topic Re: Macys cc compared to other CCs in Credit Cards

Macys cc compared to other CCs

Anonymous — Sun, 13 Jan 2019 06:46:04 GMT

I’ve been thinking is there value between let’s say a Cap One cc and a Macys dept store cc? Any comparison? I was reading someone was stating Macys dept store cc is useless. I have three CCs and Macys cc. And from my understanding Credit One is not so good to have as a cc. Also, I recently got a approved for $100 increase to a cc limit on a Cap One cc limit of 500 so that makes it 600 what would the limit increase do to credit score, negative or positive impact?

Re: Macys cc compared to other CCs

AverageJoesCredit — Sun, 13 Jan 2019 12:31:51 GMT

Macys store card isnt bad in thst if you spend alot you might find some useful deals. Bad to carry balance due to high apr. I would say perhsps its best feature is its potential for very high limit which can help pad your utilization.If you have a regular Cap One card, not store branded, they can be used anywhere that accepts Visa and Mastercard so you have more flexibility.

Re: Macys cc compared to other CCs

kdm31091 — Sun, 13 Jan 2019 13:34:59 GMT

There's nothing wrong with the Macy's credit card per se; like most store cards you don't want to carry a balance on it or anything, but if you are a loyal shopper, you can get some good deals. It will still help build your credit if it's kept in good standing.

With 3 major cards and Macy's you are doing fine, don't worry. Capital One and Credit One aren't the best IMO but they are fine and serve their purposes too. Limit increases are pretty much never a bad thing, so you may see a small positive impact if it makes your utilization lower by any real amount. When I get limit increases that don't really change my util much I don't see any score difference.

Re: Macys cc compared to other CCs

Justrebuilding — Sun, 13 Jan 2019 15:57:21 GMT

If you spend a lot at Macys I think its helpful. I bought a mattress from Macy's and I got $100 off for opening the card. I also got Gold status so I had free shipping on everything through the end of 2018. I doubt I will spend enough to get gold status this year so it will mainly be in the stock drawer. But I used it a lot last year for the free shipping, and when they had the plenti program.

Re: Macys cc compared to other CCs

CreditInspired — Sun, 13 Jan 2019 16:10:39 GMT

Hi OP

Apples cannot be compared to oranges.

First, Macy’s is a retail/store card and can only be used at Macy’s. What I love about the card is when Macys has special promotions (12-month, 0% APR) for items over $499. That’s how I purchased my mattress, LR furniture, and large hall mirror over the last couple of years (didn’t pay a penny in interest). Also, using my card for UT padding—priceless!

Second, CapOne is a bank card. You can use it anywhere Visa is accepted.

Third, CreditOne is a predatory lending card that will charge you a fee for any stupid reason they can come up with. 😖

Finally, your CapOne is bucketed due to the small CL. A $100 increase will have no positive effect.

Good questions.

Re: Macys cc compared to other CCs

Anonymous — Sun, 13 Jan 2019 18:22:10 GMT

Macy's comes with the Star Rewards program. As you reach tiers for shopping you get added benefits. As you shop, you get rewards in the way of discounts on purchases. You often see signs around the store that say "Use your Macy's Card for and extra 20% savings." Obviously they hope you'll carry a balance, but don't do it. In fact, you can swipe your Macy's card at the beginning of the transaction to show you're a card holder, but ask the clerk to allow you to pay with cash or debit card before finalizing the transaction (or just pay the statement balance in full).

Always use your Macy's card at Macy's. You're leaving money on the table if you don't. Just don't carry a balance.

I hate the annual fee associated with Credit One, but a Visa is a Visa. Soon enough you'll be able to replace it with a better card.

Re: Macys cc compared to other CCs

Anonymous — Sun, 13 Jan 2019 18:25:46 GMT

I’ll have to go about carefully replacing Credit One when the time is right

Re: Macys cc compared to other CCs

Justrebuilding — Sun, 13 Jan 2019 18:29:27 GMT

Also there is an Amex version of the Macy's card that you can use outside of Macy's as well. That is the kind I have, although I rarely use it outside of Macy's. I'd definitely try to get that over credit one. I'd recommend pretty much anything over credit one. Even a secured Discover or secured BofA card.

