Raymour and Flanigan Credit Review

*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.

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Raymour and Flanigan Furniture, a well-known furniture supplier, was first established by two brothers in 1947. They operate by the slogan, "furniture for every room," offering items for your dining room, living room, office, and bedroom. Raymour and Flanigan has locations in Massachusetts, Delaware, Pennsylvania, Rhode Island, New Jersey, Connecticut, and New York., but they will deliver anywhere in the United States. In order to finance a purchase at Raymour and Flanigan, the store has issued a retail credit card, and offers additional financing options. Wells Fargo National Bank is the issuer of this credit card and there are four different financing options to choose from, all dependent upon the purchase amount, and a preferred account option.

Raymour and Flanigan Card Features

  • Four financing options to fit your needs
  • 0% APR on purchases (Varies by offer)
  • 27.99% APR after introductory period*
  • No annual fee

What We Like

Raymour and Flanigan extends a line of credit beginning with an account referred to as the "preferred account". This account is your "run of the mill" retail store credit card. There’s no real incentive for this option since there is no intro APR offered, but no minimum purchase is required, which is great for those making small purchases of about $500 or less. We like that there are four financing options to choose from, determined by the minimum purchase amount. These financing options also come with introductory interest on purchases ranging from 6 months to 27 months and there’s no down payment required to get your new furniture.

Looking at the longest running intro APR option, you could buy yourself over two years, until January 1, 2016, to pay off your purchase. Let’s say you make a purchase in the amount of $4,000 and pay that down for the next 26 months. Your payments will be less than $154-that’s a pretty manageable payment and could be a great deal for the right person.

What We’re Not so Crazy About

There’s a lot not to like in comparison to traditional unsecured credit cards, but it’s still standard in respect to store credit card accounts. The APR is wildly high at 27.99%, which kicks in as soon as you miss a payment, or starts right away with the Preferred Account option. There’s also the dreaded deferred interest that charges back interest from day one, even though you may have paid on time for the last 6 months, but was late on month 7, for example. Cards like these were built for those who are irresponsible with managing their accounts; that’s how all banks make the majority of their money.

The Bottom Line

Let's face it, it is easy to forget about a payment due date, especially if you don’t have your accounts set up for automatic payments. Life also has a funny way of throwing you off course every now and then as well. If you think that there’s any way you could miss a payment, just don’t open any store credit cards that charge deferred interest. Delivery costs could be high, too, especially if you don’t reside in the north-eastern part of the United States.

Here are a few credit card options that offer the longest running intro APR period, which all beat the Preferred Account Option for Raymour and Flanigan:

Citi Simplicity MCCiti Simplicity MasterCard- Enjoy 0% intro APR on purchases and balance transfers for 21 months. The highest possible standard APR that kicks in is still lower than the 27.99% offered by Raymour and Flanigan.  On top of that, there’s no late fees, penalty rate, or annual fee.

capital_one_securedCapital One Platinum Prestige- Enjoy a long 0% intro APR on purchases and balance transfers. Card holders pay no annual fee and have the option to design their card image. The on-going APR is 10.9% - 20.9% variable. *This offer and/or promotion may have since changed, expired, or is no longer available.

Chase Freedom -Enjoy 0% intro APR on purchases and balance transfers for 15 months. Card holders also receive a $150 cash back bonus after making $500 in purchases in the first 3 months of opening the account.

Still want to apply for the Raymour and Flanigan card? Find it here.

 

*Editorial Note: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Citibank.

*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.

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