Applying For The Macy’s Credit Card
You apply for both the Macy’s card and the Amex version at the same, and then pick which one you’d like. Upon a and approval, applicants of both credit cards are also entitled to save 20% on purchases for the same day and the next, up to a total of $100.
Both the Macys Credit Card and Macys American Express card have a variable of 25.24%, and late or return payment penalty fees of up to $40, as of 2021.
Macys Card Rewards And Benefits
Macys revamped its Star Rewards member loyalty program in 2017. It now offers three different levels of benefits for its cardholders, based on how much they spend on an annual basis. Macy’s claims its changes have had beneficial results, with spending by those in the top platinum tier up 10% in the first year.
The levels are:
- Silver: Customers who spend up to $499 yearly receive 25% off of a purchase on any day of their choice using Star Pass coupons offered to cardmembers.
- Gold: This tier is for customers who spend between $500 to $1,199 annually. The perks for that size expenditure include 25% off a purchase any day of their choice using Star Pass coupons, plus free shipping on any purchase .
- Platinum: This is the highest tier possible and is only available for customers who spend $1,200 or more each year at Macy’s stores. These customers receive all the perks offered in the silver and gold tiers, and they also earn 5% back in rewards on every purchase. Unlike the Silver and Gold cards, which are in the retailer’s trademark red color, Platinum cards are platinum colored.
New accounts enter the Silver tier. When you spend enough to get into the next tier, you’re automatically be upgraded after 7 days, assuming you do not return the qualifying purchases within that timeframe. Once you are upgraded, you will maintain that status for the remainder of the current year and the next full calendar year.
Macy’s American Express Credit Card Versus Macy’s Store Card
Comparing the Macy’s store card with the Macy’s American Express Credit Card can be dizzying, since the cards are so similar.The most important detail to remember is that the Macy’s American Express Credit Card delivers the same rewards as the Macy’s Store Card, but also offers the added ability to spend and redeem points at the gas pump, at grocery stores, at restaurants and everywhere else.
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Why The Credit Card Program Is So Important
A Citibank affiliate issues credit cards on behalf of Macy’s and its upscale Bloomingdale’s brand. These include a simple store credit card that can only be used at Macy’s and a co-branded American Express card that can be used with any merchant that accepts AmEx. Macy’s and Bloomingdale’s-branded cards account for 40% to 50% of spending at the retailer in a typical year.
Store credit cards tend to carry high interest rates, making them very lucrative for banks. Under its agreement with Citibank, Macy’s receives payments based on amounts charged to its private label and co-branded cards, as well as bounties for signing up new card accounts and profit-sharing payments based on the performance of its card portfolio.
Image source: Macy’s.
These high-margin revenue streams have always contributed significantly to earnings at Macy’s. However, they have become even more important in recent years, as favorable portfolio performance has driven growth in net credit card revenue, even as profit margins in the core retail business have fallen significantly.
The Best Way To Use Your Card
When you shop Macys online, at a store location or by catalog, use your Macys card to make your purchase. The best way to use your card is to make purchases you were going to pay cash for anyway and then pay the bill on your card as soon as possible to avoid interest accruing. If you get used to paying your bill in full every month, you will not only get the benefits and rewards offered to card holders, but your credit rating will start increasing because now you are a responsible credit card user.
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History Of Card Types
In 1966, American Express introduced the Gold Card. In 1984, the company launched the Platinum Card, clearly defining different within its own business, a practice that has proliferated across a broad array of industries. The Platinum Card was billed as super-exclusive and had a $250 annual fee . It was offered by invitation only to American Express customers with at least two years of tenure, significant spending, and excellent payment history as of 2019, it is open to applicants on request. In 1987, American Express introduced the Optima card, its first credit card product that did not have to be paid in full at the end of the month.
American Express formed a venture with Warner Communications in 1979, called Warner-Amex Satellite Entertainment, which created MTV, Nickelodeon, and The Movie Channel. The partnership lasted only until 1984. The properties were sold to Viacom soon after.
In 1994, the Optima True Grace card was introduced. The card was unique in that it offered a grace period on all purchases whether a balance was carried on the card or not . The card was discontinued a few years later.
Macy’s Credit Card Review
- Gas stations: 2%
- Supermarkets: 1%
Theserewards come in the form of Star Money, with one point worth a penny. Once you hit 1,000 points, Macy’s sends you $10 in Star Money that you can spend on anything from Macy’s, macys.com, or one of the Macy’s Backstage outlet stores, with exclusions for gift cards, services and fees. You have 30 days to use your Star Money, otherwise it expires.
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Macys Credit Card Approval Odds & Minimum Credit Score
Jun 1, 2020 Short Answer: Macys offers a store credit card and the Macys American Express Card. The minimum credit score requirement for the store
Save more, save longer with Star Rewards Passes. Get extra savings in-store by simply using your Macys Credit Card. Return your Macys Credit Card
Earning Macys Star Rewards Points
For non-cardholders, the only way to earn points towards Star Money is to be a Platinum-level member within the Macys loyalty program or shopping during Star Money Days.
