Welcome to the ultimate guide on room place credit cards. If you are a retailer or just seeking to earn rewards, this article covers everything you need to know about these powerful financial tools.
It introduces their reward systems, lists the pros and cons, explains how to apply them, and provides other useful information and tips. This post has got you covered.
What is the Room Place Credit Card?
The RoomPlace Credit Card is a store credit card issued by Synchrony Bank and offered by The RoomPlace, a prominent furniture retailer. This card was introduced when The RoomPlace ventured into providing financial services, allowing customers to finance their furniture purchases conveniently.
The RoomPlace Credit Card serves as a flexible financing solution, enabling cardholders to divide the cost of their furniture acquisitions into manageable monthly installments. Cardholders can enjoy the advantage of spreading out their payments over time, making it easier to afford desired pieces without straining their budgets upfront.
In addition to the financing capabilities, The RoomPlace Credit Card may offer special promotional financing options, such as deferred interest or low APR periods for a specified duration. These promotions can provide substantial savings for cardholders who plan to pay off their balances within the promotional timeframe.
Room Place Credit Card Fees, Rates
Interest Rate for Purchases (Variable APR)
The maximum annual percentage rate that may be charged on purchases is 29.99% (as verified on 12/29/2023).
Balance Transfer APR (Variable APR)
This card does not offer an introductory or ongoing APR for balance transfers. Balance transfers are not available.
Eligible Credit Score Range
Applicants with credit scores ranging from 550 to 850 may qualify for this credit card.
Annual Membership Fee
There is no annual fee charged for holding and using this credit card.
Additional Fees:
Returned Payment Fee: The lender charges up to $38 for a returned payment.
Grace Period for Late Payments: The lender does not charge interest on purchases if you pay the full balance within 25 days of the statement closing date.
Minimum Interest Charge: If the lender charges interest, they apply a minimum $2 interest charge.
Late Payment Fee: The lender charges a late fee of up to $38 if they do not receive the minimum payment by the due date.
Pros Of Room Place Credit Card
Here are some perks to using the room place credit card;
- No annual fee: For those seeking a low-maintenance credit card, this is an excellent choice because it offers all the features of a credit card without requiring an annual fee.
- Poor credit accepted: This card accepts applicants with poor credit. Even if your credit is not the best, you may still have a favorable chance of being approved.
- Special financing options
- Several credit bureaus receive reports from The Room Place Credit Card.
Cons Of Room Place Credit Card
Now let’s delve into some of the downsides accompanying the room place credit card;
- High interest
- No reward or points system
- No sign up bonus
- No cash backs or rewards are offered
- Not every purchase earns you rewards
Which APRs Apply to The Room Place Credit Card?
The variable purchase APR on it is as high as 29.99%.
Is There a Balance Transfer Intro APR Offer Available For The Room Place Credit Card?
No, there isn’t a balance transfer intro APR offer included.
Is There an Introductory APR Offer on New Purchases Made With The Room Place Credit Card?
On new purchases, this card does not have an introductory APR rate.
What Are The Fees For The Room Place Credit Card?
The following applies:
- Returned Payment Fee – Up to $38
- No Interest Grace Period for Late Payment – 25 days
- Minimum Interest Charge – $2
- Annual fee – $0
- Late fee Amount – Up to $38
This card is a wise option for customers searching for a low-cost card because it doesn’t have an annual fee.
How to Apply For The Room Place Credit Card
So if you’re interested here are the procedures to apply for the room place credit card;
- Go to the website for The Room Place credit card.
- Complete the application. Generally, you will be asked for basic financial details like your address, Social Security number, and annual salary.
- Verify the accuracy of the information before submitting your application.
How to Login to Your Room Place Credit Card Account
- Open your browser
- Paste this link in the web address: https://d.comenity.net/ac/theroomplace/public/home
- You can also click the link directly to login to your account
- After opening the link, click on the sign in tab ( this will be shown on the screen as soon as the site is fully loaded)
- Fill in the required details and proceed
- If you haven’t registered yet, once the site is fully loaded click on the navigation bar at the top right side of your screen and register.
How to Make Payments on Room Place Credit Card
To make payments on your Room Place Credit Card, you typically have a few options:
Online: Log in to your Room Place Credit Card account on the issuer’s website and make a payment electronically.
By Phone: Call the customer service number on the back of your Room Place Credit Card and follow the prompts to make a payment over the phone.
By Mail: Send a check or money order along with your account number to the payment address provided on your billing statement.
Ensure to make payments on time to avoid late fees and negative impacts on your credit score.
Does The Room Place Credit Card Notify Credit Bureaus of Any Activity On Your Account?
Yes, the following credit reporting agencies receive information about your account activity from The Room Place Credit Card:
- Equifax
- Transunion
- Experian
Having a creditor that reports to one or more credit bureaus require frequent, on-time payments; this will show that you are a responsible borrower and may even benefit your score.
Customer Service Phone Number For Room Place Credit Card
The customer support number for The Room Place credit card is (185) 579-69632.
What Is The Room Place Credit Card Login Portal?
You can access the The Room Place credit card login portal via: https://d.comenity.net/theroomplace/
Conclusion
Summing up, the Room Place Credit Card offers both advantages and disadvantages, catering to a wide range of customers. Though it provides special financing options and acceptance for poor credit, it also comes with high interest rates and does not have a rewards system.
Remember to weigh the pros and cons carefully and make an informed decision.
If you’re ready to apply, simply follow the steps we outlined in the article, and remember, responsible credit card usage is vital for you to build a positive credit history.
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