government-issued photo ID. And both in-store and online applications require a taxpayer identification number, such as a Social Security number.

As with other credit cards, you’ll need sufficient credit to qualify for the Wayfair credit card. However, the company does not specify what its minimum score requirements are. That said, you can use prequalification to find out if you’re likely to get it. This won’t hurt your credit score.

Affirm loan

Wayfair allows shoppers to pay with Affirm, a loan service you can use at checkout. Those who qualify can thereby break up the cost of their purchase over time and the term of the loan corresponds to the purchase amount. It’s worth noting that this loan does not come with any fees, other than interest.

Affirm loan terms
APR 0.00% to 30.00%
Terms 12 to 39 months
Loan amount Not specified
Origination fee No origination fee
Other fees None

Who qualifies for an Affirm loan?

To be eligible for an Affirm loan, you have to be at least 18 years old, have a Social Security number and live in a place that offers Affirm. That includes most places in the U.S. — the exceptions, however, are Iowa and West Virginia, due to state laws.

Qualification also depends on credit, and while Affirm doesn’t go into detail about its required credit score or similar requirements, it does offer prequalification through its app or at partner stores. That can help you determine if you’re likely to qualify for an Affirm loan without impacting your credit score.

3 other ways to finance your Wayfair purchase

  1. Personal loans
  2. Zero-interest credit card
  3. Payday advance app

1. Personal loans

Personal loans are another way to finance your home decor purchases, and the funds can often be made available quickly to qualified borrowers. These are generally best for those who have strong credit and a stable income stream and who can afford to take on an extra debt payment each month.

Like most loans, you’d pay back the principal, with interest, according to a predetermined repayment schedule. According to one LendingTree study, the average rate for someone with a credit score of 720 or better was 7.25% as of the first quarter of 2019. And while it’s possible to get a personal loan with bad credit, in general, the lower the score, the higher the interest rate. For example, a 680 score corresponded to an 11.12% APR, while 640 corresponded to a 23.56% APR.

Qualifying for a personal loan usually depends on factors like your credit history and income, but the funds can usually be used for a wide variety of purchases, like home improvement or wedding financing. To apply, you’ll generally have to be able to show proof of employment and income and have a bank account. But before you apply, it’s important to make sure it’s the right option for you, and if so, to shop around to find the best rate and terms for your financial situation.

2. Zero-interest credit card

For those who can qualify, a zero-interest credit card can be a solid way to pay for home decor and furniture purchases. Much like the Wayfair credit card’s financing option, it would give you a set a period of time during which you’d have a lower rate — in this case, 0% APR. After that, the rate would go back up to the standard APR.

But if you can pay it off before that happens, you’d essentially get an interest-free loan. The catch is that you generally have to have excellent credit to qualify for these types of cards. Further, if you fail to repay the full balance before the promotional period ends, you may be hit with deferred interest.

3. Payday advance app

Payday advance apps do exactly what they purport to do: In exchange for a portion of your future earnings, you can get access to cash now. And it doesn’t impact your credit score.

For bad-credit shoppers, an app like Earnin is an especially good alternative to a payday loan, which can leave borrowers trapped in a cycle of debt due to high interest rates and fees. However, there is usually a cap on how much you can take out. With Earnin, it’s just $100 a day. That said, there are no fees or interest, so it’s almost like you’re simply borrowing from your future self.


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