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IKEA Visa Credit Card Review – Forbes Advisor

By on November 4, 2022 0

Earn rewards

The IKEA Visa credit card earns 5% back in rewards on IKEA purchases, including Traemand installation and TaskRabbit assembly services, 3% back in rewards on restaurant, grocery and service purchases and 1% back in rewards on all other purchases made with your IKEA Visa credit card. Reward Dollars expire 36 months after posting to your account. Reward certificates awarded from September 1, 2021 through August 31, 2022 expire 90 days after issuance. Reward Dollars are not earned on purchases made using third-party payments such as Venmo or Paypal. If your account is closed, all unused reward dollars will be forfeited.

The IKEA Visa Credit Card also includes a welcome bonus: $25 off the first IKEA purchase of $25 or more immediately after using the card immediately after in-store approval or receive statement credit after using the card immediately after online approval. Plus, $25 bonus IKEA Rewards Dollars after spending $500 or more outside of IKEA, Traemand, and TaskRabbit within the first 90 days of account opening.

Redeem rewards

Earned Reward Dollars are redeemed for IKEA Reward Certificates in $15 increments. Every $15 reward dollar is automatically redeemed for a $15 reward certificate that can be used at IKEA, Traemand, and TaskRabbit. If your reward account balance is $44, you will receive two certificates of $15 each and the remaining $14 will remain in your account until at least $15 is reached. Any unused dollars on a certificate will be forfeited, as a certificate can only be used once.

Rewards potential

To determine the rewards potential of the IKEA® Visa® credit card* we consider what an American household might spend on a credit card each year. Forbes Advisor uses data from various government agencies to determine both basic incomes and spending averages in various categories. Our estimated 70th percentile household brings in $107,908 a year and we base our expenses on that figure.

Forbes Advisor estimates the household has $32,072 in expenses that can reasonably be charged to a credit card. We estimate that an IKEA-focused household will spend about $2,500 per year at IKEA or TaskRabbit to earn $125 in IKEA Reward Dollars, $4,511 in meals, $4,425 in groceries, and $3,000 in utilities per year. year for a total of $11,936 in expenses and approximately $358 in IKEA Reward Dollars. That leaves a total of $19,136 in other purchases to be made by credit card, which can result in around $191 in additional IKEA Reward Dollars.

In total, a total of $674 in IKEA Reward Dollars would be earned each year with this spending pattern. Since reward dollars are only converted into reward certificates in $15 increments, a cardholder would have 44 $15 reward certificates (worth $660), with $14 worth of reward dollars remaining.

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