Review: Lovesac Credit Card

lovesaccreditcardIf you are a fan of Lovesac chairs, sectionals and other “alternative furniture”, you will be happy to know that LoveSac does allow you to buy on credit. Our overview / review of the Lovesac credit card (issued by Synchrony Bank) is below:

The first thing to understand about the Lovesac credit card is that it can only be used for Lovesac purchases; it is not accepted anywhere else. This is a strike against it — cards with limited acceptance can negatively affect your credit score (especially if your credit is shaky) without giving you much of a benefit in return.

However, there is one reason you might want it — it offers you 0% financing for up to 12 months depending on the size of your purchase. That sounds good, but there is one part of this offer you need to understand: you must pay off the COMPLETE purchase price within the agreed-upon time (6 or 12 months). Otherwise, you will be charged ALL of the interest that would’ve accrued since the date you made the purchase — as if the 0% offer had never existed! And the interest rate you’ll pay? 29.99%!!! If you aren’t sure you can pay off your complete Lovesac purchase by the end of the promotional period, don’t take the card!

The Lovesac credit card is offered in partnership with Synchrony Bank. While there is no reason to get the card until you are ready to make a Lovesac purchase, there is an online application available if you just can’t wait. (But you can wait, trust us.)