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Tips for selecting a credit card to buy furniture

When it comes to post-divorce credit cards, the most important qualities to look for are low interest rates and no annual fees. You want a card that won’t cost you extra in interest and fees on your purchase and will help you build your credit score. Additionally, you should look for rewards that give you the most points or cash back for every dollar spent. If a reward system is important to you, check the fine print to make sure the rewards won’t expire before you’re able to use them.

 

Another thing to consider is whether the card offers purchase protection and extended warranty coverage for items you purchase with your credit card. This can help protect you in the event of a product failure or if you’re not satisfied with a purchase.

 

Now for the specific features to look for when buying furniture. First, since furniture purchases can be expensive and usually require a minimum purchase of several hundred dollars, you want a card with a high credit limit and low amount of available credit. This protects you from overspending and encourages credit responsibility. In addition, some credit cards provide their cardholders with exclusive discounts on furniture and other items. This can help save you money, so make sure to research these sources to get the best price.

 

Finally, depending on the furniture you buy and the store you buy it from, you may be entitled to special financing. Many stores offer 18-to-24-month promotional financing with no interest if you open a credit card account and make the purchase with that card. Not only does this help you make payments you can afford; it also helps you build your credit if you use the account responsibly. Look for a card with an introductory APR offer, which often range from 0 to 3 percent.

 

When searching for the best credit card for major furniture purchases after a divorce, make sure to shop around to find the best available offer. It’s also a good idea to craft a budget and stick to it to help you make decisions as you look for the best card for your needs. Buying furniture is a major purchase, so be sure to use your head and not your heart.

 

Pros and cons of buying furniture with a retailer credit card or a revolving line of credit

It's no secret that divorce is one of the most difficult times in a person's life. Not only can it be emotionally taxing, but there can also be significant financial changes that need to be managed. One of these changes involves furnishing a home on a shoestring budget, with the challenge being how to do this without racking up expensive debt.

 

When shopping for furniture for post-divorce life, many people consider using store credit cards. It can seem like a quick and easy way to purchase furniture when it’s needed most. But is this really the best option? In this blog post, we will explore the pros and cons of buying furniture after divorce with a retailer credit card or a revolving line of credit.

 

Before discussing the pros and cons, it’s important to understand the two different types of financing. Store credit cards are cards issued by specific retailers, such as department stores, that can only be used to purchase items from that specific store. They usually come with special introductory offers, such as 0% financing for a certain number of months. A revolving line of credit, on the other hand, is a loan provided by a bank or other lender that can be used to make multiple purchases of items from a variety of sources.

 

Now, let’s look at the pros and cons of purchasing furniture after divorce with a retailer credit card or a revolving line of credit.

 

The biggest pro of buying furniture with a store credit card is that you can take advantage of introductory offers such as 0% financing for a number of months. This can be particularly beneficial for those on a tight budget since it provides an extended period of time to pay off the debt without incurring any interest. Additionally, many store credit cards offer rewards points and/or discounts for making purchases with the card. This can help make the purchase more affordable.

 

However, there are both pros and cons to using a store credit card. One of the biggest drawbacks is that in many cases, the interest rate is high once the promotional period ends. This can lead to significant debt if the balance is not paid off in a timely manner. Additionally, the credit limit is usually low, which may not be enough to cover all of the furniture needed. Finally, store credit cards are typically not accepted everywhere, so you may need to purchase items from a single store, which can greatly limit your choices.

 

Using a revolving line of credit can also have both pros and cons. The biggest pro is that it gives you access to a much higher credit limit than a store credit card, meaning you can buy more furniture at once. Additionally, you can make purchases from various stores and online retailers, providing you with more options. Finally, the interest rate, while still high, is generally lower than those associated with store credit cards.

 

On the other hand, the biggest downside to a revolving line of credit is that most lenders require collateral to secure the loan. This is actually true for most types of loans, but it can be especially difficult for someone who has just gone through a divorce. Additionally, the interest rate can still be quite high and you may end up owing more than originally planned if you take too long to pay off the balance. Finally, some lenders may require an origination fee and/or other closing costs.

 

Overall, both a store credit card and a revolving line of credit can be an option when buying furniture after divorce. The important thing is to weigh the pros and cons carefully when deciding which type of financing to use. Evaluating the costs, interest rates, and repayment options of each will help you determine which will be the best choice for your specific situation.