Re: Macys cc compared to other CCs

Anonymous — Sun, 13 Jan 2019 18:31:46 GMT

Ok. Is there a recommended way of properly closing the Credit One at the right time?

Re: Macys cc compared to other CCs

HeavenOhio — Sun, 13 Jan 2019 19:20:25 GMT

You can close Credit One right now if you’d like as you’d still have the requisite three cards that FICO likes. They’re likely to warn you that you’re going to wreck your credit by closing. Don’t fall for that.

Re: Macys cc compared to other CCs

Anonymous — Sun, 13 Jan 2019 19:26:09 GMT

Thinking whether or not closing the credit one cc will raise or lower credit util Im not sure. I think I might apply for a disc or anex sec then probably gonna close the credit one

Re: Macys cc compared to other CCs

Anonymous — Sun, 13 Jan 2019 19:28:01 GMT

Ive been working on lowering my util and it has been improving my score a lot lately. I have $672 with bofa and I can still bring it down which will bring util below 9%

Re: Macys cc compared to other CCs

Anonymous — Sun, 13 Jan 2019 19:38:24 GMT

Its saying On wallethub I have good approval odds for amex cash magnet and disc cash back very interesting.

Re: Macys cc compared to other CCs

CreditInspired — Sun, 13 Jan 2019 22:51:45 GMT

@duku,
Approval odds on sites like Wallet Hub, Credit Karma, and Credit Sesame are marketing advertisements only. They get paid if you apply through their link and happen to get approved.

For better odds, go to AmX and Discover websites to see if there are any prequals.

Re: Macys cc compared to other CCs

Anonymous — Sun, 13 Jan 2019 22:55:53 GMT

Ok, thanks, good to know.

Re: Macys cc compared to other CCs

Anonymous — Sun, 02 Jun 2019 02:03:20 GMT

Is it worth opening it just for a discount? 20% off 250$

I have 9 credit cards, 2 of them - wells fargo and bofa - opened in the last 6 months.

i most likely will not use it much. If ever. Only occasionally i shop there.

Re: Macys cc compared to other CCs

AverageJoesCredit — Sun, 02 Jun 2019 03:11:47 GMT

No, for a 20% discount and no real plan to use, save your hp.

Re: Macys cc compared to other CCs

CreditInspired — Sun, 02 Jun 2019 10:54:17 GMT

@Anonymous wrote:
Is it worth opening it just for a discount? 20% off 250$
I have 9 credit cards, 2 of them - wells fargo and bofa - opened in the last 6 months.
i most likely will not use it much. If ever. Only occasionally i shop there.

Since you recently opened 2 new accounts within 6 months, I don't think this is a good idea at all.

And as @Anonymous said, "for 20% discount on $250, Nope, save your HP."

Re: Macys cc compared to other CCs

Anonymous — Sun, 02 Jun 2019 16:56:29 GMT

Is hard pull that bad? It will disapper in 2 years, did not hurt me much in the past, the score went down by a few points , and in 6 month it always came back.

I was even thinking getting macys and jcpenny credit cards, both with ~50$ in discount each.

(I can understand the logic of the store, they want to use their own forms of payment, and give me a discount. Win win.

Dont get how this is bad for my score, but this entire score system is illogical, possibly controlled by random AI algorithms, that noone understands anyway.)

So 50$ is not worth the risk?

Re: Macys cc compared to other CCs

CreditInspired — Sun, 02 Jun 2019 17:16:14 GMT

@Anonymous wrote:
Is hard pull that bad? It will disapper in 2 years, did not hurt me much in the past, the score went down by a few points , and in 6 month it always came back.
I was even thinking getting macys and jcpenny credit cards, both with ~50$ in discount each.
(I can understand the logic of the store, they want to use their own forms of payment, and give me a discount. Win win.
Dont get how this is bad for my score, but this entire score system is illogical, possibly controlled by random AI algorithms, that noone understands anyway.)
So 50$ is not worth the risk?

The word “risk” is too strong a word to use. My answer is related to whether you want a HP for a store card that’s limited to that store. If the $50 discount is worth it to you and if you will be using the card a lot, then that’s the right decision for you.