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IKEA Visa Credit Card Review: BiggerPockets Review
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Quick facts
- Generous five percent reward benefit on IKEA purchases
- Rewards automatically sent in $15 increments
- Use Rewards Certificates in IKEA stores or online
- $25 sign-up bonus and additional $25 initial spending incentiveÂ
- Includes auto rental protection
CREDIT REQUIREMENTS
Though not explicitly specified by the company, reports indicate that a credit score of 670 or higher increases an applicant’s chances of acceptance by IKEA Visa.Â
The stats
- APR: 21.99 percent on purchases, 26.99 percent on balance transfers, 23.99 percent on cash advances
- Annual fee: None
- Balance transfer fee: $10 or five percent of the transfer, whichever is greater
- Cash advance fee: $10 or five percent of the transfer, whichever is greaterÂ
- Foreign transaction fee: None
The rewardsÂ
- Five percent back on IKEA purchases, including installation and assembly servicesÂ
- Three percent back on dining, grocery, and utility expensesÂ
- One percent back on everything else
Pros and consÂ
PROS
- High reward yield on IKEA purchases
- Automatic Reward Certificate issuance
- Easy same-day application
- Sign on and initial spending bonuses
- No annual fee
CONS
- Reward Certificates expire in 45 days
- Rewards can only be used at IKEA
- Reward Certificates are only issued at the $15 mark (any less could be lost if not redeemed within 36 months)
- High APR and no introductory rate.Â