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This article was last updated Feb 24, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
If you’re planning to make a big furniture purchase and need to pay it off over time while paying no interest, the Rooms To Go Credit Card could be worth a look. This card is issued by Synchrony Bank, which also issues other retail credit cards such as the Amazon.com Store Card.
- Rooms To Go Credit Card pros
- Rooms To Go Credit Card cons
- Additional Rooms To Go Credit Card benefits
- Compare it to the BankAmericard® credit card
- Is the Rooms To Go Credit Card right for you?
Rooms To Go Credit Card pros
You have a chance to get interest-free financing for five years. The Rooms To Go Credit Card has been offering five years of interest-free financing on purchases up to $999.90 and up. Check the company’s website for its latest promotions. Note that equal monthly payments are required.
Smaller purchases will still qualify for interest-free financing periods of at least 12 months, according to a Rooms to Go sales representative.
Rooms To Go Credit Card cons
The APR is very high. It’s not unusual for store cards to have high APRs, but at 29.99%, the Rooms To Go Credit Card’s APR is one of the highest we’ve found. If you carry a balance on this card beyond the interest-free period, expect the interest charges to be expensive.
The zero-interest period is actually deferred interest. If you don’t pay off your full balance within the zero-interest financing period, you’ll owe back interest on the entire purchase amount from the purchase date. And with an APR of 29.99%, that’s an expensive prospect. A card with a true 0% introductory APR offer would allow you to pay no interest for up to 21 months, then charge you interest only on any remaining balance you’re carrying after the intro period expires.
You won’t earn discounts, rewards or a sign-up bonus. The Rooms To Go Credit Card doesn’t offer a discount like other store cards, nor does it earn rewards or a sign-up bonus.
Additional Rooms To Go Credit Card benefits
This card has a $0 annual fee, so you don’t have to pay just to carry it.
Store credit cards may be easier to qualify for with a fair credit score. A FICO® Score in the 580 to 669 range is considered “fair” — it’s better than “bad” credit, but it’s not a good credit score just yet. Store cards tend to be more accepting of applicants with less-than-stellar credit, so this card could be a way for you to demonstrate responsible payment history and build up your score into the good range (a score of 670 to 739 is considered good).
Compare it to the BankAmericard® credit card
If you’re looking for a card with a lengthy 0% intro APR offer to finance a large purchase, the BankAmericard® credit card is a great card to consider. Here’s how it stacks up against the Rooms To Go Credit Card:
|Rooms To Go Credit Card||BankAmericard® credit card|
|Purchase APR||Pay no interest for up to five years (terms apply). The regular purchase APR is 29.99%.||0% Introductory APR on purchases for 18 billing cycles. After, a 14.49% - 24.49% Variable APR applies.
|Rewards||No rewards||No rewards|
If you won’t be able to pay your purchase off within the BankAmericard® credit card’s 0% intro APR window, you could get a longer zero-interest period with the Rooms To Go Credit Card.
However, the BankAmericard® credit card has a true 0% intro APR offer — once the intro period expires, you don’t have to worry about being charged interest from the date of the purchase. With the Rooms To Go Credit Card, you do face that danger if you don’t pay off the balance within the promotional timeframe, because its financing offer is considered deferred interest.
Plus, the BankAmericard® credit card offers a better ongoing APR once the intro period ends.
Neither card offers rewards, but if your main interest is a long period of paying no interest, you may not be so concerned with finding a card that offers cash back or travel rewards.
Is the Rooms To Go Credit Card right for you?
Rooms to Go has store locations in the following states:
- North Carolina
- South Carolina
In addition, there are store locations in Puerto Rico.
If you live near a Rooms to Go store, and if you’re looking for a long period of time to pay off a large furniture purchase without incurring interest charges, the Rooms To Go Credit Card could be a good tool for managing your finances. However, it’s one you should use with caution — make a plan that will allow you to pay off the full balance before the interest period expires, or else you’ll be hit with deferred interest from the date of purchase at the high APR of 29.99%.
For cardholders who can pay off their furniture purchase within the 0% intro APR period offered by a general-purpose credit card such as the BankAmericard® credit card, we recommend that option over the Rooms To Go Credit Card. Not only will you avoid the risk of being hit with expensive deferred interest, but you’ll be able to use your card at other locations besides Rooms to Go (note that we recommend paying off your initial purchase before making new purchases on any card).
If you do decide to use the Rooms To Go Credit Card for your next large furniture purchase, be aware that you’ll have to pay sales tax and the cost of delivery up front.