A Macy’s card is a department store card which is great for personal use for large or small purchases. This is a very convenient way to shop, but there are certain requirements to obtaining this credit card, and it is more beneficial for some than others. It is important to be fully aware of the terms and fees that are associated with any card you apply for, so that you fully understand the costs. This is Credit Card 101, but can be especially true with department store cards. While convenient, they often carry a higher than normal interest rate which can really add up after awhile of just paying the minimum balance.
This card is best for those with good or excellent credit, but even those with fair credit can qualify for a Macy’s card. Your FICO score must be, at a minimum, 500 in order to apply, but those with scores in the mid- to high-600s and above are more likely to be approved for this card. Your credit limit will be dependent on your credit score. The better your credit score, the higher your credit line is likely to be. Credit score is not the only thing looked at when approval is considered. Your chances for approval are improved if you have a large line of credit, such as a mortgage or car loan, that has been in good standing for at least six months.
But regardless of your credit score, there is a flat interest rate of 22.9%. This is higher than many rates on premium credit cards, which is why this options is less attractive for those who have excellent credit, but very attractive for those who have fair to good credit. If you miss a number of payments, your interest rate will be raised to 24.9%. However, after six months of solid, on time payments of at least the minimum balance, the interest rate will drop down to its original rate.
The high interest rate on this card is not worth the convenience of the rewards you might take advantage of by using a store card if you tend to carry monthly balances for any length of time. For those who can pay off the balance in full on or before the end of the grace period will get a lot of utility on this card, allowing one to take advantage of the perks of card membership, without having to deal with the high interest rates of spreading out the repayment.
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