Is a Floor & Decor Business Credit Card Still Worth It?  (2024)

Just a couple of years ago, Floor & Decor offered one of the best no personal guarantee (no PG), high-limit, credit cards that reported on-time payments to business credit bureaus — Some business owners were obtaining lines of credit up to $15K on their Floor & Decor business credit cards in as little as 7 days after opening their businesses!

It was a great card for real estate investors using the BRRRR method, and other business owners with relevant needs.

A while back, I started noticing some under-the-radar, so-called business credit gurus teaching people how to unethically liquidate these cards…Right away, I knew a monkey had thrown a wrench into the works. Pretty soon, as expected, it happened: Floor & Decor wised up and reworked their policy on offering high-limit, no PG cards to business owners.

So, what’s up now?

Here, I’m going to tell you what I know about Floor & Decor’s business credit offer and about the company behind the offer. I’ll try to answer every question you might have.

This is what’s in store:

• • Pro Premier Credit Card
  • Commercial Business Account
• Pro Premiere Rewards Program
• Liquidating Credit Cards
• Frequently Asked Questions

And…action!

Floor & Decor Company Overview

Floor & Decor is a Georgia-based, Fortune 500 flooring and home improvement store that was founded in 2000. When the company’s 2022 Investor Relations Report was published, there were 191 operational Floor & Decor warehouse stores (the biggest is a 70K square foot store in Burlingame, California that opened in 2018).

Thomas V. Taylor is the CEO and board member of Floor & Decor since December 2012. Prior to that, he had an extensive career at Home Depot, holding various executive positions, including Executive Vice President of Operations and Executive Vice President of Merchandising and Marketing. He also has board experience with other companies in the retail industry.

Trevor S. Lang is the President of Floor & Decor. He joined the company in 2011 as Chief Financial Officer and was later promoted to Executive Vice President of Professional Services. In 2022, Lang became President and took on additional responsibilities for Store Operations, Marketing, eCommerce, and Technology. He has prior experience as a CFO for Zumiez Inc. and Carter’s, Inc., and has a background in finance and accounting.

And, according to Stock Circle Berkshire Hathaway owns 4.67% of Floor & Decor stock.

Floor & Decor’s closest competitors are probably Onx Homes, Blains Farm & Fleet, and Alameda.

Floor & Decor Headquarters in Smyrna, Georgia, photo by Felipe Torraalba.

Now, let’s find out what this all means for you.

Floor & Decor Business Credit Cards

For business owners considering Floor & Decor financing, they offer tailored options to maximize buying power and capitalize on business opportunities. Whether one is a professional or a commercial business in the construction industry, Floor & Decor has a couple of offers to meet diverse needs.

What’s cool is that you can get 6 months of financing without any interest charges if you pay off the full amount within that time period. This offer applies to purchases of $299 or more.

However, if you don’t pay the full balance within 6 months, interest will be charged from the purchase date. So, it’s important to make sure you pay it off in full within that timeframe.

Make sure that you carefully review the terms and conditions of any financing offer to understand the exact interest rates, minimum payment requirements, and any other finance charges that may apply.

Pro Premier Credit Card

Professionals might benefit from the PRO Premier Credit Card, which allows for purchases to be paid off over time. With an unsecured revolving credit line, you have the flexibility to manage expenses efficiently.

The interest rate for new accounts is 26.99% APR, and a minimum interest charge of $2 applies. Minimum monthly payments are required, but it’s worth mentioning that these payments may not pay off the promotional balance before the end of the promotional period, depending on the purchase amount and payment allocation.

The Pro Premiere card is serviced through Synchrony Bank and has a couple of potential penalty fees:

• $41 for late payments
• $30 for returned payments

Synchrony provides regular updates to the three main consumer credit bureaus, namely Equifax, Experian, and TransUnion. These updates typically occur once every 30 days, aligning with a specific milestone in your billing cycle.

You can apply online through Synchrony.

You’ll need the following business info ready:

• Company Full Legal Name
• DBA Name (if different than Legal Name)
• Tax Classification
• Business Address (Do not use a P.O. Box. Instead, use your business’s physical address.)
• ZIP Code
• City & State
• Business Phone
• Email Address
• Taxpayer ID or FEIN Number
• Dun & Bradstreet Number (Optional)
• Number of Employees
• Year Established
• Requested Credit Line ($)

You can apply with or without a personal guarantee.

You will need a personal guarantee if your business is less than two years old or has no established business credit history.

Recommended: Business Credit Cards without Personal Guarantee

Commercial Business Account

Businesses can also take advantage of the Commercial Business Account. This account provides a 30-day net term account credit line, ensuring flexibility in payment timing.

The interest rate for new Commercial Business Accounts is 26.99% APR, with a minimum interest charge of $2. It’s important to note that these rates and charges can vary depending on the specific financing option chosen.

You can reserve inventory for projects without the need for prepayment. For larger projects, separate job account credit lines are available, simplifying expense tracking and accounting processes. Floor & Decor’s itemized billing invoices with a job or purchase order references can help streamline financial management.

To apply, you’ll need to find your local store.

Recommended: Using 30-Day Net Vendors to Build Your Business Credit Score

Pro Premiere Rewards Program

Floor & Decor offers a rewards program called Pro Premier Rewards, designed for businesses and professionals. By creating an account and registering your Pro ID, you can start earning points on spending.

Here’s how it works: For every dollar you spend on Floor & Decor purchases, you earn 1 point, up to $3,000 per month. If you spend more than $3,000 per month, you earn 3 points for every dollar spent above that threshold. Simply provide your PRO ID number each time you make a qualifying purchase.

With the points you accumulate, you can redeem them in the award mall for a variety of products. From popular brands to timeless favorites, you can choose items like golf equipment from Callaway®, a Weber® grill for perfect steak searing, or even tickets to support your favorite sports team.

As a valued PRO Premier Rewards member, you also gain access to PRO Partner savings. These partners offer discounted rates on business and marketing tools, project leads, office supplies, printing services, discount gift cards, tools and equipment rentals, logo shirts, hats, and more. The list of PRO Partners may change over time.

Liquidating Credit Cards

After the purported gurus started telling people how to liquidate their credit cards, Floor & Decor cards became one of the go-to cards for getting it done. So, chances are you ended up here wanting to know how to convert your credit cards into cash.

While I don’t want to disappoint you, I also don’t want to steer you down a destructive or unethical path. So, I won’t leave you empty-handed, but I also won’t encourage you to buy a bunch of gift cards or scam Costco with your Mastercard.

• First, if you do choose to liquidate credit cards, invest your money into assets, not liabilities. Instead of clubs and trips, spend it on things that will make you money.
• Next, always repay the funds you owe as soon as possible to avoid lofty penalties.
• Finally, the safest way to convert cards into cash is with the help of a reputable law firm.

Yes, liquidating credit cards is something that can be done, but do not trust every piece of advice you find online — you could get yourself into trouble.

Frequently Asked Questions

Conclusion: Is Floor & Decor Worth it?

Floor & Decor is a reputable company with strong leadership and generally fair credit terms. If you want the ability to pay for flooring and supplies with a revolving, unsecured credit card or net 30 terms, then, yeah, go for it!

Just know that you won’t get the same no-pg terms that were available to business owners before May 10, 2023. You’re not going to be able to get credit without either an established business or a personal guarantee, but there’s nothing wrong with that.

Now, if you want to learn how to get up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.