If you’re a devoted Michael’s craft store shopper, you’re in for an exciting update! Michael’s is introducing its brand new credit card, and it could be a game-changer for your shopping experience. In this article, we’ll delve into the details of Michael’s credit card, highlighting the benefits, rewards, and what you need to know before applying. If you’re eager to make the most of your Michael’s shopping, read on.
The Rewards Program of Michael’s Credit Card
As a frequent Michael’s shopper, you may already be familiar with the Michael’s Rewards program, which offers you three percent back in rewards on your purchases. However, the new Michael’s credit card takes it up a notch. If you’ve spent at least $300 during the year, you’ll receive a boost to six percent in rewards on your Michael’s purchases.
Here’s the exciting part: with Michael’s credit card, you’ll earn a whopping nine percent in rewards on all your Michael’s purchases. This substantial increase in rewards is the card’s major selling point, enabling you to accumulate Michael’s rewards vouchers more quickly.
The rewards program operates like this: for every $55 in purchases, you’ll receive a $5 voucher. These vouchers are automatically emailed to you, but they come with a 32-day expiration period. While you’ll need to use them promptly, the rapid accumulation of vouchers should offset this limitation.
New Cardholder Benefits for Michael’s Credit Card
If you’re considering applying for Michael’s credit card, there’s an additional perk waiting for you. New cardholders receive a generous 20 percent discount on their first purchase with the card. What makes this deal even sweeter is that it appears to be stackable with other discounts or coupons, making it a valuable addition to your savings arsenal.
Additional Benefits
Beyond the rewards and discounts, Michael’s credit card offers various standard benefits you’d expect from a retail rewards program:
- Free Shipping: Cardholders enjoy occasional free shipping offers for online orders.
- Birthday Perk: During your birthday month, you’ll receive a special discount.
- No Annual Fee: The card doesn’t come with an annual fee.
Card Details
Before you rush to apply for Michael’s credit card, here are some essential details to keep in mind:
- Store-Exclusive: This card is exclusively for use at Michael’s or online at Michael’s. It’s not a Visa, MasterCard, American Express, or Discover Card.
- Issued by Comenity Capital Bank: Comenity Capital Bank, a well-known name in retail store credit cards, backs Michael’s credit card. They handle customer service, payments, and account management.
- Interest Rates: While the exact interest rate isn’t official at the time of writing, expect it to be high, possibly in the high 20 percent or around 29.99 percent. To maximize the benefits of this card, it’s crucial never to carry a balance from month to month, given the high-interest rates.
How to Apply for Michael’s Credit Card
If you’re interested in applying for Michael’s Credit Card, you can do so conveniently either online or in-store. Here are step-by-step instructions on how to apply for the card:
Online Application:
- Visit Michael’s Website: Start by going to the official Michael’s website using your web browser. You can typically find the credit card application page in the “Credit Card” or “Rewards” section of the website.
- Explore Card Details: Before applying, take some time to review the details of Michael’s Credit Card, including the benefits, rewards, and terms and conditions. Make sure it aligns with your shopping preferences.
- Access the Application: Once you’re ready to apply, click on the “Apply Now” or “Apply for Credit Card” button. This will direct you to the application form.
- Fill out the Application Form: The online application form will require you to provide personal information such as your name, address, date of birth, social security number, and contact information. Ensure that all the information is accurate and up-to-date.
- Financial Information: You’ll also need to enter your annual income and other financial details. Michael’s, like other credit card issuers, will use this information to assess your creditworthiness.
- Review Terms and Conditions: Carefully read through the terms and conditions of the credit card agreement. Make sure you understand the interest rates, fees, and any other relevant information. You may need to accept these terms before proceeding.
- Submit Your Application: After completing the application form and agreeing to the terms and conditions, you can submit your application electronically. Be patient while the system processes your application.
- Await Approval: Once your application is submitted, the credit card issuer, which is Comenity Capital Bank in the case of Michael’s Credit Card, will review your application. This may take a moment, so be patient.
