Listed here are a few of the things that you should know regarding Ikea credit card application. Hope this can give you some valuable information regarding the credit card.
With regards to purchasing furniture, this Swedish retailer has turned out to be the choice for many people. The organization’s founder, Mr. Ingvar Feodor Kamprad, is now projected to be the 5th wealthiest person on the globe with more than $35 billion. They made this Ikea credit card, apart from Ikea debit card, to make it easier for you to finance your purchase, but does it really serve its purpose? Read further.
What Is Ikea Credit Card? : The Ikea credit card can only be used in at their stores to buy a frosta stool, salone vase, sofa, or whichever furniture you wish. It has no yearly fee and is recognized and accepted at all of the Ikea stores in US.
The Offer: What they’ve been giving for some time is their promotional or marketing offer… with the Ikea card they offer “no interest if paid out within six months on purchases over $299.” At the start the offer seems okay, right? Who doesn’t desire to save money on interest? Well saving cash is actually good; unfortunately, it doesn’t seem like this card is a good way to do so. Here’s why…
Retroactive Interest: When you go over the small print, you will find the real deal behind this. So what will happen if it takes you beyond 180 days to pay out that certain purchase in full? They give you the interest retroactively… heading directly back to the time of purchase. So if it entails you six months and one week to pay all of it, you will be paying out interest for that whole period on the full purchase.
High APR: Also, the APR is very high to say the least. Some actually go so far as to maintain its usury. As of this time, the regular purchase APR is a 25.99%. Store credit cards are known for bearing high rates of interest, but the Ikea credit card most often takes it to new level. Suddenly, any deal you obtain at Ikea becomes a rip-off if you need to pay that type of interest on it!
Lack of Benefits: So being that this credit card is not that good in financing your furniture purchase, you might think it might have some redeeming features, right? Well, it doesn’t seem to have.
Not That Great Customer Service: I spent some time searching for Ikea credit card reviews, opinions, and negative feedbacks online. Surprisingly, I basically didn’t see positive comments regarding the card. Reportedly, a lot of card members have felt fooled by the back interest “bait-and-switch” as well as some have said that they were not informed about that by the sales personell that peddled them the credit card.
Conclusion: Ikea credit card is not that bad but I can’t say that it’s a great credit card neither. Virtually any credit card on the market provides you with an APR lower than 25.99%, so almost anything is better than this one. You can try out Victorias Secret credit card, Sears credit card, Old Navy credit card, or American Express credit card. But the decision is all up to you, you can read more reviews in the internet if you want to find out the real deal.
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