What Bank Does Rooms To Go Use? A Complete Guide

Many families in the southern United States choose Rooms To Go as one of the best places to finance their furniture purchases. This furniture store works with a bank to give customers special financing options that let them pay for their purchases over time. However, which bank does Rooms To Go use for their financing plan?

In this comprehensive guide, we’ll provide a complete overview of Rooms To Go financing, including:

• An introduction to Rooms To Go and their financing options
• Details on what bank Rooms To Go uses to provide financing
• An in-depth look at the Rooms To Go Credit Card
• Other financing options beyond the Rooms To Go Credit Card
• Tips for getting approved for Rooms To Go financing

Let’s get started!

Overview of Rooms To Go and Their Financing Options

Rooms To Go is a furniture retailer that focuses on providing a wide selection of living room, bedroom, dining room, and home office furniture and accessories. The company was founded in 1991 and has showroom locations throughout the southeastern United States.

What makes Rooms To Go different from other furniture stores is that they focus on giving customers a variety of payment options. Because Rooms To Go works with a bank, they can offer special financing plans that let customers pay for purchases over 6 months, 12 months, 18 months, or even longer periods of time.

These financing options are a major draw for Rooms To Go as they allow customers to get the furniture they want without having to pay the full amount upfront. The financing offers provide a fixed monthly payment plan with no interest so you don’t have to worry about accruing interest charges.

Synchrony Bank: The Financial Partner for Rooms To Go

What bank does Rooms To Go use to offer these financing options? Synchrony Bank is the bank that Rooms To Go uses for its financing.

Synchrony Bank is a major issuer of private label credit cards for retail stores and brands. They partner with hundreds of companies across various industries to provide customized financing options. With over $140 billion in deposits and 80 million active accounts, Synchrony Bank is one of the largest consumer financial services companies in the United States.

For Rooms To Go, Synchrony Bank issues the Rooms To Go Credit Card and powers the financing options available in Rooms To Go stores. So when you opt to finance your Rooms To Go purchase, you’re actually getting approved for credit with Synchrony Bank.

The Rooms To Go Credit Card: How It Works

As Synchrony Bank’s credit card for Rooms To Go, the Rooms To Go Credit Card provides cardholders with a way to finance in-store purchases. Here’s an overview of how it works:

• Store-only usage: The Rooms To Go Credit Card can only be used to finance purchases made at Rooms To Go retail locations and on their website. It cannot be used anywhere else.

• No interest promotions: Special financing offers allow you to make fixed monthly payments over a set time period, typically 6, 12, 18, 24, or 50 months. No interest accrues during the promotional period.

• Standard APR: The regular non-promotional APR on the Rooms To Go Credit Card is 29.99%. This rate applies if you don’t fully pay off the balance after a promotional period ends.

• Purchase minimum: To get financing, you need to make a purchase of at least a certain amount, usually $1500.

• Credit limits: Credit limits on the Rooms To Go Credit Card typically start at $1,500 and can go up to $12,500 based on your creditworthiness.

• Other perks: Cardholders also get benefits like special discount offers, advance notice of sales, and the option to skip certain monthly payments.

Overall, the Rooms To Go Credit Card serves as an easy way to finance your furniture purchases from Rooms To Go over time. Just keep in mind that it’s a store-only card and charges high interest rates outside of promotional periods.

Other Financing Options From Rooms To Go

Although the Rooms To Go Credit Card is the main financing option, it’s not the only one available. Here are a few other ways you may be able to finance purchases from Rooms To Go:

• Rooms To Go Lease-to-Own Program: This allows you to lease furniture over 12 to 24 months and then buy it outright at the end of the lease term.

• Affirm Financing: Rooms To Go offers Affirm as a financing option, which breaks purchases down into monthly payments. Interest rates from 0-30% APR apply based on credit.

• Rooms To Go Business Credit: Businesses can apply for a Rooms To Go Business Credit Account to finance purchases for commercial needs.

• Bank Transfer Program: This program allows you to make purchases now and pay later by transferring funds directly from your bank account on a fixed payment schedule.

• Rooms To Go Referral Program: If you refer friends or family to purchase from Rooms To Go, you can earn rewards points to save on future purchases.

• Third-Party Financing: Outside lenders like Klarna also offer financing that can be used at Rooms To Go, allowing payments in four interest-free installments.

Tips for Getting Approved for Rooms To Go Financing

If you want to finance your purchase from Rooms To Go, here are some tips to boost your chances of getting approved:

• Have good credit: Aim for a credit score of at least 650 or higher. This greatly improves your odds of qualifying for one of the 0% interest promotions.

• Lower your credit utilization: Having balances that are less than 30% of your credit limit on cards can support approval. Pay down debts before applying.

• Check for pre-approval: Rooms To Go allows you to check for pre-approval without a hard inquiry on your credit report. This can give you an idea of whether you’ll qualify.

• Apply for joint financing: Adding a co-applicant with better credit may help compensate if your credit isn’t ideal.

• Know the requirements: Make sure your purchase meets the minimum amount for financing offers. Have an address history of at least two years.

• Provide all documentation: Have your ID, Social Security card, income documentation, and any other required paperwork ready when you apply in-store.

Following these tips can set you up for success when applying for Rooms To Go financing. Just make sure to carefully consider all costs and terms before moving forward with any credit agreements.

The Bottom Line

When you finance a furniture purchase from Rooms To Go, Synchrony Bank is the lending institution behind it. They issue the Rooms To Go Credit Card and support other financing offers through a long-standing partnership with Rooms To Go. With options like promotional financing terms, lease-to-own programs, and more, Rooms To Go makes it easier for customers to pay for furniture over time. Just be sure to choose the right financing method for your budget and credit situation.