Since Star Money Days occur at Macys discretion and can be few and far between, the American Express Macys is a great option for smaller spenders. The card creates opportunities to earn points from every single transaction and offers the only other means to earn a significant amount of points on a regular basis. Macys American Express bonus categories are as follows:
- 3X points per dollar at restaurants
- 2X points per dollar at gas stations and supermarkets
- 1X points per dollar spent on anything else
Shockingly, the Macys card has absolutely no power to earn rewards on Macys purchasesthis ability is exclusively available to Platinum-level Macys Star Reward members. Besides being inconvenient when it comes to trying to earn 1,000 points, its a major disadvantage to the cards appeal. Additionally, the Macys card will not earn rewards when used in a digital wallet so cardholders.
The one bright spot of the Macys reward program is that points do not expire as long as you make a purchase once every year with your Macys credit card.
When it comes to receiving your points, the process is relatively quick. Rewards from in-store purchaseswill be credited to your account immediately points earned from orders being placed online or through the phone will be awarded once the items have shipped.
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Investment Banking : 1981
During the 1980s, American Express embarked on an effort to become a financial services supercompany, and made a number of acquisitions,creating an investment banking arm. In mid-1981 it purchased Sanford I. Weill‘s Shearson Loeb Rhoades, the second-largest securities firm in the United States to form Shearson/American Express.
Shearson Loeb Rhoades itself was the culmination of several mergers in the 1970s as Weill’s Hayden, Stone & Co. merged with Shearson, Hammill & Co. in 1974, to form Shearson Hayden Stone. Shearson Hayden Stone then merged with Loeb, Rhoades, Hornblower & Co. to form Shearson Loeb Rhoades in 1979. With capital totaling $250 million at the time of its acquisition, Shearson Loeb Rhoades trailed only Merrill Lynch as the securities industry’s largest brokerage firm.
After the purchase of Shearson, Weill was given the position of president of American Express in 1983. Weill grew increasingly unhappy with responsibilities within American Express and his conflicts with American Express’ CEO James D. Robinson III. Weill soon realized that he was not positioned to be named CEO and left in August 1985.
In 1984, American Express acquired the investment banking and trading firm Lehman Brothers Kuhn Loeb, and added it to the Shearson family, creating Shearson Lehman/American Express. It was Lehman’s CEO and former trader Lewis Glucksman who would next lead Shearson Lehman/American Express.
Takeover By Robert Campeau
Canadian real estate developer Robert Campeau who had taken over and dismembered Allied Stores in 1986 attempted to take over Federated starting in early 1988 which Federated fought off in a high-profile battle, with Macy’s , also submitting competitive bids of over $6 billion. Nonetheless, in April 1988, Federated gave in and agreed to a $6.6 billion takeover by Campeau. It was the largest merger in corporate history, barring the oil sector. Macy’s paid Campeau $1.1 billion to acquire the 20-store Bullock’s/Bullocks Wilshire and the 25-store specialty apparel chain I. Magnin. Two years later, Federated filed for bankruptcy after Campeau failed to refinance the debt of Federated and Allied Stores Corp. In 1992, Campeau was ousted and Federated emerged from bankruptcy as a new public company. As part of the reorganization, Federated sold the Ralphs chain to a group of owners led by Edward J. DeBartolo Corporation.
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Macys American Express Card Review
The Macys American Express® Card is a unique department store credit cardcompletely unlike the other retail cards offered by CitiBankand will either delight or alienate loyal Macys customers. The most surprising aspect is that the Macys card does not provide bonuses for shopping at Macyswhich is likely the primary reason that potential cards would apply for this card in the first place. However, that is not to say that the card is without any usefulness.
The Macys American Express card significantly improves the limitations of the Macys Star Rewards loyalty program and allows cardholders to earn points towards $10 Star Money rewards without having to wait for Star Money Days. Restaurant, gas station, and supermarket bonus categories will earn up to 3X points per dollar a huge benefit considering that the only other way to regularly earn points would require being a Platinum-level members .
For lower spenders that cannot comfortable spend upwards of a thousand dollars at a department store, this card provides much easier entry to getting the most out of the Macys loyalty programespecially since the card has no annual fee. Additionally, cardholders will enjoy several travel and entertainment benefits provided by American Express which includes perks like early access to Broadway tickets, or discounts on Delta flights.
Should You Apply For The Macys American Express Card
Beyond the improved earning potential, the Macys credit card has little else to offer and more strikes against it than positives.
Most of the shopping perks are tied to the Macys loyalty program which can only be earned from meeting specific spending requirements. Even for those at the highest status level, the Macys Star Rewards Program itself is pretty-bare bones and does not provide make much of a difference in the shopper experience.
