should I keep my Macy's card? "for the instore savings"

[gen-specific]

Hello

I have a Macy's store card

It has a 2400 limit on the Macy's side of the card

It has a 5000 limit on the AMEX side of the card

This card

a) has my lowest credit limits

b) is reportedly the biggest hassle with Macy's fraud department needing you to call in if you change things online, or plenty of stories about the limit being reduced drastically with no warning, etc

c) is not a real AMEX card where you can do a 3x CLI soft pull after X days

I have never had a problem with this card, except for the low limits.

It helps provide large savings in store at Macys. Although I don't shop much.

In comparison, I have a real AMEX with a $30,000 limit

the biggest factor here is the potential headache this card could be, over how low the limit is... given how many people talk about the problems they have had with it.... should I keep my Macy's card?

closing it would not adversely affect my AAoA

[enharu]

I would say just keep it and sockdrawer it. The CL can help with the utilization.

[09Lexie]

Unless you find it difficult to manage, keep it for the few times you shop at Macy's.

[nyancat]

It is a "real" AmEx in that it's on their network, and $5000 is not an incredibly low limit. If you want the card, hang on to it! Don't worry about any stories.

[09Lexie]

@nyancat

OP clearly meant real because its not issued by Centurion Bank and thus does not qualify for 3x CLI's.

[gen-specific]

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@nyancat wrote:

It is a "real" AmEx in that it's on their network, and $5000 is not an incredibly low limit. If you want the card, hang on to it! Don't worry about any stories.

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I'm on the fence

this card's two limits are completely separate and mutually exclusive of each other, so its a $2400 limit for macys and a $5000 limit for amex. Its incredibly low in relation to my more prime cards and total utilization ratio.

The plan is, in a few months, to close any card with a limit below $10,000  (except Chase Sapphire Preferred )

[Creditaddict]

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@gen-specific wrote:

Hello

I have a Macy's store card

It has a 2400 limit on the Macy's side of the card

It has a 5000 limit on the AMEX side of the card

This card

a) has my lowest credit limits

b) is reportedly the biggest hassle with Macy's fraud department needing you to call in if you change things online, or plenty of stories about the limit being reduced drastically with no warning, etc

c) is not a real AMEX card where you can do a 3x CLI soft pull after X days

I have never had a problem with this card, except for the low limits.

It helps provide large savings in store at Macys. Although I don't shop much.

In comparison, I have a real AMEX with a $30,000 limit

the biggest factor here is the potential headache this card could be, over how low the limit is... given how many people talk about the problems they have had with it.... should I keep my Macy's card?

closing it would not adversely affect my AAoA

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How long have you had it and when is the last time you asked for a CLI on both accounts?

Should be SP and you should be able to request any amount you want.... I have gone from $5-10k in past but not sure if that sort of thing has changed in the last couple years but can't imagine completely.

[Ailee92]

I would like to see what you need to buy to max out your $5,000 card limit at Macy's. Regardless that's not a low limit, and if you actually shop at Macy's and the discounts exceeds BCP's discounts I would just keep it. Doesn't really hurt.

[enharu]

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@Ailee92 wrote:

I would like to see what you need to buy to max out your $5,000 card limit at Macy's. Regardless that's not a low limit, and if you actually shop at Macy's and the discounts exceeds BCP's discounts I would just keep it. Doesn't really hurt.

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Certain Macys stores do sell expensive merchandise, i.e. Louis Vuitton, Chanel, Tag Heuer watches and other luxury brands. Their online store also has some of those watches that can be purchased online. And the good thing is that the 15% discount (usually that's the max for designer brands) applies to them. Bloomingdale's has a bigger selection, but the Macy's card doesn't work there even though they're really the same company, which is kinda stupid. The NM card can be used across all their stores.

That being said, I would recommend you keep the card. They do SP CLIs anyways, and the discount is nice especially if you need to buy expensive items.

I wouldn't recommending using that card unless you can PIF though, because the APR rates are equivalent to daylight robbery. 

There used to be this stupid educational finance fee too that gets charged even when you PIF. Not sure if they still do that.

[indiolatino61]

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@09Lexie wrote:
Unless you find it difficult to manage, keep it for the few times you shop at Macy's.

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+1