If you are a frequent shopper at Macy’s, you have most likely heard of the Macy’s credit card. But, you’re probably wondering whether it’s worth opening another line of credit. Use this guide to the pros and cons of the Macy’s credit card to decide whether you should take the plunge and apply for this department store card.
Macy’s Credit Card: Different Types of Cards Available
Unlike most department store cards, the Macy’s credit card offers three different tiers of credit limits and even offers an American Express version of the card.
If you are issued the basic non-American-Express version of the card, you may be given one of the following three cards:
- Preferred (red card) – This is the entry level card and has an annual spending limit of up to $499.
- Elite (gold card) – This is the middle level card and has an annual spending limit of $500 – $999.
- Premier Elite (platinum card) – This is the higher level card and has an annual spending limit of $1,000+.
Aside from the differences in spending limits, the other major difference is the frequency of which you’ll receive Macy’s rewards and coupons called Macy’s Star Pass Mailings.
For those who spend more than $1000 annually, an American Express version of the Macy’s credit card is available, the Macy’s Preferred American Express card. The major difference is that this card offers higher rewards and cash-earning opportunities. You’ll also have opportunities to earn travel rewards as part of the American Express credit network.
Macy’s Credit Card: Rewards and Discounts
One of the big draws of the Macy’s credit card is the rewards and discounts that are offered to Macy’s cardholders. When you first sign up for the credit card, you will receive the Macy’s new account discount. According to the Macy’s website, “On the day you’re approved for the Macy’s card, and on the following day, you will receive a 20% new account discount for in-store and Macys.com merchandise purchases made on your Macy’s card, up to a total of $100 in savings.”
As you use your Macy’s card, you will earn rewards based on the total amount spent and on the type of card you have. Preferred cardholders will receive Macy’s Star Passes rewards three times a year, Elite will receive them six times a year, and Premier Elite will receive them 12 times a year. Premier Elite cardholders will also have access to exclusive offers on Macys.com and even more rewards.
With the Macy’s American Express card, you’ll automatically be enrolled in the Star Rewards Program. You will earn rewards in the form of gift cards and cash back. Cardholders are eligible to earn three percent on in-store purchases and one percent on purchases elsewhere, for those with the Premier Elite level American Express card.
Macy’s Credit Card: Interest Rates & Terms
Department store credit cards are known for having extremely high interest rates and the Macy’s card is no exception. The APR for the Macy’s card according to the credit card agreement is 24.5 percent. If you are charged interest, the charge will be no less than $2. Late and return payments can face a penalty fee of up to $38.
Macy’s has a variety of payment options including online payments, autopay, payments in store, and payments by mail and phone.
Macy’s Credit Card – Find Answers / Macy’s
My Macy’s Credit Card / Macy’s
Contact Us / Macy’s
Sign In / Macy’s
Macy’s Credit Card Review / Credit Karma
Macy’s Online Bill Payment / Macy’s
Macy’s Credit Card Review / Value Penguin