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IKEA Projekt Rewards Credit Card: BiggerPockets Review
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Off the bat, let’s establish that the IKEA Projekt card is not to be confused with the Visa card that IKEA also offers. Projekt is a store card that allows real estate investors and home improvers to pay for projects over a period of time. This card offers zero percent interest for six months with a minimum purchase of $500; 12 months with a minimum purchase of $1,500; or 24 months with a minimum purchase of $5,000. After that, the purchase APR is 21.99 percent.
Quick facts
- The IKEA Projekt card is not to be confused with IKEA’s Visa. This card can only be used for store purchases in-store and online.
- The card has no annual fee.
- The card’s main benefit is in allowing users to pay off large home improvement purchases over time.
- Projekt offers an introductory zero percent interest rate.
- It automatically enrolls users in the IKEA Family loyalty program for extra perk eligibility.
CURRENT SIGN-UP BONUS
The sign-up benefit of IKEA’s Projekt card is the zero percent APR introductory rate to pay for large purchases at the store over time.
CREDIT REQUIREMENTS
Look for an average credit score around 650 or better to apply for this card.
The stats
- APR: Zero percent interest for six months with minimum purchase of $500; 12 months with minimum purchase of $1,500; or 24 months with minimum purchase of $5,000. After that, APR is 21.99 percent. Cash advance APR is 23.99 percent.
- Annual fee: $0
- Balance transfer fee: N/A
- Foreign transaction fee: N/A
The rewards
PROS
- Pay for a large home improvement purchase over a period of time, up to 24 months on a purchase of $5,000 or more.
- There’s no annual fee for this card.
- You can get pre-qualified for the Projekt card without applying (for only a soft inquiry on your credit).
CONS
- It bears repeating that the Projekt card is not IKEA’s Visa card option and therefore can only be used for store purchases.
- You can’t apply the card to installation, only purchases.
- This card has financing perks if you have a large project in mind, especially in the introductory period. But it doesn’t offer much else in the way of other rewards or bonuses.