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Raymour and Flanigan Credit Card Review

Raymour and Flanigan Credit Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Apr 27, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

Purchasing furniture for your home or office can be an expensive endeavor. If you don’t have enough cash on hand to cover the entire cost upfront, it may be worth your while to sign up for a furniture store credit card, like the Raymour & Flanigan Credit Card.

Issued by TD Bank, the credit card has a $0 annual fee and offers several special financing options that allow you to pay off your furniture purchases interest-free over an extended period of time.

We break down the pros and cons of the Raymour & Flanigan Credit Card, and show how it compares to the Bank of America® Cash Rewards credit card, which offers an introductory APR on purchases as well as cash back on every purchase.

Raymour & Flanigan Credit Card pros

Variety of financing options. If you need to pay off your furniture purchase over time, you may be able to do so interest-free for up to six years with the Raymour & Flanigan Credit Card, depending on the amount of your purchase and your ability to qualify. The card’s financing options include the following:

Financing offerMinimum purchase requiredFine print
No interest if paid in full within 6 months*$600You need to make at least minimum monthly payments during the 6-month term. Balances that aren’t paid in full before the 6 months end will incur interest at 29.99% APR from the purchase date.
No interest if paid in full within 12 months*$1,200You need to make at least minimum monthly payments during the 12-month term. Balances that aren’t paid in full before the 12 months end will incur interest at 29.99% APR from the purchase date.
No interest if paid in full within 18 months*$2,400You need to make at least minimum monthly payments during the 18-month term. Balances that aren’t paid in full before the 18 months end will incur interest at 29.99% APR from the purchase date.
36 months no interest with equal payments*$3,600You’re required to make equal monthly payments during the 36-month term to pay your balance in full before the interest-free period ends. If you miss a payment, the offer will be canceled, and your remaining balance will incur a 29.99%.
48 months no interest with equal payments*$4,800You’re required to make equal monthly payments during the 48-month term to pay your balance in full before the interest-free period ends. If you miss a payment, the offer will be canceled, and your remaining balance will incur a 29.99%.
60 months no interest with equal payments*$6,000You’re required to make equal monthly payments during the 60-month term to pay your balance in full before the interest-free period ends. If you miss a payment, the offer will be canceled, and your remaining balance will incur a 29.99% APR.
72 months no interest with equal payments*$7,200You’re required to make equal monthly payments during the 72-month term to pay your balance in full before the interest-free period ends. If you miss a payment, the offer will be canceled, and your remaining balance will incur a 29.99% APR.

*Note: All offers are subject to credit approval.

No annual fee. The Raymour & Flanigan Credit Card comes with a $0 annual fee.

Raymour & Flanigan Credit Card cons

Deferred interest. Like many store credit cards, the Raymour & Flanigan Credit Card charges deferred interest. This means that if you take advantage of a 0% intro APR offer and don’t pay the balance in full by the end of the promotional period, you will be assessed interest charges at the standard rate from the date of purchase, until the balance is paid off.

The deferred interest terms don’t apply to the 36-, 48-, 60- or 72-month promotional interest-free periods, since you’re required to make equal monthly payments during the given term. That said, if you fail to make the equal monthly payments, your offer will be canceled and your remaining balance will be subject to interest charges at a rate of 29.99% APR, starting on your next statement.

Read What is deferred interest?

Limited usage. Unlike traditional credit cards, which can be used to make everyday purchases, such as dining out, gas and groceries, the Raymour & Flanigan Credit Card can only be used to purchase furniture, home decor and mattresses at Raymour & Flanigan stores.

While Raymour & Flanigan stores are only located in Connecticut, Delaware, Massachusetts, New York, New Jersey, Pennsylvania and Rhode Island, they do deliver furniture and mattresses to Maine, Maryland, New Hampshire, Vermont and parts of District of Columbia in two to four weeks, and Florida, Georgia, North Carolina, South Carolina and Virginia in three to five weeks. Free nationwide delivery is available on most home decor and area rugs.

Compare it to the Bank of America® Cash Rewards credit card

If you want a credit card that offers a 0% introductory APR on purchases for an extended period of time, doesn’t restrict you to using the card at one particular store and won’t sock you with back interest if you can’t pay off the entire balance in time, you should take a look at Bank of America® Cash Rewards credit card

The Bank of America® Cash Rewards credit card, which can be used anywhere Visa is accepted, offers a 0% Introductory APR on purchases for 15 billing cycles. Once the promotional period ends, a 15.49% - 25.49% Variable APR on purchases will apply to any unpaid balance instead of being applied retroactively on the entire purchase, like what is offered on some of the Raymour & Flanigan Credit Card’s deferred financing options.

Plus, unlike the Raymour & Flanigan Credit Card, the Bank of America® Cash Rewards credit card offers a rewards program — with an elevated cashback rate on furniture purchases.

Raymour & Flanigan Credit Card vs. Bank of America® Cash Rewards credit card

 Raymour & Flanigan Credit CardBank of America® Cash Rewards credit card
Annual fee$0$0
Sign-up bonusN/A$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Rewards rateN/A3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, 1% cash back on every purchase
Intro APR on purchasesSee terms0% Introductory APR on purchases for 15 billing cycles
Regular APR on purchases29.99%15.49% - 25.49% Variable APR on purchases

The Bank of America® Cash Rewards credit card offers 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, 1% cash back on every purchase.

If you select “home improvement and furnishings” as your choice category and max out the $2,500 spend cap, you can earn $75 cash back on those purchases in a quarter, in addition to the sign-up bonus.

The home improvement and furnishings category includes purchases from a wide range of merchants, including furniture stores, antique shops, upholstery and drapery stores, floor covering stores, home supply warehouse stores, general contractors, landscaping services and much more.

Read our Bank of America® Cash Rewards credit card review.

Which credit card is best?

If you’re planning to make a large furniture purchase from Raymour & Flanigan that you need to break down in installments, it may be worthwhile to consider the Raymour & Flanigan Credit Card. Although the card does not offer a rewards program and you are limited to using it at Raymour & Flanigan stores, it provides the opportunity to finance home furnishing purchases interest-free for up to 72 months.

However, keep in mind that if you fail to make your monthly payments on time, or if you don’t pay your balance in full before the promotional period ends, you will be subject to interest charges at a high rate of 29.99% APR from the date of purchase on the 6-, 12- or 18-month deals.

The Bank of America® Cash Rewards credit card, on the other hand, doesn’t require fixed monthly payments or charge deferred interest if you don’t pay your balance in full within the introductory period. Additionally, cardholders earn cashback rewards on every purchase they make using their card as well as a sign-up bonus.


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