Michaels Credit Card : Introduction to Michael’s New Credit Card

michaels credit card – Hey Madam Jessica from https://www.michaels.com. Michael’s craft store is getting ready to roll out a new credit card. As I make this blog, we’re going to take a look at the details. If you are a frequent Michael’s Shopper, you might find that the extra rewards you get from the credit card on top of the rewards that you can already receive through the Michael’s Rewards program could make the card worth getting.

Michael’s Rewards Program Overview | michaels credit card

If you are an existing Michael’s Rewards customer, you might already know that you get three percent in rewards on your Michael’s purchases already through the standard Michael’s Rewards program. If you have spent three hundred dollars during the year, you actually get boosted up to six percent in rewards on your Michael’s purchases.

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New Credit Card Benefits | michaels credit card

With the new credit card, when you make your purchases with that card, you’re going to get nine percent in rewards on your Michael’s purchases. That’s really the biggest selling point of the card: building on the existing program, you’re now going to be able to earn those Michael’s rewards vouchers quicker.

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Voucher System | michaels credit card

The way the program works in terms of getting a voucher is every time you have earned five dollars within the program, you’re getting a five dollar voucher automatically emailed to you. You only have 32 days to use that voucher when you get it, but if you’re getting nine percent back on all of your purchases or nine percent in rewards, that means for every fifty-five dollars or so you are earning a five dollar voucher. You got to use it fairly quickly, but you’re also earning them fairly quickly.

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Bonus for New Cardholders | michaels credit card

In addition to those rewards, as a bonus for new cardholders, you’re gonna get twenty percent off the first purchase that you make with the Michael’s card. As far as I can tell, this is stackable with other discounts or coupons that you might have from Michael’s. If you are a frequent Michael’s Shopper, you know that discounts and coupons are a big part of their business. There’s always some discount you are probably using when you are going and making purchases there, at least if you’re making a sizable purchase.

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Additional Offers | michaels credit card

Most of what the credit card offers is going to be fairly standard for a retail rewards program. Some of this is coming from the regular Michael’s Rewards program, some of it from the credit card. For example, there are going to be some free shipping offers on online orders. It’s not free shipping all the time, but as a cardholder, you will get some free shipping offers here and there. Obviously, there are going to be other discounts. Like I just said, Michael’s does a ton of discounting, so you’re going to get a lot of offers even more so as a cardholder.

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Extra Perks

There is a birthday perk where you’re going to get some kind of discount during your birthday month. Plenty of other things might come with this card, but they’re not quite as concrete as rewards.

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Card Details | michaels credit card

Some other basic things to know about the card:

• No annual fee
• It is a store-only card at Michael’s or Michael’s online. You cannot use it anywhere else.
• It’s not a Visa, it’s not a MasterCard, not an American Express, not a Discover Card.
• The card is issued in partnership with Comenity Capital Bank.

Interest Rates and Fees | michaels credit card

Comenity is a name that you may know if you have other retail store credit cards. They back a lot of retailers. You might see the retailer’s name and logo on the front, but it is Comenity many times that is actually handling your account and who you’re going to deal with for customer service and making payments and all those sorts of things. If you have an opinion about Comenity already, well, then you should know that Comenity is the bank that is involved here. If you don’t, it’s fairly standard in terms of the interest rate on this card.

High Interest Rates | michaels credit card

Not official yet as I make this blog, but it’s going to be high like a lot of other retail store credit cards. As I make this blog, interest rates are fairly high, so it looks like it’s going to be in the high 20 percent, maybe more like 30 percent, like 29.99 percent kind of deal. If you carry any kind of balance from one month to the next, you’re going to pay a lot of interest, which is pretty much going to negate the extra rewards that you’re earning on this card as part of the Michael’s Rewards program.

Application and Availability

The Michael’s credit card will be available for you to apply for online sometime soon, if not already by the time you read this blog. You can be sure that it is available in-store and that the employees are ready and willing to sign you up for it. In fact, they’re even going to be wearing these t-shirts that somebody posted on the Michael’s employees Reddit board, which not everyone is super happy about, but maybe that’s just a smaller number of disgruntled employees.

Conclusion

Overall, this is pretty standard stuff when it comes to a retail store credit card. That nine percent in rewards actually is pretty generous. However, the fact that when you actually earn a five dollar voucher you only have 32 days to use it means that you really gotta get moving. So there’s probably a lot of breakage that Michael’s knows is going to happen within their Rewards program. So it’s easy to give nine percent if you figure that 30 percent of those vouchers are never actually going to be used. But if you’re someone that goes to Michael’s a lot, you know that you will use those. Well, then it obviously is something that could be a good deal for you as long as you don’t ever carry a balance on this credit card because of the super high interest rate that it has.

Would love to hear your questions, comments, whatever in that comment section below. Otherwise, I thank you for reading and as always, please go to proudmoney.com where we do credit card reviews, talk personal finance, talk deals and all sorts of other fun stuff too. If you don’t have a comment or you’re not going to visit the website, you should probably read this blog.