3.7 volts is a nominal figure. At full charge it'll be at 4.2 volts and when almost fully discharged about 3.5-3.6 volts. So no, it will not cause any issues. Although it's a little strange that they sell it as a 4.2V battery.
If you want to be really sure you could check the voltage with a multimeter. They probably ship it half charged and it should be under 4 volts.