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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 Oct 26, 2018. 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 a costly, but necessary expense. When it comes time to pay for the furnishings, you may be not have the money upfront to cover the whole cost. That’s when you may consider opening a store card from a furniture store, such as Raymour & Flanigan, that offers special financing. The Raymour & Flanigan Credit Card has a $0 annual fee and seven special financing offers that you can use to your advantage.

In this review, we’ll evaluate those special financing offers and provide alternatives for financing your Raymour & Flanigan or other home furnishing purchases.

Raymour & Flanigan financing offers — explained

The Raymour & Flanigan Credit Card provides several special financing offers* you can benefit from, depending on purchase amount:

Offer Minimum purchase required Fine print
No interest if paid in full within 6 months* $600 You 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 — aka deferred interest.
No interest if paid in full within 12 months* $1,200 You 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 — aka deferred interest.
No interest if paid in full within 18 months* $2,400 You 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 — aka deferred interest.
36 months no interest with equal payments* $3,600 You’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, you’re offer will be cancelled and your remaining balance will incur a 29.99%* APR.
48 months no interest with equal payments* $4,800 You’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, you’re offer will be cancelled and your remaining balance will incur a 29.99%* APR.
60 months no interest with equal payments* $6,000 You’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, you’re offer will be cancelled and your remaining balance will incur a 29.99%* APR.
72 months no interest with equal payments* $7,200 You’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, you’re offer will be cancelled and your remaining balance will incur a 29.99%* APR.

*Note: All offers are subject to credit approval.

Watch out for deferred interest

Many store cards charge deferred interest, and the Raymour & Flanigan Credit Card is no different — this means that if you take advantage of the special financing offers of “no interest if paid in full within 6, 12 or 18 months” and don’t pay your balance in full before the promotional interest-free period ends, you will incur all the interest you would’ve been charged during the interest period.

The deferred interest terms don’t apply to the 36-, 48-, 60- and 72-month promotional interest-free periods since you’re required to make equal monthly payments during the given term. That means your balance will be paid in full before the end of the interest-free period. But, if you fail to make equal monthly payments, a customer service rep stated your offer will be canceled and your remaining balance will be charged 29.99%* APR, starting on your next statement.

Here are the deferred interest terms for the Raymour & Flanigan Credit Card:

“Interest will be assessed from the date the purchase posts to your account if the purchase balance is not paid in full by the end of the promotional period.”

and

“No interest if paid in full within 6[, 12, or 18] months… No interest will be assessed if you make on-time payments and pay off the balance before the promotional period ends. If you do not pay the balance in full by the expiration date, interest will be assessed from the date the purchase post to your account at the standard APR.”

To avoid deferred interest charges, make sure you pay your entire balance in full before the promotional interest-free period ends. Continuing to carry a balance post-special financing period defeats its purpose and may cause you to fall into debt, since the interest rate is very high at 29.99%* APR.

Alternatives

Before you open a Raymour & Flanigan Credit Card, it’s a good idea to consider alternative financing options for your home furnishing purchases. This way you can compare various offers to find the one that’s best for you. We recommend considering alternatives such as intro 0% APR credit cards and personal loans. We’ll explain what each alternative is and provide options below.

Intro 0% APR credit cards

A better alternative to the 6-,12- and 18-month special financing offers provided by the Raymour & Flanigan Credit Card are cards offering introductory 0% APR periods. These cards offer no interest for a set time period — typically six to 21 months — which can help you pay off purchases over time. Plus, all the cards mentioned below don’t charge deferred interest.

If you have an upcoming home furnishing purchase, check out cards which offer intro 0% APR periods for new purchases:

  • Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically*

  • Earn 5% cash back at different places each quarter up to the quarterly maximum, when you activate*

  • Any amount, any time. Cash back rewards never expire*

Highlights
  • INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
  • Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
  • Plus, earn unlimited 1% cash back on all other purchases - automatically.
  • Redeem cash back any amount, any time. Rewards never expire.
  • Use your rewards at Amazon.com checkout.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • No annual fee.
  • See Rates & Fees

See additional details for Discover it® Cash Back

More Info

  • Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

  • 0% Intro APR on purchases and balance transfers for 15 months

  • 16.74% - 25.49% Variable

Highlights
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • Unlimited 1% cash back on all other purchases - it's automatic
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.74-25.49%.
  • 3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a minimum of $5.
  • No annual fee
  • Cash Back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back.
  • Free credit score, updated weekly with Credit JourneySM

See additional details for Chase Freedom®

More Info

If you have existing debt on a credit card, or your intro 0% APR period for purchases is about to end in two months, check out a balance transfer card. A balance transfer is when you transfer debt from one credit card to another card offering an intro 0% APR period on balance transfers. While you may incur a balance transfer fee, the cost is often outweighed by the amount you save on interest.

Take note: Balance transfers can’t be done between cards from the same bank. If you notice your special financing period is going to expire soon and you’re unable to pay off your balance, you should consider a balance transfer. This can save you money on interest charges that occur when you carry a balance after an intro period ends. Plus, you can benefit from more time to pay off your debt.

Here are our top picks for balance transfer cards:

  • 0% for 18 months on balance transfers & 0% for 6 months on purchases*

  • Earn 5% cash back at different places each quarter up to the quarterly maximum, when you activate*

  • 13.74% - 24.74% Variable*

Highlights
  • INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
  • Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
  • Redeem cash back any amount, any time. Rewards never expire.
  • 100% U.S. based customer service.
  • Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • No annual fee.
  • See Rates & Fees

See additional details for Discover it® Balance Transfer

More Info

  • 0%* for 12 months on Purchases*

  • 0%* for 21 months on Balance Transfers*

  • 16.49% - 26.49%* (Variable)

Highlights
  • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 16.49% - 26.49%, based on your creditworthiness
  • 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 16.49% - 26.49%, based on your creditworthiness
  • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
  • The same great rate for all balances, after the introductory period
  • Save time when you call with fast, personal help, 24 hours a day – just say "representative"
  • Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month

See additional details for Citi Simplicity® Card - No Late Fees Ever

More Info

Read our guides on the best balance transfer cards and the longest into 0% APR cards.

Personal loan

A personal loan is when you borrow a fixed amount of money for a fixed time period, and at a fixed interest rate. Taking out a personal loan can be a good option if you have less-than-stellar credit since lenders tend to be more lenient with their credit requirements. That’s compared with cards offering 0% intro APR periods which typically require good or excellent credit.

If you have upcoming home furnishing purchases and don’t plan to shop at the same store or rather not open a credit card, a personal loan can be a good alternative. The money you receive from the loan can be used to cover the cost of various home furnishing purchases.

You can compare personal loan offers from numerous issuers for free at MagnifyMoney, which is also owned by LendingTree.

Bottom line

The Raymour & Flanigan Credit Card provides cardholders the opportunity to finance home furnishing purchases for as long as 72 months interest-free — as long as you make the required monthly payments and pay your balance in full before the special financing period ends. You can see the most benefit from the 36-, 48-, 60- and 72-month interest-free periods that require equal monthly payments versus the 6-, 12- or 18-month interest-free periods that only require minimum monthly payments. We don’t recommend using the 6-, 12- and 18-month interest-free periods since they come with deferred interest that can defeat the purpose of an interest-free period. It’s a better idea to use an intro 0% APR card from the major banks since they don’t have deferred interest and offer longer intro periods.

*Terms and conditions apply. This offer and/or promotion has since changed, expired, or is no longer available.


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