Wayfair has ushered in two new credit cards, as the original Comenity Bank-issued card retired late last week.

Launched in partnership with Citi on Sept. 11, 2020, both the Wayfair Mastercard and new Wayfair Credit Card are available for no annual fee and offer the choice of earning rewards on spending or receiving no-interest financing for up to 24 months.

“With the Wayfair Credit Card and Wayfair Mastercard, we are also able to reward our loyal customers with more added perks and benefits than ever before,” said Larry Lataif, head of U.S. consumer financing for Wayfair, in a news release. “We are pleased to partner with Citi Retail Services to make it even more rewarding for our customers to create a home they love.”

A closer look at the Wayfair credit cards’ offerings

Both the Wayfair Mastercard and Wayfair Credit Card extend the option of earning rewards on purchases made with the cards (each with different rewards structures) or obtaining interest-free financing—not both. First, here’s a look at each card’s rewards offerings:

Wayfair Mastercard

  • 5 percent back on Wayfair retail website purchases
  • 3 percent at grocery stores
  • 2 percent on qualifying online purchases
  • 1 percent on all other purchases

Wayfair Credit Card

  • 5 percent back on Wayfair retail website purchases

In choosing to earn rewards, you’ll also get $40 off your first qualifying Wayfair purchase of $250 or more. Note, purchases made at wayfair.com, birchlane.com, allmodern.com, perigold.com and jossandmain.com all count toward 5 percent back in rewards.

If you instead opt for financing, know the length of interest-free time that you receive depends on the amount of your purchase:

  • Purchases over $199: 6 months
  • Purchases over $499: 12 months
  • Purchases over $1,499: 18 months
  • Purchases over $2,999: 24 months

Applying for the Wayfair Mastercard and new Wayfair Credit Card

If you’re interested in owning either Wayfair credit card, you’ll only need to submit one application to be considered for both. Then, upon approval, you’ll have the option to choose one card over the other.

Whether or not a private label (the Wayfair Credit Card) or co-branded retail credit card (the Wayfair Mastercard) is right for you depends on your spending habits and rewards preferences. For added help, consider reading Bankrate’s guide to shopping for the perfect retail credit card.

Existing cardholders of the Comenity-issued Wayfair card

According to Comenity Bank, existing cardholders of the Wayfair Credit Card Program had through Sept. 10, 2020, to use their account (after which open accounts were closed). Luckily, existing cardholders have a full year (through Sept. 10, 2021) to redeem the remainder of their rewards.

Contact Comenity Bank Customer Care at 1-844-271-2567 for more information on the program closure.