If you need new bedsheets, a high-speed blender or even an inflatable snowman during the holiday season, there’s a good chance Bed Bath & Beyond has you covered. The store is a wonderland of all the things you need — and many things you never knew you needed — to make your house a home.
Unless you’re a very frequent shopper, though, the Bed Bath & Beyond credit card, issued by Comenity Bank, is probably something you can live without. It has a $0 annual fee, but the rewards it earns are inflexible and a little complicated.
Here are five things to know about the Bed Bath & Beyond credit card.
1. There are 2 versions of the card
Neither version charges an annual fee, and both can earn rewards. But there are some key differences:
Bed Bath & Beyond Store Credit Card: This is a “closed-loop” card, meaning it can be used only within the family of Bed Bath & Beyond stores, including Cost Plus, Cost Plus World Market, Buy Buy Baby, Harmon and Harmon Face Values.
As of November 2020, both versions offered an introductory bonus upon approval: a $20 reward certificate good that same day only on a purchase of $20 or more, plus a welcome coupon worth $25 off a purchase of $100 or more.
Nerd tip: You can choose to apply for either version. Note, though, that if you apply for the Bed Bath & Beyond Mastercard but don’t qualify, you will automatically be considered for the store card.
2. You can choose to earn rewards …
Both cards can earn 5% back in rewards on purchases made at Bed Bath & Beyond and its family of brands. The Mastercard version also can earn 2% back on gas station and grocery store purchases and 1% back everywhere else.
That’s not “cash back,” though. Instead, you’ll accrue store rewards, good only at the Bed Bath & Beyond family of stores.
For every $10 in rewards you earn, you’ll be mailed a $10 reward certificate. (Yes, in the mail.) There’s a limit to how many certificates you can redeem per purchase (20), but you can also use Bed Bath & Beyond coupons in that same transaction.
On top of those reward certificates, the Bed Bath & Beyond Mastercard earns extra gift certificates once you hit spending thresholds of $1,000 and $6,000 on the card. Terms apply.
3. … Or you can choose special financing options
Alternatively, instead of earning Bed Bath & Beyond rewards certificates, you can opt for deferred-interest financing on large purchases with Bed Bath & Beyond, meaning you won’t owe any interest on the purchase if you pay in full within the required time frame:
On purchases between $250 and $499.99, you can get six-month financing.
On purchases between $500 and $1,499.99, you’re eligible for 12-month financing.
On purchases over $1,500 (with the Bed Bath & Beyond store card), you can choose 24-month special financing. (This is not available on the Mastercard version.)
Unfortunately, you can’t have your new cake pan and eat from it, too. If you opt for these special financing deals, the purchases you make with them will not qualify to earn rewards. You must choose one deal or the other.
Also keep in mind that interest is not “waived” with these offers, as it would be with true 0% intro APR credit cards. It’s merely “deferred,” meaning interest is still accruing in the background. If you don’t pay off the purchase in full on time — even if you have only a few cents left on the balance — you’ll be charged interest on the entire amount retroactive to the purchase date.
4. Your rewards have a short shelf life
If you’re a casual Bed Bath & Beyond shopper and have designs on earning rewards slowly and saving them up for a large purchase, that plan probably won’t work.
That’s because the Bed Bath & Beyond rewards certificates you earn expire after six months. Since those certificates are issued automatically once you earn $10 in rewards dollars in your account, it’s not possible to let them build up slowly over time.
5. You won’t want to carry a balance
If you opt to earn rewards instead of taking advantage of special deferred-interest financing, you’ll want to make sure you pay off your card bill in full every month.
As of November 2020, the ongoing APR on the Bed Bath & Beyond Mastercard ranged from 13.99% to 23.99% depending on creditworthiness, and the Bed Bath & Beyond Credit Card carried a 26.99% ongoing APR.
If you’re an occasional Bed Bath & Beyond shopper, you can probably do better with a different rewards credit card. The Citi® Double Cash Card – 18 month BT offer, for example, earns a combined 2% cash back on all purchases: 1% when you buy, and 1% when you pay it off.
That’s a high rate on all purchases, not just with a specific brand, and rewards come as cold hard cash back, which you can use for anything, not just toward Bed Bath & Beyond merchandise.