5 Important Facts About the Crate & Barrel Credit Card

It’s ironic that Crate & Barrel, a home furnishings retailer known for its modern aesthetic, is associated with credit cards that have very little up-to-date information. The perks that come with the Crate & Barrel credit card can be found on dozens of other points cards, as well as the perks that come standard with other cards, such as sign-up bonuses.

The products on our list of best credit cards for home improvement offer great cashback rates, generous welcome offers, and long-term 0% APR, with some cards offering all three. You also have more flexibility when it comes to redemptions.

Here are five things you should know about the Crate & Barrel credit card issued by Synchrony Bank.

1. There are two versions of the card

• The Crate & Barrel Credit Card. This is a “closed loop” card and can only be used for purchases at Crate & Barrel and affiliated stores such as Crate & Kids and CB2.
• The Crate & Barrel Mastercard. This card is “open loop”, meaning it can be used at any merchant that accepts Mastercard.

Whether you receive the open-loop or closed-loop version of the Crate & Barrel card depends on your credit score.

Both cards earn rewards when you shop at Crate & Barrel (see below), but the Crate & Barrel Mastercard gives you 2 off purchases at grocery stores (excluding warehouse clubs like Costco), and more. Get 10% off your purchase.

2. There are two main advantages, but they cannot be combined

Crate & Barrel cardholder can choose from two benefits:

• Receive 10% back at Crate & Barrel (in “Reward Dollars”) for each $200 spend. Although that’s a great earnings rate, redemption is a different story. Later, more on that.
• Financing available for purchases totaling $749 or more.

If your order is eligible for 10 picks and special financing, you must choose one. This card does not allow you to earn rewards on concurrently financed purchases.

3. Reward redemptions are severely limited

Reward rates of 10% or more are uncommon, especially on cards with no annual fees. However, this value becomes less impressive when you consider the various redemption restrictions you face.

Like most rewards cards, the rewards you earn can only be used within the retailer’s brand. But here’s a bit more to consider:

• With your Crate & Barrel card, you earn reward dollars that automatically convert into reward certificates in $20 increments. On the plus side, you don’t have to “do” anything to get these certificates, but on the downside, you have to wait until you hit the $20 minimum threshold to get them all. The reward is that you can’t save dollars. You can use it for one big purchase at once.
• Additionally, award certificates cannot be stored for long periods of time. It is valid for 90 days after issuance.
• Special offer coupons cannot be used in conjunction with other in-store discounts. Additionally, if you do not use the full amount of your award voucher, the remaining amount will be forfeited.

Many popular cashback credits allow you to redeem rewards whenever you want without worrying about minimum redemption thresholds, expiration dates, or potential loss of value.

4. There are three special financing options

The Crate & Barrel Credit Card Special Financing Option has three different terms.

• Special 6-month financing on purchases over $749. This special financing offer does not expire.
• Special 12-month financing on purchases between $1,499 and $2,998.99 made through December 31, 2024.
• Special 24-month financing on purchases of $2,999 or more made through December 31, 2024.

In theory, special financing (also known as interest deferral) sounds like a great offer. This is possible as long as you pay off the balance in full before the end of the term. That way you won’t be charged interest.

However, if there is a balance remaining at the end of the financing period, you will pay interest on the full purchase amount back to the date of purchase.

Credit cards with a 0% effective APR are more forgiving because the interest won’t be charged back if a balance remains after the APR period ends. For example, the Bank of America® Customized Cash Rewards Credit Card offers a 0% introductory APR on purchases and all balance transfers made within the first 60 days for 15 billing cycles. Once the introductory APR offer expires, a variable APR will apply (currently 18.24% – 28.24%). With this card, you can also earn up to 3% back on home improvement stores and home furnishings, up to $2,500, when you combine this category with your quarterly spending with grocery stores and wholesale clubs. (Cardholders must select Home Improvement and Home Furniture as the 3% bonus category, but other category options are available.)

5. Interest rates are high

As of February 2024, the interest rate or APR for both the Crate and Barrel cards was 32.24%. High interest rates are common on store cards, but this isn’t necessarily standard on all credit cards. According to the Federal Reserve, as of February 2024, the average interest rate on interest-bearing credit cards was 22.63%.

To avoid paying credit card interest, pay off your balance in full if possible.