What the Michaels credit card is and who issues it
The Michaels credit card is a store card issued by Synchrony Bank that you can use at Michaels stores and online at michaels.com. Unlike a general-purpose credit card, it works only at Michaels and affiliated retailers. Synchrony Bank handles the account — they set the interest rate, manage your payments, and report your activity to the credit bureaus.
Michaels promotes the card mainly for the rewards it offers on purchases. The card has no annual fee, which means you pay nothing just to hold it. However, like all credit cards, you will pay interest on any balance you carry from month to month unless you take advantage of promotional financing periods.
Key Takeaways
- The Michaels card earns rewards on every purchase at Michaels, but the rewards rate and redemption value depend on your cardholder tier.
- Synchrony offers promotional financing periods — typically 0% APR for a set number of months on purchases over a certain amount — but regular purchases carry a standard variable APR that changes with market rates.
- Your payment history and credit usage on this card report to the three major credit bureaus and affect your credit score.
- The card is only useful if you shop at Michaels regularly; if you do not, a general-purpose rewards card may give you more value.
How rewards work on the Michaels card
Michaels structures rewards in tiers based on how much you spend in a year. You earn points on every dollar you spend, but the earning rate increases as you reach higher spending levels. The exact rewards rates change periodically, so you should check your cardholder agreement or call Synchrony at the number on the back of your card to confirm current rates.
Points can be redeemed for discounts on future purchases. Michaels typically allows you to redeem points in increments — for example, a certain number of points might equal a $5 discount. The redemption value is fixed by Michaels, not by you, so you cannot shop around for a better rate. If you do not redeem points within a set timeframe, they may expire.
Promotional financing and regular interest rates
Michaels frequently offers promotional financing deals through the card — commonly 0% APR for 12, 18, or 24 months on purchases over a minimum amount, such as $99 or $149. These promotions are temporary and rotate. If you make a purchase during a promotional period and pay it off within the promotional window, you pay no interest.
If you do not pay off the balance before the promotion ends, the regular APR kicks in on any remaining balance. Synchrony's standard APR for this card is variable, meaning it changes when the Federal Reserve adjusts its benchmark rate. You can find the current APR range in your cardholder agreement or by logging into your account online. If you carry a balance after a promotion expires, you will owe interest calculated daily on the unpaid amount.
Missing a promotional payment important date is costly. If you miss even one payment during the promotional period, Synchrony may end the promotion and explore the regular APR retroactively to the entire purchase, not just future charges. Read the terms carefully before you rely on a 0% offer.
How the Michaels card affects your credit
Synchrony reports your Michaels card activity to Equifax, Experian, and TransUnion — the three major credit bureaus. This means your payment history, credit limit, and balance all factor into your credit score. Making on-time payments helps your score; late payments hurt it significantly.
Your credit utilization — the percentage of your available credit you are using — also matters. If your Michaels card has a $1,000 limit and you carry a $900 balance, you are using 90% of your available credit, which can lower your score. Paying down the balance improves this ratio.
Opening a new credit card, including the Michaels card, triggers a hard inquiry into your credit report. This inquiry may lower your score by a few points temporarily. The impact fades over time, but it is a real cost of explore.
When the Michaels card makes financial sense
The card is most useful if you shop at Michaels regularly — at least several times a year — and you can pay off promotional balances before interest kicks in. If you spend $500 or more annually at Michaels, the rewards can add up to meaningful discounts. If you spend less than that, the rewards are unlikely to offset the risk of overspending just to earn points.
The card is not useful if you carry a balance month to month. The interest you pay will quickly exceed any rewards you earn. If you struggle with credit card debt or tend to carry balances, a store card is a financial trap, not a tool.
Compare the Michaels card to a general-purpose rewards card before you decide. A 2% cash-back card used everywhere may deliver more value than a Michaels card that earns points only at one retailer, even if the Michaels rewards rate is higher. The difference depends on where you spend most of your money.
How to manage the card responsibly
If you decide to open the Michaels card, treat it like any other credit card: pay the full statement balance by the due date every month. Set a reminder on your phone or calendar so you do not miss a payment. Missing even one payment can trigger late fees, raise your APR, and damage your credit score.
If you use a promotional financing offer, mark the end date in your calendar and set a payment plan to pay off the balance before that date. Divide the total by the number of months remaining to see how much you need to pay each month. Paying early is always safe; paying late costs you the interest retroactively.
Do not increase your spending just because you have a new card or because you are earning rewards. Spending more than you planned to earn points is a net loss — you pay more than you save. Use the card only for purchases you would make anyway.
Frequently Asked Questions
Can I use the Michaels card anywhere other than Michaels?
No. The Michaels card works only at Michaels stores and michaels.com. Some store cards are accepted at affiliated retailers, but Synchrony's terms for this card limit it to Michaels. If you need a card for other purchases, you will need a separate general-purpose credit card.
What happens if I miss a promotional financing payment?
Synchrony may cancel the promotional rate and explore the regular APR retroactively to the entire purchase. This means you suddenly owe interest on the full balance from the original purchase date, not just from the missed payment forward. Always pay at least the minimum by the due date, even during a promotion.
Does the Michaels card hurt my credit score?
Opening the card causes a small, temporary dip from the hard inquiry. Over time, if you pay on time and keep your balance low, the card can help your score by adding to your payment history and lowering your overall credit utilization. If you miss payments or carry a high balance, it will hurt your score.
How do I redeem my rewards points?
You redeem points through your Michaels account online or by asking a cashier in-store. Points convert to discounts at a fixed rate set by Michaels. Check your account or the back of your card for the current redemption rate and any expiration dates on your points.
Is there an annual fee for the Michaels card?
No. Michaels does not charge an annual fee to hold the card. You pay nothing to keep the account open, but you will pay interest if you carry a balance beyond any promotional period.