Macy's has switched to American Express and increased their rewards offering.
Who the Macy’s Preferred American Express Card Is For
- Macy's customers who want to earn rewards on their credit card purchases in the store and elsewhere.
Credit Rating Required
- Fair and up (660+).
About the Macy’s Preferred American Express Card
Pros
- Generous, unlimited spending rewards.
- Double rewards on gas, grocery and drug store purchases through the end of the year.
- 15% back on restaurant purchases through the end of the year.
Cons
- Very high APR.
- Two monthly statements, one for Macy's purchases and one for American Express.
Rewards
- 3% on Macy's purchases, 1% on Amex purchases, redeemable for store certificates.
APRs
- 24.5%
Fees
- No annual fee.
- Late fee: Up to $35.
- Returned payment fee: Up to $35.
- Balance transfer fee: 4% of balance.
Macy’s Preferred American Express Card Review
In August, the Macy's co-branded card was switched to from Visa to American Express. The card is still issued by Citigroup, which also issues the Macy's store card. Qualifying customers will be sent a new Macy's Amex card throughout the fall and before their Visa card expires.
Macy's sister store, Bloomingdale's, has launched a similar program.
Macy's Preferred American Express Cardholders get three percent back on purchases at Macy's and one percent back on purchases outside Macy's. To qualify for rewards, which are paid in $25 Macy's gift certificates, you must make $1,000 in annual purchases. There's no limit on how many you can earn.
To kick off the new card's launch, you'll get 2% back on purchases at gas stations, grocery stores, and drugstores through the end of the year. You also get 15% back on participating restaurant purchases through the end of the year (2010). The bonus appears as a statement credit, maxes out at $25, and requires you to register your card online.
Card Perks
Customers also have access to Macy's Preferred Travel service, which offers savings and upgrades at hotels and up to 25% off car rentals, as well as Amex's Daily Wish program, which features discounts of up to 50% on hand-picked products from travel to electronics.
You'll receive the usual benefits associated with Macy's retail store card, such as its Star Rewards program and in-house sales and discounts.
Because the card functions as both a Macy's store card and an Amex card, you will be sent two statements each month.
Recommendation
The rewards package on this card is pretty attractive, especially if you're a dedicated Macy's customer. One percent back on Amex purchases outside the store is a good deal in itself.
I don't like the fact that you get two statements each month. That seems clumsy and gives you an extra bill to pay each month. Why couldn't they put it all on one statement? Make sure you pay both, because the APR is a sky high 24.5% on both Macy's and Amex accounts.
Some people prefer Visa over Amex because it's accepted at more places, but the number of places that take Visa but not Amex are not enough to worry about.