Finance

Is it Worth Using the Mattress Firm Credit Card 2023?

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Mattress Firm

You may be considering applying for a Mattress Firm credit card if you want to update your mattress. With no annual fees and the ability to finance mattress purchases at 0% APR for up to five years, the Mattress Firm Credit Card is a great choice.

Mattress Firm Synchrony

Customers of card issuer Synchrony Bank have access to more than 120 credit card alternatives. A lot of these cards have connections to other well-known companies like PayPal, eBay, and Amazon. Individuals with fair to bad credit can also apply for cards with Synchrony Bank, which is regarded as a bank that approves applications more frequently.

However, this card has a few significant flaws. Essentially, this card can only be used at Mattress Firm, has an extremely high annual percentage rate, and offers no incentives. To help you determine if this is the best card for you, we’ll go through all the benefits and drawbacks of the card.

Mattress Firm Credit Card

A Quick Overview of Mattress Firm Credit Card Benefits and Information

  1. Firm Card for Mattress
  2. No yearly charge
  3. Interest Rate: Variable 29.99% AP Rate
  4. 400+ is the recommended credit score.
  5. Costs: $38 late payment fee
  6. Offer: 0% APR for the first 60 months
  7. 0% APR on balance transfers for up to 60 months

Whether you’re buying bedding, baby and kid goods, or mattresses, you can finance all of your Mattress Firm purchases with the Mattress Firm card. A “dedicated credit line to use again for any future bedding needs” is how the card is referred to. Only Mattress Firm is able to accept the card.

You cannot use this card to make purchases at other stores or withdraw cash from an ATM because it is only good at Mattress Firm.

How to Create an Account Mattress Firm Credit Card?

There are no costs involved with creating or maintaining an account. As with other credit cards, you have to pay the balance in full each month to prevent incurring interest or other costs. Nonetheless, you may postpone the interest payments for the related periods shown below if you are eligible for special financing options and make consistent monthly payments.

Regardless of your spending limit, you may always benefit from the following financing options (based on your desired monthly payment amount):

  1. If paid in full within six months, there is no interest.
  2. If paid in full within a year, there is no interest.

The Mattress Firm card is good for as long as you use it and has no expiration date.

Credit Score Conditions

Synchrony Bank, which has a reputation for having high approval rates, is the one issuing this card. For those with bad to fair credit (400+), this is fantastic news because it means they will probably be accepted for this card!

Even if you already have the card, Synchrony Bank advises that you should monitor your credit score since it may be lowered or your account terminated if you don’t use it or if your credit changes significantly.

Current Offers for Financing

Mattress Firm provides financing options on its website, so if you’re looking to make a major purchase, you might want to take advantage of these deals.

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An example of recently offered programs with minimum purchase requirements (actual offers may differ):

  1. If paid in full within a period of 24 months with an initial purchase of $999, there is no interest.
  2. With a minimum purchase of $2,049 and a full payment made within 60 months, there is no interest.
  3. There is no interest if the entire amount is paid within 48 months, with a $1,999 minimum purchase.
  4. There is no interest if the entire amount is paid within 36 months, with a $1,099 minimum purchase.

Advice for the day: Financing offers are good for single transaction amounts only, and they have to be repaid in equal monthly payments.

“Interest will be levied on the promotional purchase from the purchase date,” according to Mattress Firm. This implies that you will be charged delayed interest on the whole amount retrospectively from the date of account opening if you fail to make regular payments or don’t pay off your debt within the stipulated time frame. You will be responsible for paying back the interest that you have accrued throughout the plan. Regretfully, you will still have to pay interest on the entire amount, even if you have made payments.

You might want to avoid this card if you don’t think you can make regular, on-time monthly payments. The high annual percentage rate (APR) on this card means that interest costs can mount up rapidly.

Application for a Credit Card at Mattress Firm

It’s easy to apply for the Mattress Firm card; just visit the website or stop by a local Mattress Firm shop. Sadly, Synchrony Bank does not allow the “shopping cart trick” that Comenity Bank does; therefore, applying for this card will result in a hard credit inquiry.

Try to restrict the quantity of new credit cards you qualify for in a short period of time since hard inquiries might reduce your credit score. Take good care of your credit score to increase your chances of being approved. That being said, being approved for this card is not too difficult, even if your credit isn’t the best. Certain information will still need to be provided by you, such as:

  1. Estimated purchasing price
  2. Name and address you
  3. Individual contact details, including phone number and email address
  4. Time of birth
  5. Number for Social Security
  6. Net monthly income

In the event that your card has a sticker on the front, you will need to activate your account and verify your details by calling the number shown on the sticker.