Further, there is the glaring hole in the cards earning structure due to the fact that the Macys credit card does not earn points at Macys. This is highly atypical for a retail credit card. Macys wants to encourage shoppers to spend $1,200 to reach Platinum level and has short-changed their own credit card to do so.
The fact that rewards expire so quickly doesnt sit well either . This makes it far too likely that a cardholder would lose the chance to use their earnings. Besides being an incredibly short expiration window when compared to other reward programs, the amount needed to spend on the open-loop credit card is 3 times higher than what would be needed to generate the same reward elsewhere.
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Tdb American Express Bank Switzerland
In 1983, Edmond Safra, the owner of Trade Development Bank in Geneva, sold his bank for US$550 million to American Express. Safra was inducted to the board of American Express. The acquisition of TDB by American Express was part of James D. Robinson III‘s plan to break into the private depositor banking industry. TDB American Express was intended to be the third arm of American Express’s financial empire which would reach wealthy private depositors internationally.
TDB quickly realized after the acquisition that American Express was not able to uphold promises with which they used to court them at the time of acquisition, as TDB executives were excluded from important company decisions. Edmond Safra, an executive at TDB, tried to separate from the mother company. After failed attempts to get American Express to accept his offers to buy TDB back, Safra opened a competing bank. In response, American Express launched an international smear campaign against Safra by inaccurately reporting to news and media outlets in that Safra was being investigated by the FBI for being involved in the IranContra affair, along with drug trafficking and the mafia.
In 1990, American Express sold its Swiss banking operations to Compagnie de Banque et dInvestissements, which led to the creation of Union Bancaire Privée .
Other Macy’s Cards And Perks
Macys American Express card qualifies the user for the silver, gold, and platinum tiers when used in Macy’s, but it offers even more benefits. When used outside of Macy’s, it follows the 3-2-1 rule: The card offers its members 3% back in rewards when you spend at restaurants or for food delivery, 2% back in rewards for shopping at grocery stores and gas stations, and 1% rewards for any other purchases.
Interestingly, in 2018, Macy’s also launched a tender-neutral option, which added more than three million new members to the loyalty program. This option means customers can participate in the loyalty program without a Macys credit card and regardless of how they pay.
They qualify for what Macy’s calls the Bronze tier, receive perks and offers like savings passes, and even get a birthday surprise every year like higher-tiered cardmembers. There are no spending qualifications to stay in the Bronze tier, but you can’t upgrade to Silver without opening a Macy’s account.
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Redeeming Macys Points: How Star Money Works
Star Money is an automatically generated reward when an individual accumulates 1,000 points . These rewards are only available in $10 increments and can be used an almost all merchandise .
The biggest drawback of the Macys reward program is that rewards expire 30 days from the date they were issued an extremely short shelf life that could cause low spenders to feel pressured to shop at Macys more frequently than they usually would.
Additionally, if your account is inactive for 12 consecutive months all unused points and rewards will be forfeited and lost.
What To Do If Theres An Account You Dont Recognize On Your Credit Reports
There might be a simple explanation for why AMEX/DSNB is showing up on your credit reports. If you recently applied for a new Macys or Bloomingdales American Express card or gave a friend or family member permission to add you as an authorized user, theres no reason to be concerned.
But if none of these situations applies to you, it could be a sign of an error or worst case identity theft. Check with the credit bureau thats listing AMEX/DSNB on your report and check with Department Stores National Bank to see why its showing up. If your identity has been stolen, report it to the authorities right away. You may also want to place a fraud alert on your credit reports. Another step you can take is freezing your credit, which helps prevent criminals from opening new accounts in your name.
The best way to protect yourself from identity theft is to come up with a plan before it happens. Monitoring your credit can help you spot any suspicious activity. You can request your credit reports from the three main consumer credit bureaus periodically for free at annualcreditreport.com.
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Macy’s American Express Card Review
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While Macy’s shoppers might think the Macy’s American Express® card will earn them valuable rewards at the store, you’ll start off earning 2% back at Macy’s, with the ability to earn up to 5% after spending $1,200 annually at Macy’s with your card. Otherwise, you’ll get 3% back at U.S. restaurants, 2% back at U.S. gas stations and U.S. supermarkets, and 1% cash back elsewhere. Rewards are automatically redeemed once you’ve accumulated 1,000 points for a $10 Star Money reward, and you must use them within 30 days or they expire. The card has no annual fee, and it does come with some nice shopping and travel perks.
Your Rewards Can Be Redeemed Only At Macys
After you collect 1,000 points in your account, you will receive a $10 Star Money reward, which you can use to make purchases at Macys either in-store or online. The rewards cannot be put toward gift cards, Macy’s Beauty Box subscriptions or services such as alterations.
You also face a limited window to use the rewards: Star Money is valid for only 30 days after its issued. Relative to other credit card rewards programs, that is a very short redemption window. Points earned with the , for example, never expire as long as the card remains open. If you’re looking for a card that earns more flexible rewards, our list of best rated credit cards can help.
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