Mattress Warehouse Credit Card
Shoppers: 3 Reasons to Be Careful!
Recommended in specific cases. Use the Mattress Warehouse Credit Card very cautiously. Requires special attention to on-time payments to avoid very high APR and/or fees. If you need to pay for a new mattress right now, but don’t have another way to pay, this can provide a stop gap.
Pros and Cons: Mattress Warehouse Credit Card
Effectively a temporary 0% interest loan for auto repair if used correctly (make monthly minimum payments and payoff full balance during the promo period. See below for how much you have to spend for promotional financing
No Annual fee
They claim they will give a credit approval decision within minutes
Reputable issuer (Synchrony Bank)
Very high APR – 29.99%+ – like most store co-brand cards. Be careful to pay off your bill fully each month
Only able to use this card at home/furniture stores participating in the Synchrony Home Care network
Only works in the U.S.
Executive Summary: Mattress Warehouse Credit Card
This card is essentially just a mechanism for Mattress Warehouse and Synchrony bank extending you a small loan to make you mattress purchase. The card doesn’t work at other stores (other than furniture stores where the Synchrony Home card is accepted).
This is an ok option if you want to spread out a large mattress purchase over time. However, due to the extremely high interest rate of 29%, you will want to be extremely sure you make all minimum monthly payments on time and also pay off the full promotional balance during the promotional period.
Since the ‘headline’ 2% cash back rate only applies to purchases under $299, and who buys anything at Mattress Warehouse for less than $299, we think this cash back rate is essentially irrelevant.
We’d prefer to put a large mattress purchase on a cash back rewards card, but if you really need to spread out the payments, up to 48 months, this is an ok option for doing that. Just make sure to make all your payments and avoid that super high 29% interest rate.
You’ve probably heard that replacing your mattress every eight years is critical. However, that’s not the timeline everyone follows. An interest in having a more comfortable mattress or getting a new one when you move motivates many people to make that purchase.
If you want to test out your mattress before buying or find one you can take home as early as today, the Mattress Warehouse credit card allows you to finance your mattress purchase. Mattresses can be expensive, but this card lets you pay for the mattress over time if you can’t pay the total price all at once.
Good and Bad Aspects of The Mattress Warehouse Credit Card
As with any credit card, there are pros and cons associated with this one. The ability to go ahead and make a costly mattress purchase is a perk associated with securing this Mattress Warehouse Credit Card.
However, that’s not the only positive selling point associated with it. There are some downsides to securing this card, too.
Let’s check out all the details ⏩
Pros Associated With the Mattress Warehouse Credit Card
There are a couple positives associated with getting your hands on the Mattress Warehouse credit card, including:
- No annual fee.
- Financing options up to 48 months depending on size of purchase (see details below).
- 2% cash back for purchases under $299.
- Individuals with poor and fair credit scores are more likely to be approved for a store card like this one, than for most other credit cards
They also have the typical credit card benefits that are standard today:
- Fraud protection liability program.
- Website and app for account management
- Make payments via the website, app, auto payment enrollment, phone, and snail mail.
- Ability to request a spending limit increase
- Synchrony Bank reports your payment history to all three credit bureaus.
Cons Associated With the Mattress Warehouse Credit Card
A few of the downsides of the Mattress Warehouse credit card are:
- Essentially no rewards – the 2% cash back is only on purchases under $299, who spends less than $299 at Mattress Warehouse?
- The promotional financing is only on “qualifying purchase on one receipt,” so make sure you’re first purchase is the big one you want to take advantage of the promotional financing with
- Like most store credit cards, you can only use this at the store issuing it, in this case Mattress Warehouse and other furniture stores that accept the Synchrony Home Credit Card.
- Its annual percentage rate (APR) goes up considerably after the promotional period. The APR is also very high if you don’t pay the full balance off during the promotional period or fall behind on making monthly minimum payments. Remember that the minimum monthly payments probably will not add up to pay off the full promotional balance within the promotional period
Final word on the Mattress Warehouse Credit Card
If you’re interested in a new mattress but can’t or don’t want to pay the full amount up front, the Mattress Warehouse credit card might be for you. Make sure you pay off the full balance during the promotional period and make all of your minimum monthly payments on time along the way, though, or the 29% interest rate will make sure mattress purchase much, much more expensive in the long run.
Editor & Author
Cathy Gresham is a finance whiz.
After earning her MBA from The Wharton School, she has worked in strategy at some of the world’s largest and most influential financial companies for 20+ years. Notably, she has worked for the biggest credit card issuers and networks and brings an insider’s perspective to how credit card products work behind the scenes.
Cathy is passionate about personal finance and investing, and loves helping people learn about these complex topics. Her wit and humor make learning about money fun, and she’s always happy to share her knowledge with others.
Cathy enjoys spending time with her family and friends when she’s not crunching numbers or developing investment strategies. She’s also an avid runner, and can often be found pounding the pavement on her morning jog.