 

Top 10 credit cards for buying furniture

1. Discover it® Cash Back – 0% Intro APR for 14 months and 5% cashback on furniture purchases; no annual fee
2. Chase Freedom Unlimited® – 0% Intro APR for 15 months and 5% cashback on furniture purchases; no annual fee
3. Wells Fargo Cash Wise Visa® Card – 0% Intro APR for 12 months and 1.5% cashback on furniture purchases; no annual fee
4. U.S. Bank Cash+℠ Visa Signature Card – 0% Intro APR for 12 months and 5% cashback on furniture purchases; no annual fee
5. Citi® Double Cash Card – 0% Intro APR for 18 months and 2% cashback on furniture purchases; no annual fee
6. Capital One® Quicksilver® Cash Rewards Credit Card – 0% Intro APR for 15 months and 1.5% cashback on furniture purchases; no annual fee
7. Bank of America® Cash Rewards Credit Card – 0% Intro APR for 15 months and 3% cashback on furniture purchases; no annual fee
8. American Express® Cash Magnet® Card – 0% Intro APR for 15 months and 1.5% cashback on furniture purchases; no annual fee
9. Barclays Rewards Mastercard® – 0% Intro APR for 15 months and 2% cashback on furniture purchases; no annual fee
10. Citi® Rewards+℠ Card – 0% Intro APR for 15 months and 2X points on furniture purchases; no annual fee

 

Top 10 credit cards issued by furniture stores

1. Ashley HomeStore Credit Card - 17.99%-24.99% APR, special financing options available
2. La-Z-Boy Credit Card - 16.99%-23.99% APR, special financing options available
3. Bob’s Discount Furniture Credit Card - 0% APR for 12 Months, must meet minimum purchase requirements
4. IKEA Credit Card - 0% APR for 6 Months, no annual fee, guaranteed lowest prices
5. Crate and Barrel Credit Card - 15.74%–25.74% variable APR, no annual fee, everyday low prices and special financing
6. Rooms To Go Credit Card - 17.99%-25.99% APR, no annual fee, rewards program
7. Ashley Furniture HomeStore Clearance Credit Card - 16.99%-23.99% APR, no annual fee, special financing and low interest options
8. Wayfair Credit Card - 16.99%-25.99% APR, no annual fee, special financing options and discounts
9. Value City Furniture Credit Card - 20.24%–29.24% APR, no annual fee, rewards and special financing options
10. The Room Place Credit Card - 20.24%-29.24% APR, special financing options, no annual fee

 

25 Tips for using a credit card to buy furniture

1. Do your research. Compare prices and read reviews to make sure you’re getting the best deal on the furniture you want.
2. Make sure you understand the terms of the credit card you use, including the interest rate and any fees associated with it.
3. Pay attention to pricing. Know how much regular-priced furniture costs and how much sale furniture costs so you can tell which one is the better deal.
4. Take the time to check for deals and promotions. Some companies offer discounts for buying furniture with a particular credit card or for using your card during certain times.
5. Ask about potential delivery fees when you buy furniture online. If applicable, factor it into the overall cost of the purchase.
6. Review your credit card statement after you make a purchase to make sure you have been charged the correct amount.
7. Make the purchase with a credit card that gives you rewards or points so you can get something back.
8. Consider using a credit card that offers an extended warranty or purchase protection so you can extend the life of your furniture. 
9. Take advantage of 0% intro APR promotional periods to save money when you make purchases.
10. Try to pay off the entire purchase amount each month. This will help you avoid interest charges and stay debt-free.
11. Set budget limitations when you’re browsing furniture stores and online websites.
12. Consider buying the furniture in parts. You can buy the basic pieces today and add other accessories later when you have more money.
13. If a store is offering a promotional financing period, use it to your advantage but make sure you can pay it off in full before the end of the promotional period to avoid interest charges.
14. Compare the APR between different credit cards and pick the one that offers the lowest rate.
15. Avoid making impulse purchases. Think it over for a few days before you commit to buying a piece of furniture.
16. Make sure you have enough available credit on the credit card you’re using to cover the purchase.
17. If you know you won’t be able to pay the purchase amount off in full, use a credit card with a low APR.
18. Call the company before you make the purchase to confirm the price, delivery time, and any applicable delivery fees.
19. Consider using a credit card that offers a long return window if something goes wrong with the furniture.
20. Read any fine print associated with promotional offers to make sure you understand what you’re getting into before you buy.
21. Pay close attention to any fees the credit card issuer may charge for cash advances, foreign transactions, and balance transfers.
22. Shop for furniture during sales or clearance periods to get the best deal.
23. Use the furniture store’s credit card if you plan to make future furniture purchases from them.
24. Make sure you have the funds available to pay off the purchase when it’s due. Otherwise, you may be charged late fees and interest.
25. Be mindful of the credit card rewards program and what cash-back offers you might be eligible for when you use your card to buy furniture.

Warning:  This post is neither financial, health, legal, or personal advice nor a substitute for the advice offered by a professional. These are serious matters, and the help of a professional is recommended as it can impact your future.