Crate and Barrel Mastercard® Credit Card Review

Navigating the myriad of credit card options available today can be daunting, but when a card aligns perfectly with your purchasing habits, it can provide substantial benefits. The Crate and Barrel Mastercard® Credit Card is a specialized credit card targeting loyal customers of Crate & Barrel and CB2, offering lucrative rewards and exclusive financing options for these specific purchases. In this comprehensive review, we’ll delve deep into every aspect of this credit card, from its rewards structure to its pros and cons, and everything in between.

Crate and Barrel Mastercard® Credit Card Review

The Crate and Barrel Mastercard® Credit Card is designed with the home shopper in mind. If you frequently purchase furniture, home decor items, or other household goods from Crate & Barrel or CB2, this card can be a valuable addition to your wallet. Issued by Synchrony Bank, this card offers a compelling rewards program, including an attractive 10% back in rewards dollars on all Crate & Barrel and CB2 purchases, or 6 months of special financing on purchases of $749 or more.

Crate and Barrel Mastercard® Key Takeaways

– Rewards Rate: Earn 10% back in rewards dollars on Crate & Barrel and CB2 purchases, 2% back on grocery store purchases, and 1% back on all other purchases.
– Special Financing: Option to receive 6 months of special financing on Crate & Barrel or CB2 purchases of $749 or more.
– Annual Fee: $0
– APR: 32.24% Variable Purchase APR
– Credit Score Requirement: Good (670-739)
– Issuer: Synchrony Bank
– Additional Fees: $10 or 5% of the amount (whichever is greater) for cash advances, up to $41 for late payments, and $30 for returned payments.

Crate and Barrel Mastercard® Pros and Cons

Pros:

1. No Annual Fee: The absence of an annual fee makes this card an attractive option for those who want to maximize rewards without incurring extra costs.
2. High Reward Rate for Specific Purchases: Earning 10% back in rewards dollars on Crate & Barrel and CB2 purchases is a standout feature, especially for those who frequently shop at these stores.
3. Flexible Financing Option: The option to receive 6 months of special financing on large purchases can be a lifesaver for big-ticket items.
4. Rewards on Everyday Purchases: The card also offers 2% back on grocery store purchases and 1% back on all other purchases, making it versatile for everyday use.
5. Good for Building Credit: With a good credit score requirement, this card can help you build or improve your credit score by maintaining good payment habits.

Cons:

1. High APR: The 32.24% variable APR is significantly higher than average, making it essential to pay off your balance in full each month to avoid hefty interest charges.
2. Limited Rewards Redemption: Rewards dollars can only be redeemed at Crate & Barrel and CB2, which might not be ideal for cardholders who prefer cash back or other flexible redemption options.
3. Foreign Transaction Fees: This card is not suitable for international travel, as it comes with foreign transaction fees.
4. No Introductory Offers: Unlike many other credit cards, this card does not offer any introductory APR or sign-up bonuses.

Crate and Barrel Mastercard® Benefits

High Rewards Rate on Crate & Barrel and CB2 Purchases

The most notable benefit of the Crate and Barrel Mastercard® is the 10% back in rewards dollars on all purchases made at Crate & Barrel and CB2. This is a significant earning rate, especially if you frequently shop for home furnishings. Over time, this can amount to substantial savings on future purchases.

Special Financing Option

For large purchases of $749 or more, the card offers the option of 6 months of special financing. This can be particularly useful for big-ticket items, allowing you to spread the cost over six months without incurring interest, provided you pay off the balance within the promotional period.

Everyday Rewards

In addition to the high rewards rate on Crate & Barrel and CB2 purchases, the card also offers 2% back in rewards dollars on grocery store purchases and 1% back on all other purchases. This makes it a versatile card for everyday spending, though the rewards rate for non-Crate & Barrel purchases is on the lower side compared to some other cash back cards.

No Annual Fee

One of the significant advantages of this card is the absence of an annual fee. This means you can enjoy all the benefits and rewards without worrying about an annual cost eating into your savings.

Easy Rewards Redemption

Rewards dollars earned with the Crate and Barrel Mastercard® can be easily redeemed at Crate & Barrel and CB2, either online or in-store. This simplicity makes it easy to use your rewards without jumping through hoops or navigating complex redemption processes.

Rate and Fee Information

Purchase APR

The purchase APR for this card is 32.24% variable, which is relatively high. It’s crucial to pay your balance in full each month to avoid paying interest, as carrying a balance can quickly lead to significant interest charges.

Cash Advances

The APR for cash advances is 29.99%, and there is a fee of either $10 or 5% of the amount of each cash advance, whichever is greater. Given the high cost of cash advances, it’s best to avoid using this feature unless absolutely necessary.

Late and Returned Payments

Late payments can incur fees of up to $41, and returned payments will cost you $30. These fees are standard but can add up if you’re not careful with your payment schedule.

How to Avoid Paying Interest

To avoid paying interest on your purchases, make sure to pay your entire balance by the due date each month. The due date is at least 23 days after the close of each billing cycle, giving you ample time to pay off your balance.

About the Issuer: Synchrony Bank

Synchrony Bank is a well-known issuer of store-branded credit cards, offering a variety of cards tailored to specific retailers. Their portfolio includes credit cards for major brands, and they are known for providing competitive rewards programs and financing options.
With Synchrony Bank, you can manage your Crate and Barrel Mastercard® account online, making it easy to monitor your spending, make payments, and track your rewards. The bank also offers customer service support, ensuring you have assistance whenever you need it.

Manage Your Account & Pay Your Bill

Managing your Crate and Barrel Mastercard® account is straightforward. You can pay your bill online through Synchrony Bank’s website, making it convenient to stay on top of your payments. Additionally, customer service is available to assist with any questions or concerns you may have about your account.

Conclusion

The Crate and Barrel Mastercard® Credit Card is a niche card that offers significant benefits for loyal Crate & Barrel and CB2 shoppers. With a high rewards rate of 10% back in rewards dollars on Crate & Barrel and CB2 purchases, and the option for special financing on large purchases, this card can provide substantial savings for those who frequently shop at these stores.
However, the card’s high APR of 32.24% variable is a major drawback, making it essential to pay off your balance in full each month to avoid hefty interest charges. Additionally, the limited rewards redemption options and foreign transaction fees may be deal-breakers for some.
Overall, if you are a dedicated Crate & Barrel or CB2 customer and can manage your payments responsibly, the Crate and Barrel Mastercard® Credit Card can be a valuable tool for earning rewards and financing large purchases. Just be mindful of the high APR and potential fees, and ensure you pay your balance in full each month to maximize the benefits of this card.