Sunday, 11 April 2021

Ikea Credit Card Review

Ikea Credit Card Review
14 Aug

Hey I'm Adam Jusko from ProudMoneycom and in this video i'm going to review the new IKEA Visa credit card

But before I do that I would ask you to please subscribe to our YouTube channel if you have not already and if you have already I thank you for doing so So the new IKEA visa has just rolled out This is a Visa credit card that allows you to earn rewards certificates towards future IKEA purchases As a Visa card you can use it at IKEA but you can also use it anywhere that Visa credit cards are accepted outside of Ikea So this is a card that we'll talk about for its IKEA rewards but also consider if it has any possibility of being a card that you really want to have in your regular rotation as a Visa credit card

You earn points/ cash back at IKEA and elsewhere and then those points essentially become rewards certificates — you earn points or cash back and every time that you earn $15 in rewards you get a rewards certificate The way you earn is you get 5% on your IKEA purchases, this includes anything in an IKEA store, IKEA restaurants, anything of that nature, plus it includes a TaskRabbit and IKEA's kitchen installation services, so basically anything that's sort of associated with IKEA that way, you're going to get 5% in rewards on You'll get 3% in rewards on dining, grocery and utility purchases, and then 1% everywhere else that you use the card Like I said, every time you reach $15 in rewards, you will then get a reward certificate that you can use toward future IKEA purchases Now that sounds great but the downside to this is when you get that reward, it expires in 45 days

So you only have a little bit more than six weeks to use the reward every time that you earn it So you need to ask yourself "am i a regular enough IKEA shopper that when I earn that $15 in rewards I'm gonna be ready to go out and use that again?" Or is it gonna feel like "oh boy, I got this reward certificate and I've got to get myself to Ikea now and use it before that thing expires" For a lot of people I think it's going to be the latter IKEA is not so much your everyday store that you're going to constantly, so it may be something where you earn that rewards certificate and then you really are motivated or at least sort of forced to use it in the short-term because you only have a little bit more than six weeks to use it once you get it Now the extras here

you can get $25 off your first card purchase, sort of anything that you buy with this IKEA Visa at first you're going to get $25 off of, which is nice You can earn a $25 bonus certificate that will go again toward future IKEA purchases if you use the card for at least $500 of purchases outside of IKEA and it's related services within the first 90 days — so they want you to start thinking of this as a Visa card that you're going to use not just at IKEA but in other places as well, and they will give you a $25 bonus certificate if you use it for at least 500 bucks in the first few months There's no annual fee here on this card

It has a 2199% interest rate at least as it starts out at its launch That's not a great interest rate obviously although it's not necessarily all that far off for retail store credit cards, they usually have higher interest rates and this one is no exception It's issued by Comenity Capital Bank Comenity is a bank that issues a lot of retail store credit cards, sort of a competitor to Synchrony Bank, which also does a lot of issuing for retailers

You can get an instant approval, or at least if you do get instant approval, you can use your card on the day that you are approved both in store and online Let's see, what else? That's about it IKEA does offer another credit card called the Projekt Card, this is basically a card for special financing on larger purchases that you make at IKEA This one has existed for a while — the IKEA Visa is a new card that is more of what you would think of as your everyday potential credit card versus something just for large purchases like the Projekt Card So, overall, our verdict on this card is it's okay for the frequent IKEA shopper

If you go to Ikea a lot, you can earn pretty good rewards with it — that 5% at IKEA and its related services is a good use of this card But is it an everyday card? I don't think so For most people, IKEA is not a place that you are shopping at often enough where you would really want to be constantly trying to build up your points to get these rewards certificates So even though it's a Visa and you can use it elsewhere, we would say usually what you really want to do is you want to use it IKEA, maximize those benefits if you shop there often enough in order to get those rewards certificates Having to use the reward certificate within just that 45-day period after you get it, there's also a little bit of a deal-killer for us

We'd like to see that more flexible so that you can use it over a longer period of time, so that you don't have to rush into IKEA to use it — it's good for IKEA if you come in quickly when you get it, but it's not necessarily so great for you if you're sort of making purchases with a reward certificate just because you have it and you don't want to lose it before it expires So that is it Thanks for watching Please go to ProudMoneycom where we do other credit card reviews, and personal finance news, and other fun stuff too

Thanks for watching Bye

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