Let’s be honest, life is more comfortable with a credit card. The way the world works today, pulling out a piece of plastic is a lot easier than carrying cash in your wallet all the time, not to mention that you don’t always have the cash in your bank account when you find something you need. or want. While you always want to use your credit cards wisely, it’s nice to have a couple to help you build your credit. And the ones you have should be the ones you usually use; stores where you are more likely to shop.
Macy’s is one of the most well-known and respected department stores with a history dating back to the mid-1850s. Over the years, it grew from a simple dry goods store to selling clothing and eventually other goods such as porcelain and other products. Today, Macy’s sells a wide variety of high-end brands and products and is most recognized with the star logo. When many people think of Macy’s, what comes to mind is the annual Macy’s Thanksgiving Day Parade. Macy’s is one of the most popular stores of all time.
At first, Macy’s was a cash-only store, but in the early 1950s, Macy’s began accepting credit, and eventually Macy’s began issuing its own brand-specific rewards card. If you’re unfamiliar with the Macy’s credit card, here’s how it works and what to expect when applying for or owning a Macy’s credit card.
What you need to know before applying
Before applying for a Macy’s credit card, there are a few things to know so that you can increase your chances of being accepted for the card. Macy’s credit cards are for those with good to perfect credit. The following are things the card issuer, Department Stores National Bank, will look for when deciding if you are creditable to be a Macy’s cardholder. FICO recommendations include:
- Clean registry – The applicant needs a clean credit history, although some issuers may accept minor blemishes on their credit report. This can affect your credit limit or other limitations or restrictions.
- Credit score – FICO recommends a credit score of 631 or better. A score lower than 631 doesn’t mean you can’t qualify for the Macy’s credit card, but it does lower your chances.
- Debt to income ratio – Although your credit score is an important factor in getting a card, your debt-to-income ratio can play a role. If you have high debt but only get a lower income, this signals to the issuer that you may have a hard time paying everything you owe.
- Recent inquiries – Whenever you request to get a credit card, buy a car, a house or anything that has to do with credit, these companies ask about your credit and it goes against your credit score. Before attempting to apply for a Macy’s card, try to minimize financial transactions that would require a credit inquiry.
- Delinquency – You cannot be delinquent on your report. Delinquency of more than thirty days will be considered a negative factor for your credit.
- Credit cards maxed out – Other credit cards you have should not have high balances. Cards with high or maximum balances will be flagged based on your credit standing.
Does it cost anything to have a Macy’s credit card?
Once approved for a Macy’s credit card, you will be subject to the interest charges for which you qualify with your credit rating; however, the lowest standard APR is 24.49% (variable). There is no introductory APR, so your interest charges will apply after the first grace period for your first purchases. With this card, there is also no annual fee, which Macy credit cardholders consider an advantage.
Benefits of using a Macy’s credit card
If you are a frequent Macy’s shopper, your card can be helpful and benefit you in the form of rewards for shopping at Macy’s. When you use your card, you may be entitled to refunds on your purchases, rewards determined by Macy’s, and gift certificates. You will be kept informed of Macy’s offers and rewards, as a cardholder. The more you buy and use your card, the greater the rewards.
The best way to use your card
When you shop for Macy’s online, in store, or from a catalog, use your Macy’s card to make your purchase. The best way to use your card is to make purchases that you were going to pay for in cash anyway and then pay the bill for …