- Receive a Decision: You will typically receive a decision on your application shortly after submitting it. This could be an instant approval or a decision that takes a few days. If approved, you will receive your credit card in the mail.
In-Store Application:
- Visit a Michael’s Store: Locate your nearest Michael’s craft store. You can use the store locator on Michael’s website to find one near you.
- Ask for Assistance: Once you’re at the store, approach a store associate or cashier and let them know you’re interested in applying for the Michael’s Credit Card. They will provide you with an application form.
- Complete the Application Form: Fill out the application form with your personal and financial information. Be sure to double-check for accuracy.
- Submit Your Application: Return the completed application form to the store associate. They will process your application on-site.
- Wait for Approval: The store associate may be able to provide you with an instant decision in some cases. If not, you’ll be informed about the approval status once the bank reviews your application.
- Receive Your Card: If approved, you will receive your Michael’s Credit Card right away, and you can start using it for your purchases.
Conclusion
Michael’s credit card is an appealing choice for avid Michael’s shoppers, primarily due to the generous nine percent rewards on purchases. However, it’s essential to manage your card responsibly, given the high-interest rates. If you’re diligent about paying your balance in full each month and you love shopping at Michael’s, this card could be a valuable addition to your wallet.
Frequently Asked Questions (FAQs)
How do I apply for Michael’s Credit Card?
You can apply for a Michael’s Credit Card online through the official Michael’s website or in-store at your nearest Michael’s craft store. To apply, you’ll need to provide personal and financial information, and the bank will review your application to determine eligibility.
What are the benefits of having Michael’s Credit Card?
Michael’s Credit Card offers several benefits, including:
- Rewards: Cardholders can earn rewards on their Michael’s purchases, with the potential to earn up to nine percent in rewards on eligible purchases.
- First Purchase Discount: New cardholders receive a 20 percent discount on their first purchase with the card.
- Free Shipping Offers: Cardholders may receive occasional free shipping offers for online orders.
- Birthday Perk: There’s a special discount during your birthday month.
- No Annual Fee: The card does not come with an annual fee.
Can I use Michael’s Credit Card at any store?
No, Michael’s Credit Card is a store-exclusive card, which means you can only use it at Michael’s craft stores or for online purchases on the Michael’s website. It is not a general-purpose credit card like Visa or MasterCard.
What is the interest rate on Michael’s Credit Card?
The interest rate on Michael’s Credit Card can vary, but it’s typically on the higher side, similar to many other retail store credit cards. It may be in the high 20 percent range or around 29.99 percent. To avoid paying excessive interest charges, it’s advisable to pay your balance in full each month.
How do the rewards work with Michael’s Credit Card?
With Michael’s Credit Card, you can earn rewards on your purchases. For every $55 in purchases, you’ll receive a $5 voucher. These vouchers are emailed to you automatically, but they have a 32-day expiration period. To maximize your rewards, it’s essential to use the vouchers promptly.
Is there an annual fee for Michael’s Credit Card?
No, Michael’s Credit Card does not have an annual fee, making it cost-effective for cardholders.
Who is the issuer of Michael’s Credit Card?
Michael’s Credit Card is issued by Comenity Capital Bank. Comenity Capital Bank is a common issuer of retail store credit cards and handles various aspects of card management, including customer service and payments.
Can I stack discounts and coupons with the first purchase discount?
Yes, the first purchase discount for new cardholders can typically be stacked with other discounts and coupons offered by Michael’s. This can result in significant savings on your purchases.
How long does it take to receive a decision on my credit card application?
The time it takes to receive a decision on your credit card application can vary. Some applicants may receive an instant decision, while others may need to wait a few days for a response. The bank will review your application and notify you of the outcome.
How can I manage my Michael’s Credit Card account?
You can manage your Michael’s Credit Card account online through the card issuer’s website, which is often provided on the back of your card. This allows you to check your balance, make payments, and view transaction history. You can also contact the card issuer’s customer service for assistance.