Are you planning a major home renovation or furniture purchase from Ikea? The Ikea credit card offers special financing options that can make completing large projects more affordable. With pre-approval, you can find out if you qualify for 0% interest financing before you shop.
In this article, we’ll explain the pre-approval process for the Ikea credit card, including:
- Requirements for pre-approval
- How to check your status online
- Benefits of having the card
- Who should consider getting pre-approved
- Potential drawbacks to be aware of
Follow along for everything you need to know to get pre-approved for an Ikea credit card and finance upcoming purchases interest-free!
Ikea Credit Card Pre-Approval Requirements
To qualify for pre-approval and financing offers from the Ikea credit card, you’ll need:
- A credit score of 650 or higher. This unsecured card requires good credit for approval. Checking your credit reports beforehand can help you verify your score.
- To pass a soft credit check. Pre-approval involves a soft pull of your credit, which does not impact your score. If you meet requirements, you can then apply and get a hard inquiry.
- To meet income requirements. Your income must be sufficient for the credit limit you request. Minimums vary by state but often start around $18,000 per year.
The Ikea card offers promotional financing on purchases of $500 or more. The larger your purchase amount, the longer the 0% intro period you can qualify for:
- Purchases $500+: 0% for 6 months
- Purchases $1,500+: 0% for 12 months
- Purchases $2,500+: 0% for 18 months
Keep in mind deferred interest kicks in after the promo period, with a standard variable APR of 21.99%. Making minimum payments is crucial to avoid interest fees.
Check Your Ikea Credit Card Pre-Approval Online
Checking your pre-approval online at Ikea.com only takes a few minutes. Simply follow these steps:
- Go to the Ikea projekt credit card website.
- Enter your phone number and ZIP code and agree to the terms.
- Click “Continue” to check your pre-approval status.
- You’ll instantly see an estimated credit limit you may qualify for based on soft credit check.
The pre-approval results page will also show any special financing offers you may be matched for based on your creditworthiness.
If you get pre-approved, you can proceed to submit a full application when ready. This involves a hard credit check and further verification of your details. If denied, it will not impact your credit score.
Benefits of Having an Ikea Credit Card
Being pre-approved for an Ikea credit card can offer several advantages:
- 0% intro APR financing makes expensive projects more affordable by spreading costs over 6, 12 or 18 month periods.
- Higher credit limits are attainable, especially for large purchases. Limits up to $15,000 or more are possible with excellent credit.
- Earn Ikea rewards on every purchase. Get $25 back for every $500 spent.
- No annual fee is charged, so you incur no costs for having the account open.
- Build your credit history with responsible card usage and on-time payments.
- Convenient bill payment options, like setting up autopay from your bank account.
As long as you pay off the full balance before deferred interest kicks in, an Ikea card can be a valuable financing tool. Use it wisely to fund home upgrades without draining your savings.
Who Should Consider Getting Pre-Approved?
Here are some situations where Ikea credit card financing can be useful:
Completing Large Home Renovations
If tackling a major kitchen remodel, flooring project, basement overhaul or other pricey upgrade, spreading costs over an intro 0% period allows you to pay as you go without interest fees accruing.
Kitchen renovations can cost $10,000 to $50,000. Even a 12-month intro period at 0% instead of putting it all on a high-interest credit card saves substantially on financing charges.
Real Estate Investors and Landlords
Those who own multiple investment properties can benefit from Ikea financing when furnishing units.
Rather than paying out of pocket to furnish multiple rentals at once, approved financing allows you to spread costs over time. Just be sure to pay off balances before the promo period ends.
Frequent Ikea Shoppers
If you regularly make large purchases at Ikea for your home or office, the Ikea card can simplify consolidating these costs into one bill with 0% intro financing.
Rather than taking out multiple personal loans, an Ikea card with a higher limit lets you manage payments and rewards in one place.
Potential Drawbacks to Keep in Mind
While the Ikea credit card has benefits if used responsibly, there are some potential cons to consider:
- High ongoing APR. The regular non-promo interest rate is 21.99%, quite high compared to other cards. Carrying a balance month-to-month after intro periods end gets very expensive.
- Deferred interest. The full amount of promotional purchases will accrue interest retroactively if the balance is not paid off completely before the 0% period ends.
- Only for Ikea. This store-only card cannot be used elsewhere, limiting its broader usage. You’ll need a separate general spending card.
- Risk of overspending. Having an Ikea card on hand may tempt you to make unnecessary impulse purchases without thinking through how you’ll pay off the balance within the intro timeframe.
Should You Apply for an Ikea Credit Card?
Pre-approval for an Ikea credit card can provide convenient financing options for major furniture and home project purchases. It offers the flexibility to fund large expenses over an extended period without paying interest upfront.
You’re likely a good candidate for the Ikea credit card if you:
- Have a credit score of 650 or higher
- Pass the initial soft credit check requirements
- Have sufficient income for the credit limit you need
- Plan to use the card responsibly for eligible purchases only
This card may be less beneficial if:
- You have existing high-interest debt you’re carrying month to month
- You have less-than-excellent credit or seasonal income fluctuations
- You don’t plan to do major remodeling or Ikea shopping in the near term
Other retail credit cards may provide similar financing offers that can serve as alternatives too.
Get Pre-Approved to Start Your Next Project
With the Ikea credit card’s 0% introductory financing, you can manage payments on large furniture purchases and home improvement projects over time. Check your pre-approval status online in just minutes.
If you get approved, use your new Ikea credit card wisely to fund home upgrades and consolidating shopping trips while keeping costs affordable. Pay balances off completely within promotional periods to avoid deferred interest fees.
With the convenience of special financing and rewards on every purchase, an Ikea credit card can be the ideal payment solution for your next remodeling, redecorating, or home furnishing project.