Online furniture store Rooms To Go, in partnership with Synchrony Bank, offers a credit card that allows you to finance your purchases over time, often at a promotional 0% interest rate. But be careful of that interest rate if you don’t pay in time! Our overview / review of the Rooms To Go credit card is below:
The Rooms To Go credit card can only be used at Rooms To Go — it is not accepted at any other stores. That is a limitation to consider — do you really want to open up a new line of credit for a card that can only be used at a single online furniture store? Opening too many new lines of credit can hurt your credit score, especially in the short term.
Maybe you do want such a card. And the main reason you would is if you were making a big purchase and saw an offer for “No Interest For 12 Months” or something of that nature. It is obviously tempting to want to buy under such an offer. However, be sure to read the fine print: oftentimes these offers are “deferred interest” financing, meaning you must pay off the complete furniture purchase within that promotional period or you’ll pay all of the interest that would’ve accrued since the date of purchase — as if the 0%-interest offer had never existed. And with card’s terrible regular interest rate — 29.99% — you do not want that to happen. (Not all promotional offers are “deferred interest” — just be sure to check the fine print to be sure.)
So, while there’s nothing terrible about the Rooms To Go credit card, there’s little reason to get it unless you have a big purchase that you really need to finance, and you know you can get the purchase paid off within the 0% time period. Otherwise, steer clear.
You can apply for a Rooms To Go credit card via this online application.