Do you have a big purchase on the horizon? There is a store credit card that can give you up to $250, almost instantly.
Signing up for the Bloomingdale's Credit Card or the Bloomingdale's American Express® Card is a way to make your dollars stretch further — and they both come with some pretty great perks.
Currently, when you sign up for either of the two Bloomingdale's credit cards, you'll be eligible to take 15% off purchases made in your first two days, up to a limit of $250 in savings. For this reason, the Bloomingdale's Credit Card and the Bloomingdale's Amex are popular to sign up for around the holiday shopping season, but they are great to consider on other occasions when you plan to buy something expensive, like a large wedding gift.
Below, CNBC Select breaks down the rewards, benefits and fees associated with the Bloomingdale's Credit Card and the Bloomingdale's American Express Card to help you decide whether either is the right card for you.
6X points for every dollar spent on shoes, cosmetics and fragrances at Bloomingdale's; 3X points for every dollar spent on all other Bloomingdale's purchases
Save 15% on the day of account opening and the following day, up to a total savings of $250
Similar to the Macy's Card, the Bloomingdale's Credit Card offers two distinct reward tiers based on your combined annual spending at Bloomingdale's, Bloomingdale's outlet stores and at Bloomingdales.com. The basic store credit card is for average spenders, but those who spend thousands at Bloomingdale's each year qualify for the premium store credit card, called "At the Top of the List."
Here are the annual spending requirements for each:
Each of these Bloomingdale's credit cards lets customers accrue points, which can be redeemed for cash applied to nearly all Bloomingdale's purchases, excluding gift cards and services.
The rewards rates are as follows:
Not surprisingly, the more you shop at Bloomingdale's, the more potential for rewards there will be. But customers who want to truly increase their savings potential by earning points on all kinds of spending can apply for the Bloomingdale's American Express Card.
Opting for the Bloomingdale's Amex card over the basic store credit card gives you the same benefits, but additional cash back on all purchases where American Express is accepted.
In this way, the Bloomingdale's Amex Card lets you have your cake and eat it, too. Points are earned at the same rates as above, but you can use your card outside of Bloomingdale's and earn rewards, unlike the store card that can only be used at Bloomingdale's locations.
Here's a breakdown of the rewards rates outside of Bloomingdale's:
Redeeming rewards is easy with the Bloomingdale's Credit Card. Once customers earn 5,000 points, they receive a Reward Card worth $25, which can be applied toward their next Bloomingdale's purchases. Reward Cards expire within 180 days from the date they were issued, and they cannot be redeemed in Nespresso shops or used to purchase Bloomingdale's gift cards. Likewise, they cannot be exchanged for cash or used as payment on your Bloomingdale's account balance.
A final note about redeeming Bloomingdale's credit card rewards is that it's encouraged to use your points by Dec. 31 of every calendar year. On this date, 75% of your points will be forfeited, and the remaining balance will roll over into the following calendar year. If your account balance is in the negative on Dec. 31, this negative balance will also roll over into the next year.
Currently, signing up for a Bloomingdale's card earns you 15% off all purchases for the first two days of having your new card. Your discounted savings is limited to $250, meaning you could spend as much as $1,667 on any Bloomingdale's purchase, excluding some services and gift cards, and get 15% off of the full total.
Bloomingdale's Credit Card members can also enjoy an array of incredible perks, like free shipping on Bloomingdales.com and selective free delivery on in-store items, up to $28. There are also exclusive Double, Triple, and Power Points events that let cardholders earn Reward Cards even faster. Bloomingdale's Credit Card members are entitled to two Triple Points days, and people who have the Bloomingdale's Credit Card At the Top of the List can choose up to four.
Finally, there are a few perks that fashionistas and festive customers will love, like free unlimited gift wrapping and complimentary storage for fur lovers. This is perhaps the most unique store credit card benefit, reminiscent of the department store golden era. With this benefit, Bloomingdale's cardholders may store fur coats and statement pieces at their local Bloomingdale's during the summer, no matter where they purchased the fur.
Both the Bloomingdale's Credit Card and the Bloomingdale's American Express card come with 26.74% variable APR with no annual fee. Neither offers a special financing period, but customers can save by taking advantage of 15% off their first purchase.
Neither of these cards comes highly recommended for international travel, since the Bloomingdale's store card can only be used at the brand's stores, and the Bloomingdale's Amex has a 3% foreign transaction fee. If you plan on using your credit card outside the U.S., you should consider one of CNBC Select's best credit cards for travel. A popular option is the American Express® Gold Card, with an annual $100 airline fee credit and no foreign transaction fee.
With a 15% discount bringing new cardholders up to $250 in savings, the Bloomingdale's Credit Card is worth considering if you plan to spend up to $1,667 in purchases at the popular department store — but only if you plan on paying it off right away. Though the Bloomingdale's Credit Card and the Bloomingdale's Amex Card come with attractive perks like free shipping on all Bloomingdales.com orders, they do not offer special financing like some of the best 0% APR cards on the market.
If you need more time to pay for your big purchase, consider the Amex EveryDay® Credit Card which offers a 0% APR for the first 15 months on purchases and balance transfers (after 12.99% to 23.99% variable APR).
In addition, even though the Bloomingdale Credit Card's upfront 15% discount is considerable, there are cards with even larger welcome bonuses and perks like cell phone protection and more for consumers with excellent credit. If this applies to you, CNBC Select recommends looking for a card with an ample limited-time bonus offer, like the Chase Sapphire Preferred® that comes with a welcome bonus of 60,000 Chase Ultimate Rewards® points that are worth up to $750 toward travel when you redeem through Chase Ultimate Rewards®.
To determine which credit cards offer the best value, CNBC Select analyzed 234 of the most popular credit cards available in the U.S. We compared each card on a range of features, including rewards, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem points.
CNBC Select teamed up with location intelligence firm Esri. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here.
Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.
CNBC Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net the annual fee.
While the five-year estimates we've included are derived from a budget similar to the average American's spending, you may earn a higher or lower return depending on your shopping habits.
Information about the Bloomingdale's Credit Card, Bloomingdale's American Express® Card, and Amex EveryDay® Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.
For rates and fees of the Amex EveryDay® Credit Card, click here.