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All About Macy’s Credit Card (Benefits, Application, Concerns, etc.)

Shopping for the things you need is a great experience that can be made even better with a store credit card. Most large retail stores in the United States offer their customers store credit cards as an incentive to keep shopping at their stores. Each store credit card comes with different rewards that you will receive whenever you shop at the specific store that gave you the card. A great example of a store credit card is Macy’s Credit Card which offers many benefits for people who frequently shop at their store.

What is a Macy’s Credit Card?

Macy’s Credit Card rewards its customers with increasing tiers of rewards, which makes having it worthwhile, which is especially true if you frequently shop at their stores. Macy’s Credit Cardholders receive Star rewards and Star passes allowing them to accumulate a lot of points for every $1 spent. This card has a variable interest rate of 26.99% APR. It does not offer any special introductory APR. There is no annual bill that applies to this credit card. Your credit limit will be provided to you on your card carrier once you receive it in your mail. The same will appear on your billing statement.

Benefits of the card

Loyal and dedicated Macy’s customers get some pretty nice perks out of this card. Macy’s Credit Card provides them with a decent way to save money and sometimes, even earn a few extra bucks towards future Macy’s shopping trips. With this card, you will receive special promotions and discounts throughout the year, that you would never have otherwise had access to. Macy’s Credit Card reward program comes in three tiers that are based on your annual spending habits;
Silver: A silver card holder spends between $1 to $499 per year. These card holders save 25% a day they choose Macy’s Star Passes.
Gold: Gold cardholders spend $500 to $1,199 per year. With this card, they save 25% any day they choose Macy’s Star Passes. They also get a birthday offer and free shipping.
Platinum: These cardholders spend $1,200 or more each year. This entitles them to 25% any day they choose Macy’s Star Passes, a birthday offer, free shipping and 5% back in rewards with no merchandise exclusions.

This card gives you the convenience of managing and paying your bills on time on the Macy’s website. Since Macy’s tracks all purchases whenever you use your card, in case you need to exchange an item, you will not need to go looking for the receipt. Also, you will no longer have to worry about losing your receipt as all your transactions are stored online.

Application process

Macy’s customers can apply for Macy’s Credit Card online or in person at any of their stores. During the application, you will be expected to give out the personal information that is usually given when applying for any other credit card. Upon credit card inquiry and approval, the applicant is entitled to save up to 20% on purchases made on the same day and the next, up to a total of $100.

Macy’s Credit Card also comes with its own drawbacks.

• Privacy Concerns

The Department Stores National Bank (DSNB) is responsible for issuing Macy’s Credit Card. Just like any other bank in a similar position as the DSNB, all customers are expected to sign-off – whether they read the terms or not –on their right to share your purchase information whenever they want to. Macy’s uses your purchasing information to target relevant deals and discounts towards you whereas the DSNB sells the same information to affiliates and marketing partners. However, if you manage to read the entire Terms document, you will realize ways to limit how much of your information is shared. However, you cannot eliminate it entirely. The Department Stores National Bank provides a telephone number where you can call and request them to limit how much data they are sharing.

• The card cannot be used elsewhere

Since this is a store card, it can only be used for purchases at Macy’s retail and online stores. Hence, you will not be able to rack up a big balance elsewhere.

High Interest Rates

Macy’s card APR is 26.24%. You should always pay your bill in full..

Who can apply for Macy’s Credit Card?

Anyone who is a frequent shopper at Macy’s store should consider getting this card. Also, since the minimum level to receive the rewards is $1, any regular shopper regardless of their budget can benefit from the card.

Store credit cards feature great rewards. However, some of these cards have high-interest rates that double what you have paid with a traditional credit card. Some of these cards also come with a high APR (Annual Percentage Rate) for purchases. Therefore, make sure you are not walking around with a store credit card whose interest charges accrue from month to month. What’s more, opening too many store credit card accounts can tarnish your credit score. Hence it is crucial that you conduct your research to find a store credit card that will be of benefit to you. Keep a keen eye on the interest rates on store card as some may be too high. Also, spend some time to familiarize yourself with your store credit card’s pros and cons before committing to applying for the card.