Wayfair is adding a new service to the mix: branded credit cards.
The company announced the launch of a private label credit card as well as a co-branded credit card with Mastercard through its partnership with Citi Retail Services.
“At Wayfair, we are focused on creating the best possible shopping experience for home, and that includes delivering the best value while making it as easy as possible for customers to shop millions of items for every room in the home. With the Wayfair Credit Card and Wayfair Mastercard, we are also able to reward our loyal customers with more added perks and benefits than ever before,” said Larry Lataif, Head of U.S. Consumer Financing, Wayfair. “We are pleased to partner with Citi Retail Services to make it even more rewarding for our customers to create a home they love.”
The initiative, which was announced on Friday, looks to capitalize further on the fact that consumers are still looking to beautify their personal spaces as they spend more time at home — an ongoing trend that has been immensely beneficial to retailers in the home improvement space.
According to Wayfair, both credit cards will offer 5 percent cash back in rewards or up to 60 months of financing on certain Wayfair purchases. The two credit card options do not have an annual fee or expiration date for redeeming the earned rewards and customers can expect to receive $40 off their first qualifying Wayfair purchase on orders of $250 or more.
Through the Wayfair Mastercard, customers can expect 3 percent back in rewards at qualifying grocery stores, as well as 2 percent on certain online purchases and 1 percent on every other “qualifying” purchase.
According to GlobalData Retail, as physical stores have begun to reopen, levels of interest in online furniture shopping have dropped since its initial peak in April. That said, Wayfair is clearly making strategic moves to sustain its current growth and then some.
The company reported a total sales increase of 83.7 percent in Q2, equating to $4.3 billion.