The Macy’s card is a high interest rate credit card with a number of drawbacks. While really heavy Macy’s shoppers who always pay their credit card bills in full may benefit from the various promotions and deals offered to cardholders, most consumers can easily find a better credit card that is more widely accepted with a lower interest rate and more flexible rewards.

The primary perk that catches the attention of shoppers is that this instant approval credit card can score a quick 15% discount on all purchases made the first two days you have the card. This perk can be very valuable if you are buying holiday gifts or a new wardrobe and your bill is five hundred or a thousand dollars. In these cases, the 15% discount is worth seventy-five to one hundred dollars. However, if you’re only spending $100, this discount is a mere fifteen bucks. Compared to the best credit cards on the market today, many of which offer $100 sign up bonuses, this is chump change.

The Macy’s card also comes with a sky high 24.5% variable interest rate. Considering that average credit card rates are in the mid-teens and low interest credit cards charge around 12%, having debt on this card gets really expensive, very quickly. Add in the fact that using a credit card at Macy’s could induce you to spend more than you can afford, it is very likely you could end up paying for clothes years after you’ve warn them.

To make matters worse, the Macy’s card can only be used at Macy’s or at www.macys.com. Thus, unlike a Visa or Mastercard, this card is useful if and only if you are shopping with Macy’s. Again, consumers who spend heavily there and always pay their bills in full every month might be able to benefit, but most others cannot.

Overall, the Macy’s card is far from good. It has sky high interest rates, can only be used at a limited number of retail outlets, and makes managing personal finances more difficult by adding yet another bill that must be paid or that can be overlooked and subject to $35 late fees.

The one positive about the Macy’s card is that it may be easier to obtain if you lack credit or have been denied credit from a major credit card company. The ease of getting approved, coupled with the potential benefits having a positive account can have on credit scores, does make the Macy’s card a good option for consumers who want a no annual fee credit card that can help them improve their credit scores. For all others, stick to basic, low rate rewards credit cards.

If you’re looking for a 0% APR credit cardto use for your everyday purchases or have a high interest balance on another card that you need to pay off – the Citi Platinum Select Card may be the best credit card for you.  The extra benefits the card offers are probably worth more to the average credit card user than what is earned through credit card rewards, including one of the longest 0% interest rate offers on the market. (more…)

American Express recent rolled out some major changes to its popular Blue Cash credit card. Now re-branded as the American Express Blue Cash Everyday card, this is one of the best credit card offers for consumers seeking a cash back credit card with no annual fee and a high rewards return on gas and groceries.

American Express Blue Cash Everyday Card Benefits

• No annual fee. There is no annual fee for card holders.
• Unlimited Rewards: There are no restrictions on how many rewards you can earn.
• $25.00 Bonus: For every friend you refer who qualifies and opens a card you will receive a $25.00 rewards bonus.
• 0% APR Credit Card Offer: When you open your card you will be eligible for 0% APR for at least 6 months.
• 1% – 3% In Cash back rewards: Card members receive 3% cash back for purchases made at supermarkets, 2% cash back for gas purchases and 1% cash back for all other purchases. (more…)

At one time or another most of us, and even our kids and dogs, have received a pre-approved credit card offer in the mail. Many receive such offers on a pretty consistent basis. Contrary to how these offers are advertised, receiving a pre-approved credit card application does not guarantee you will be approved. It simply means you have met certain screening criteria. Here is the low down on what pre-approval really means.

What Most Pre-Approved Cards Offer

Pre-approved credit cards that arrive in your mailbox are usually very enticing. Most offer 0% APR promotional deals for purchases. Others will entice you with low or 0% APR balance transfer deals. Additionally, many of the offers will boast about how great their rewards program is, offering additional rewards when signing up, like 25,000 free miles or a $50 cash back bonus.

How Do The Credit Card Companies Get Your Name And Address?

There are actually a variety of ways that they may have obtained your information. They might have your data from a previous application or purchased a mailing list from another bank or lender. Many credit card companies will also purchase a list of likely qualified applicants from one of the three major credit bureaus. The credit bureaus will look at criteria that would make you a likely candidate for the card that is being offered, your name is then sold to the credit card company and as a result you are then solicited. (more…)

Studies have shown that the majority of credit card students graduate with at least one credit card in their name, and graduate with more than $2,800 in credit card debt according to Nellie Mae.  Whether the card was used to pay tuition and books, or more frivolously for a night on the town doesn’t matter – you’ll be paying for these purchases for years to come if you only pay the minimum payment each month.

When you graduate from college, it’s time to take a look at your financial situation and for many this means taking a closer look at credit card debt.  This debt is the last thing you want to be dealing with as you are looking to start your career and “adult” life.

Transfer Your High Interest Balances

Student credit cards are known for having some of the highest interest rates in the industry.  The cards you carried in your wallet as you walked around campus may not be the kind of credit cards you use as a college graduate.  It’s time to graduate your student credit cards to grown-up versions, and you can often do this through a credit card balance transfer offer.

Move your high interest credit card debt to a 0% credit card and make paying it off a priority.   You’ll probably save hundreds of dollars in interest compared to paying the minimum payment on a high interest credit card. (more…)