Review: Shaw Floors Credit Card

shaw-floors-credit-cardShaw Floors, in partnership with Synchrony Bank, offers a credit card that allows you to get special financing on large flooring purchases. But watch out for the fine print! Our overview / review of the Shaw Floors credit card is below:

The first thing to understand about the Shaw Floors credit card is that it can only be used for Shaw flooring purchases at stores that carry Shaw brand flooring. This is a strike against it — opening up a new credit line for a single retailer for a purchase that you make very rarely (flooring) can temporarily hurt your credit rating, especially if your credit history is shaky.

That said, there is one good reason you might want the card: 0% financing. If you are making a sizable Shaw Flooring purchase and don’t want to pay for it all at once, there is a good chance that the store you buy from will offer you a financing offer such as 0% interest on your purchase if you pay it off in 12 months.

This is an attractive option. HOWEVER, be sure you understand the complete agreement, because it is highly likely that the offer will require you to pay every penny of the purchase within the 12 months or get hit with ALL of the interest that would’ve accrued from the date of your purchase — as if the 0% offer had never existed!

And what is the interest rate you’ll be paying if that happens? 29.99%. Yep, you could pay almost a 30% premium on your Shaw Floors if you take a 0% financing offer and fail to pay it off in time. Be careful!!

There is no reason to apply for a Shaw Floors credit card until you are actually in a store ready to make a purchase, but you can check out the card’s online application here for more information on the card’s terms.