IKEA Credit Card

[yudeology101]

Anyone have this card?  How is it?  The last thread related was dated back in 2012 in the forum.  Just wanted to get some insights as my gf is very interested. 

[FinStar]

It used to be offered in the US by GECRB, but IIRC it is no longer offered.  In Canada it goes through Citi Financial Services I believe.

[yudeology101]

Thanks Fin for the info.  Any good suggestions on a good furniture store CC? 

[FinStar]

Gosh, it;s been a while since I shopped for furniture.  But, I would venture this would also depend on which price range you're looking at and what's in your area (stores-wise).  Maybe others can chime in with some good suggestions or experiences.

[daninbath]

So much depends on where you live since there are so many regional furniture stores. For instance, in OH we have Levin, I know in New England there is Raymour and Flannigan etc. etc.

I don't think there is anything such as a "good" furniture card.  The ones I see usually have extremely high interest (mid to upper 20%). However,  most offer free financing for a set period of time.   

When I opened my Levin (through GE) last year I was lucky and got 2 years free financing on no minimum purchase with free delivery.  That was unusual. 

For free financing they require:  A down payment (20-30%), a minimum purchase ($999) and they require delivery (a $99 charge).   

In reviewing statements and talking to the sales person, the minimum required payment each month would not meet the total amount due, so be aware of that trick.  You could essentially make all the "required" payments in the "free financing" period and still have a balance, at which point they would charge you interest for the entire time for the entire purchase.

[Themanwhocan]

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@yudeology101 wrote:

Thanks Fin for the info.  Any good suggestions on a good furniture store CC? 

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The US Bank Cash+ is a good Furniture Store CC. You can select Furniture Stores as one of the 5% cash back categories.

[enharu]

It honestly depends on where you are shopping for furniture.

If you're shopping at a big box store, such as ikea, crate and barrel, etc, use a credit card so you can churn some rewards out of it.

On the other hand, some designer furniture stores, or just the smaller mom and pop furniture stores, are willing to waive / absorb sale taxes if you pay in cash. In CA taxes are 9%.....so having the sales tax waived essentially gives you a much better deal than what most credit cards can offer you. There are exceptions as well. Certain departmental stores, such as Nordstrom, Bloomingdales, macys, etc have home furnishing sales from time to time, and the discounts can be pretty significant (but their markups are pretty high to start with....).

In general, the Cash+ probably will give you the "best" deal for furnishings, up to 2000 per quarter, which sadly is a very low cap for such big purchases.