Is Macy's a good credit card to have?
Answer:
Macy's and other department stores will give a credit card to anyone 18 or older. Their cards are not the same as a VISA or MasterCard because they are only good in their store. You should only get one if you like to shop there; otherwise it won't do you any good to have one. It is a good way to establish credit if you are just starting out, but you need to pay the total bill when you receive it if you want to build good credit.
Department store credit cards have a very high rate of interest. If you have to use them make sure to pay them off every month.
If you want to rebuild your credit I'd say to get a credit card from a bank that makes you pay everything up front. Then gradually your amount increases. If you want more info email me.
You would be much better off using a Visa/Mastercard. If you want to pay $75 for something you can get at Walmart for $55, go for it. When you add the interest rate, it's $100+ for something you can get at Walmart for $55. Creditors don't care if you buy a Porche or a Hyundai as long as you pay on time so forget the status of Macy's, Bloomingdales, etc. Stick to a low interest Visa/Mastercard and use the card(s) wisely.
No credit card is good . Check the logic- you buy on sale and then buy the amount you would have saved , now pay 18 -25% interest compounded monthly on something you could have gotten at a lower costs else where with cash.
Credit cards are like Gambling Casinos they win Always!
You become a slave to their future and wealth.
Visit DaveRamsey.com to understand why. Cash is king Credit is dumb
macy's is a good credit card to start with and they do give small credit lines to people with bad credit. macy's also gives discounts when you use the card there. they also have good sales and clearances.
Macy's is a fine card to get, but as others have pointed out, store cards tend to have higher interest rates than a Visa/Mastercard product. If you get the card to build credit, and are intending on paying it off each time you use it.it can be a good tool.otherwise, you'll be paying far more than what's on the price tag.
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