Michaels credit card: Michael’s Craft Store, known for its wide selection of craft supplies and crafting tools, is launching a new credit card. If you regularly shop with Michael’s, this new card can enhance your shopping experience with additional rewards and benefits. Here’s a detailed look at everything you need to know about Michael’s new credit card.
Extension of Michael Rewards Program
Michael’s existing rewards program offers customers 3% cash back on purchases. For those who spend **$300 or more per year, premiums increase to *6%*. The new Michael’s Credit Card extends these benefits by offering *9% cash back* on all Michael’s purchases.
This makes earning credit card rewards vouchers quick and easy. Once you receive your $5 reward, you will automatically be sent an email with a $5 coupon. However, since these vouchers are valid for 32 days, it is important to use them on time. For every $55 you spend, you’ll receive a $5 gift card – a great incentive for loyal Michael’s customers.
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SPECIAL BONUS FOR NEW CARDHOLDERS
As a welcome bonus, new cardholders get 20% off on their first purchase with a Michaels Credit Card. This discount can be combined with other Michael’s coupons and promotions for maximum savings. Given Michael’s habit of offering frequent discounts, this feature can be especially useful for larger purchases.
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Additional Benefits for Cardholders
In addition to rewards, Michael’s Credit Card offers several special benefits:
- FREE SHIPPING IN RARE CASES: While not unlimited, cardholders get free shipping offers on select online orders.
- Birthday Allowances: Celebrate your birthday with special discounts.
- EXCLUSIVE DISCOUNTS: As a cardholder, you get more frequent and personalized discounts.
KEY FEATURES AND LIMITATIONS
Michael’s credit card has a no annual fee policy, making it affordable for most shoppers. However, this is a loyalty card, meaning it can only be used at Michael’s physical locations or on his website.
This card is issued by Community Capital Bank, a leader in personal credit cards. While the card’s interest rate has yet to be officially confirmed, it is expected to be 29.99% APR, similar to other personal credit cards. Carrying a balance on this card is not recommended as high interest rates may negate the benefits of rewards earned.
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Application Process and Availability
Customers can apply for a Michael’s credit card online or in-store. Michael’s employees actively promote the card and even wear branded t-shirts to promote subscriptions. This aggressive marketing campaign demonstrates the store’s belief in the value of the card.
Possible Disadvantages
While the 9% rewards rate is generous, the 32-day coupon expiration date keeps rewards unused, giving Michaels an edge over its customers. Additionally, the card’s high interest rate makes it unsuitable for people who carry a balance.
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is Michael’s credit card valid?
For loyal Michael customers, the credit card offers an attractive combination of high rewards, exclusive benefits and cumulative discounts. However, the benefits are mainly availed by customers who pay the full balance every month and avail the bonus immediately.
If you’re a loyal Michael’s customer and can earn interest-free rewards, this card can greatly enhance your shopping experience.
For more information on credit cards, personalized financial advice and special offers, visit ProudMoney.com. Let us know what you think in the comments below!
Michaels credit card interest rate
The Michaels Credit Card issued by Comenity Bank is a loyalty card designed specifically for purchases at Michaels branches or on its website. It offers a 9% higher rewards rate than rewards for shopping at Michaels, but there are limitations. Rewards are issued in the form of vouchers and expire 32 days after redemption, so they are only suitable for regular Michael’s customers.
However, the interest on the card is relatively high compared to interest on general purpose credit cards, as is often the case with loyalty cards. Although exact interest rates are not clearly disclosed, APRs for business credit cards typically range from 24% to 30%. Therefore, it is important not to carry any balance to avoid high interest rates.
To learn more about the pros and cons of the Michaels Credit Card, read detailed reviews from sources like NerdWallet or SuperMall.