Using Your Card to Pay

Because of its affiliation with Synchrony Bank, Mattress Firm offers several easy options for paying off your payment.

Internet

After logging into your account, you may set up automatic payments by bank wire or electronic payment (or using the mobile app, as previously mentioned). Additionally, you may schedule numerous payments at once or make a single payment.

Online payments are accepted seven days a week, twenty-four hours a day. In order to speed up future payments using your online account, you can optionally enable Pay Without Login.

As a guest, pay

Clicking this link will allow you to pay your bill without having to log into your online account. Certain identifying information will need to be entered, such as your zip code, card number, and the last four digits of your Social Security number.

When you log on in this way, the only thing you can do is pay your debt.

Via Phone

You can contact 866-396-8254 or the contact information on the back of your card to manage your account and make payments. Phone payments have an accompanying cost.

Via Mail

To the following address, send your payment (by check, money order, Western Union, or Walmart Bill Pay):

P.O. Box 960061 Mattress Firm Credit Card Orlando, FL, 32896-0061

Advantages of the Card

The Mattress Firm credit card might be a fantastic option if you make a large purchase from the company to benefit from free financing and raise your credit score without having to pay an annual fee.

High Chances of Approval

You’re probably going to get this card authorized even with bad credit.

60 months or more of free financing

You can benefit from credit cards with no interest if you can pay off your full debt within the time frame specified on your coupon and you consistently make your payments on time! Comparing this offer term to other shop credit cards, it is exceptionally extended.

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No yearly charge

Although it’s good not to have an annual charge, very few shop credit cards do.

Notifies Every Credit Bureau

Equifax, Experian, and TransUnion are the three main credit reporting organizations that Synchrony Bank notifies of account activity. Accordingly, consistently paying your bills on time will show that you are a responsible financial citizen and may even raise your credit score.

Limitations of the Card

There are some significant drawbacks to this card, such as its restricted usage and high risk of fees with little return.

Interest-Deferred Loans

Depending on the amount you spend, the Mattress Firm card provides a promotional interest rate of 0% on new purchases for a period of six to sixty months. However, due to deferred interest, the startlingly high APR of 29.99% will apply retrospectively to the whole amount of your initial purchase if you fail to make a monthly payment or don’t pay off your balance in full.

Available only at Mattress Firm

Although this card is marketed by Mattress Firm as a “dedicated line of credit to use over and over for your bedding needs,” in reality, this just means that you are only able to use it at Mattress Firm.

No Benefits

You don’t receive benefits for using this credit card on every purchase, in contrast to many other credit cards. Neither the initial sign-up bonus nor the chance to accrue further points or cashback incentives are offered.

Access and Control Your Account

You can log on to the account you have online in order to access it. Additionally, an iOS and Android mobile app are available.

You may access your monthly invoices, view the dates of your payments, arrange for paperless statements, schedule your payments, keep track of when your special financing term ends, and set up account notifications from either of these alternatives.

Your online account is accessible seven days a week, twenty-four hours a day.

How to Get in Touch with Customer Service at Mattress Firm Card

You may write a secure email or use online chat to get in direct contact with customer service. The customer service number is 1-866-419-4096. Representatives are accessible for chat from 8 a.m. to 12 a.m. EST, Monday through Friday.

Other Credit Cards

Having access to financing for 60 months is the primary advantage of the Mattress Firm card. This duration of financing is not offered by many cards, but if you would prefer a more flexible card, the Citi® Double Cash card is a terrific choice since it rewards 2x points on all of your transactions (1x when you buy and 1x when you pay). With this card, you can easily use your points to get cash back on your first purchase. For a credit card with no annual fee, the perks of this one are difficult to match.

Because Chase Freedom Unlimited® provides 0% APR for 15 months, it’s also a fantastic option. Along with 5% cashback on travel via Chase Ultimate Rewards, 3% cashback on dining and pharmacy decisions, and 1.5% cashback for all other expenditures, the card typically gives a $200 initial bonus once you spend $500. This card may be used at many businesses (rather than simply Mattress Firm) and has no annual fee.

Final Words

Although this card is limited to usage at Mattress Firm, you may benefit from significant promotional financing options if you’re looking to finance your big purchase. This card is a good option because of its favorable credit-building features, low annual cost, and high acceptance probability.

However, due to the high rate and deferred interest, this card might result in significant costs if you are unsure of your ability to make regular payments or pay it off by the end of the loan period. You could be better off using a different card if you are eligible for a rewards card.

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