Macy's Preferred American Express Card Review
Macy's has a cobranded partner
Macy's customers who want to earn rewards on their Macy's purchases may be interested in the Macy's Preferred American Express Card. Most store credit cards only let you make purchases in that specific store. Since the Macy's Preferred American Express is a co-branded credit card, meaning it's branded with a major credit card processing network, you can also use it anywhere American Express is accepted.
You'll receive two statements each month; one for Macy's purchases and one for American Express. These two statements can make it confusing to figure out your balance and payments.
Macy's Preferred American Express Rewards
The rewards you earn on the Macy's Preferred American Express are based on how much you spend on your card during the year. As of 2015:
- Preferred status: Spend between $1 and $499 each year and earn 10% on eligible Macy's and Macys.com purchases. A $25 enrollment fee is required to earn rewards at this level.
- Elite status: Spend between $500 and $999 per year and get an additional bonus rewards day each year, in addition to the 10% rewards on eligible purchases.
- Premier status: Spend more than $1,000 each year and get two additional bonus rewards days each year, plus 10% rewards on eligible purchases.
Your reward level is based on your spending between December 1st and November 30th of the previous year. Your account has to be open and in good standing to receive your benefits. Make sure you keep your account active and send your payments on time each month to continue receiving your rewards.
Cardholders also receive Star Passes periodically throughout the year based on rewards level. Star Passes can be used for discounts on purchases.
By contrast, the non-branded version of the Macy's retail credit card (the card you can only use in Macy's stores) doesn't pay rewards on purchases. The card does send coupon mailings periodically throughout the year depending on your spending level.
The downside to the Macy's Preferred American Express Rewards Card is that you don't earn rewards on purchases you make outside Macy
Pricing On the Macy's Preferred American Express
There's no annual fee, but as of 2015, there's a high APR of 24.75%. The late fee and returned payment fee are both up to $37.
It's best to pay your balance in full every month, especially since the APR on this card is so high. Otherwise, you can easily pay enough interest each month to negate the rewards you've earned on your purchases.
While your card may give you the ability to take out a cash advance, you should avoid it, for the same reason you should pay your balance in full each month. Cash advances start generating interest right away, making it more difficult to avoid interest.
American Express Benefits
Because this is an American Express credit card, you'll also receive the great benefits you'd get with any other American Express credit card. This includes:
- Price protection
- Purchase protection
- Return protection
- Extended warranty
- Event ticket protection
- Travel accident insurance
- Baggage insurance plan
You'll receive a list of specific benefits when your card is mailed to you.