Bloomingdales Credit Card: Why You Should Consider One

When it comes to using credit cards offered by luxury department stores, the key is to make sure that you take advantage of the perks and rewards that the store offers for using the card. As far as Bloomingdales is concerned, it does not offer as many perks and rewards to use its card as many of the other luxury department stores — meaning that it will take some effort and management to optimize the benefits of using the card. However, when you effectively take advantage of the benefits the card has to offer, you can gain access to some great rewards, which generally are redeemed in the form of additional purchases at Bloomingdales.

Savings Threshold

With many other luxury store credit cards, one of the primary complaints is that the savings threshold is too high. In other words, the amount that you have to spend before you begin to reap the benefit of using the card is too high. Fortunately, with the Bloomingdale credit card, the savings that are available have a lower threshold — $3,500. If you are familiar with Bloomingdales, it does not take a lot to reach a $3,500 balance.

Choosing the Right Card

Bloomingdales actually has five different credit cards, but not all of worth having. In fact, if you are interested in having a card from Bloomingdales, I recommend choosing the Bloomingdale’s Loyalist American Express card. Honestly, the Bloomingdale’s Store Credit Card really does not offer anything spectacular outside of its increase in the points that are earned per dollar spent.

If you have the credit rating to be approved for it, the Bloomingdale’s American Express card has a significantly better overall value. The card matches the non-Amex Loyalist card from Bloomingdales point-for-point, meaning that you don’t lose anything by choosing the Amex Card. Another added benefit is that you are not limited to using the card at Bloomingdales.

Both cards, the store card and the Amex version, reach peak value at an annual expenditure of $3,500. Reaching the $3,500 in the year will automatically qualify you to be upgraded to Bloomingdale’s Top of the List Store Credit Card. When you qualify for the Top of the List Card, you will witness an increase in the rate of rewards point accumulation with either card, which increases the aggregate value you experience when using the card. This upgrade also qualifies you to participate in “Triple Point Days,” which are specified days in which you will be able to earn three times the points you would normally earn from your purchases.

The “Triple Point Day” is likely the best part of having the card. Unfortunately, each customer only qualifies for one “Triple Point Day” per year, but if you plan it right, you can optimize your spending on that day to get the greatest benefits.

Interest Rates

As with any department store credit card, the interest rates for the Bloomingdale’s Card is absolutely atrocious, coming in with an APR of 24.5 percent. If you do not have the capacity to pay off the complete balance on these cards before the end of each billing cycle, it is probably a good idea to simply bypass these cards all together.

The Signing Bonus

Another small incentive for applying for a Bloomingdales Card is the fact that you will receive a signing bonus in the form of a 15 percent discount, which only applies to purchases up to $250.

Rewards & Discounts

When using the standard Loyalist store card, you will receive two rewards points for every $1 you spend on fragrances, cosmetics and shoes that are purchased in the store or online. All other purchases will net you one point for every $1 you spend. If you bypass the standard loyalist card for the Bloomingdale’s non-Amex or Amex card, you will earn more points for each dollar that you spend, and you will also receive some additional perks that are not a part of the benefits of the standard card. With the Amex card, the points per $1 spend increases to three. When you purchase shoes, fragrances and cosmetics, the rewards points increase to 6 reward points for each dollar spent.

When you reach the Top List status ($3,500) in spending within your card member year, the benefits associated with being a Top List member will automatically kick in. These benefits include all of the previously mentioned benefits associated with the Loyalist program. Additionally, you will receive four points for every dollar you spend in the store or online, and you will receive 8 points per every $1 spent on cosmetics, shoes and fragrances online or in the store. The upgrade will also offer free deliver for up to $28. As far as the Amex version of the card, the out of store perks that are received for using the card are not affected by the in store reward system.

The Value of Loyalist Points

To gain a lucid understanding of just how much value these cards carry, it will be important to assign a dollar value to each point that you can earn. Under normal circumstances, each Bloomingdales reward point is worth $0.005 each, which means that it would take 5,000 points to be able to redeem a $25 gift card. Remember, that these points can only be redeemed in the form of a Bloomingdales gift card. Unless you are willing to receive your rewards as an opportunity to purchase more merchandise from Bloomingdales, it is probably best to seek a card that will allow you to redeem your rewards in a manner in which you can spend the reward in places other than Bloomingdales.

If you are a person who frequents Bloomingdales, this card may be of benefit to you. It is important to remember that the high APR demands that the entire balance be paid by the end of the billing cycle. If you are not able to do this, this is not a card that will benefit you in the way of savings. Any savings that you may accrued will be consumed by the interest on your unpaid balance.

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