If you’re looking for a one-stop shop for men’s and women’s fashions, housewares and cosmetics, designer handbags and jewelry, and more, Macy’s is the quintessential department store. Savvy shoppers know that there is strategy involved if you want to save money at Macy’s, from tracking its famous Friends & Family sales to scoring discount coupons and codes. And if you’re a power shopper, you might even want to consider getting a Macy’s Credit Card.
The Macy’s Credit Card is a no annual fee card issued by Citibank, N.A. It lets you earn points on every in-store or online Macy’s purchase. As they accumulate, they generate Star Rewards certificates that can be used to save on your next purchase.
Sounds like a no-brainer for Macy’s loyalists, right? The TL;DR answer: It definitely could be under the right circumstances, but it’s hardly the best store card out there. While there are some benefits and perks for cardholders, there are a few things you should know about the card if you want to make the most out of it.
Learn more about the Macy’s Card’s top perks and potential pitfalls before you apply.
Many people choose to open store cards in the moment – that is, when the retail checkout person mentions that applying can save you a percentage off of your purchase. At Macy’s, that offer is 20% off your bill, and it’s capped at $100 in savings. While it may be tempting to see your total bill shrink, a one-time benefit shouldn’t be the only reason you open a credit card.
It’s also not the highest store card offer out there, as other department stores like JCPenney and Kohl’s offer 35% off the first purchase for new card applicants.
Also worth noting is that you’ll have just two days to cash in on this first-purchase discount from the time you open the card, unlike some other store cards that give you a longer period like a week or two. So, if you decide to apply for the card online, you’ll want to make sure you put your shopping order through in that timeframe to score your 20% off.
Like many store cards, the Macy’s Credit Card has a high annual percentage rate (APR) of 34.49%, so it’s important that you try not to carry a balance. If you do, you’re going to be hit with interest charges that may turn out to be higher than any savings you get from the card. At the very least, try to pay more than the minimum amount due each month to keep your balance in check and the interest costs lower.
As a Macy’s cardholder, you can earn 2 to 5 points per $1 spent at Macy’s depending on your rewards program status, which is based on your spending level. When you open a card, you automatically begin at Silver status; rewards members without a card begin at Bronze.
Anyone who spends $1,200 or more annually with a Macy’s credit card becomes a Platinum level member and earns 5 points per dollar spent, which is a pretty high rewards rate.
Related: How To Save the Most at Macy’s All Year
When you apply for the Macy’s credit card, you may also be given the option to open another version of the card, the Macy’s American Express® Card. This version can be used outside of Macy’s wherever American Express is accepted. You’ll also earn extra points on those outside purchases:
This card version also gives you access to some American Express perks like Amex Offers, which helps you earn more rewards, and presale access to event tickets.
The whole point of the Macy’s card is to earn rewards that can help you save money on future Macy’s purchases. As such, you won’t have any other redemption options.
The way it works is every time you reach 1,000 points, you’ll be issued a Star Money certificate worth $10. But there’s one big downside if you’re not a frequent shopper: Those Star Money rewards expire 30 days after issuance. Generally speaking, that means you’d have to make a return trip to Macy’s in-store or online within the same month that you’re issued a Star Money certificate in order to take advantage of the savings.
Shopping Tip: A good strategy for Macy’s cardholders may be to wait on buying certain items if you’re approaching 1,000 points, knowing that you’ll have to make a return trip to redeem your reward in the near future.
Also, remember to keep your account active. If you don’t make a qualifying purchase on your Macy’s Credit Card during any consecutive 12-month period, all points and any unused Star Money will be forfeited.
Star Money rewards points can be used on any Macy’s purchases, just not gift cards.
The Macy’s Star Rewards program is free to join and open to anyone, meaning you don’t necessarily have to have the credit card to enjoy some perks. For example, all Star Rewards members get a birthday surprise during their birth month.
One exclusive cardholder perk, however, is Star Passes. These are coupons you occasionally receive in the mail, which are generally 25% off. Just be sure you don’t opt out for Macy’s marketing mail, or you won’t receive them.
Cardholders who reach Gold or Platinum status also get free shipping with no minimum; Silver members get free shipping with a $25 minimum spend.
If you have the higher-level Macy’s American Express card, using the card for non-Macy’s purchases will help you earn more rewards, but it might not be the best option if you have access to other credit cards.
For example, if you have a general rewards card that earns bonus points in the categories you shop most, you will likely have more redemption options. In fact, you might even be able to cash in your rewards to get a Macy’s gift card that has no expiration date if you so desire.
For a small subset of shoppers, getting the Macy’s credit card can be worthwhile. These include:
If all of the above attributes don’t describe you, then you may be better off just joining Macy’s Star Rewards for free, and then using a general rewards credit card that has flexible redemption options.
Related: Macy’s Sale Schedule To Bookmark for Your Future Savings
You can apply for a Macy’s credit card in person at a checkout register or online at the Macy’s website.
You can pay your Macy’s credit card bill in person using cash, check, debit card, or money order at a register in any Macy’s store. You can also pay online by signing into your Macy’s account. By phone, just call 1-888-257-6757 and have your Macy’s account number ready. Lastly, you can mail in your payment.
The Macy’s credit card can be used in Macy’s stores and online at Macys.com. The Macy’s American Express card can be used anywhere that American Express is accepted.
The post What Every Macy’s Shopper Needs to Know to Save with the Macy’s Credit Card appeared first on The Real Deal by RetailMeNot.
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