What the NYC & Co Credit Card Actually Is
The NYC & Co credit card is a store card issued by Synchrony Bank that you can use at Macy's, Macy's backstage, and select other retailers in the Macy's network. It is not a general-purpose card — you cannot use it everywhere, only at those specific stores. The card offers rewards in the form of points on purchases, and those points convert to Macy's money (a store credit) that you can spend on merchandise.
This card is different from a Visa or Mastercard because it locks you into shopping at one retailer. That matters when you are deciding whether the rewards are actually worth the annual percentage rate (APR) you will pay if you carry a balance. Many people get store cards because the rewards sound good, then end up paying interest that erases the benefit.
Key Takeaways
- The NYC & Co card only works at Macy's and Macy's backstage, so the rewards only have value if you already shop there regularly.
- Synchrony Bank charges a variable APR that changes based on your credit score and creditworthiness, and carrying a balance will cost you money even with rewards.
- The card offers promotional financing (like 0% APR for a set period) on certain purchases, but only if you meet the terms and pay on time.
- Store cards typically have lower credit limits than general-purpose cards, and opening one can temporarily lower your credit score by a few points.
- You should only open this card if you shop at Macy's frequently enough that the rewards will outweigh any interest you might pay.
How the Rewards and Points System Works
When you use the NYC & Co card at Macy's, you earn points on your purchase. The exact earning rate varies — Macy's regularly changes the point structure, so you should check their current offer before opening the card. Typically, you earn points on every dollar spent, and those points accumulate in your account.
Once you have enough points, you convert them to Macy's money, which is a certificate of store credit. You then use that Macy's money to buy merchandise at Macy's. The catch is that Macy's money only works at Macy's — it has no cash value and cannot be transferred or used elsewhere. If you do not shop at Macy's regularly, the points will sit unused or expire before you can spend them.
Promotional offers also come with this card. Macy's may offer 0% APR for a certain number of months on purchases over a minimum amount, or bonus points during specific sale periods. These offers are real savings if you pay off the balance before the promotional period ends. If you do not, the APR jumps to the regular rate and you owe interest on the full amount, which wipes out any reward value.
Interest Rates and Fees You Should Know About
Synchrony Bank sets the APR for the NYC & Co card, and it is variable — meaning it changes over time based on market conditions and your creditworthiness. The rate you receive depends on your credit score at the time you open the card. If your score is lower, you will get a higher APR. If your score is higher, you may get a lower one. Synchrony does not publish a single rate; instead, they offer a range.
There is no annual fee to carry this card, which is one advantage over some store cards. However, if you carry a balance month to month, you will pay interest on that balance. Even with rewards, interest charges can quickly exceed the value of points you earn. For example, if you spend $1,000 and earn $15 in rewards but pay $25 in interest because you carried the balance for three months, you have lost money.
Late payments trigger a penalty APR, which is a higher interest rate applied to your account if you miss a payment. This rate can be significantly higher than your regular APR and stays in place for at least six months if you trigger it. The best way to avoid this is to set up automatic payments for at least the minimum due each month.
When a Store Card Makes Sense and When It Does Not
A store card is worth opening only if you meet two conditions: you shop at that retailer regularly, and you pay off the balance in full each month. If you do both, the rewards are genuine savings with no interest cost. If you carry a balance, the interest you pay will almost always exceed the rewards you earn.
Store cards also have lower credit limits than general-purpose cards. Synchrony typically starts new cardholders with limits between $300 and $1,500, depending on your credit history. If you need to make a large purchase, you may hit your limit quickly. Additionally, opening any new credit card temporarily lowers your credit score by a few points because the inquiry and new account affect your credit profile. This matters if you are planning to explore for a mortgage, car loan, or other major credit in the next few months.
The NYC & Co card makes sense if you shop at Macy's at least a few times a year and you have the discipline to pay off purchases before interest kicks in. It does not make sense if you shop there rarely, if you tend to carry balances, or if you are in the middle of building credit and want to avoid new inquiries.
How to Compare This Card to Other Options
Before opening the NYC & Co card, compare it to a general-purpose rewards card like a Visa or Mastercard. A general rewards card lets you earn points at any retailer and typically offers 1% to 2% cash back or points on all purchases. You can use those rewards anywhere, not just at one store. The APR on a general card is often similar to a store card, but the flexibility is much greater.
If you shop at Macy's frequently, you might also ask whether Macy's offers a discount or promotion just for signing up for the card — many retailers do. That one-time discount could be worth $20 to $50, which might justify opening the card even if you do not plan to use it heavily. Check Macy's website or ask in-store what the current offer is.
You should also consider whether you would be better off using a cash-back card and straightforward paying Macy's with that card instead. If a general rewards card gives you 2% cash back and the NYC & Co card gives you points worth 1% to 1.5% in Macy's money, the general card is the better deal — and you can use it anywhere.
What Happens to Your Credit When You Open This Card
Opening the NYC & Co card triggers a hard inquiry on your credit report. This inquiry is a record that you applied for credit, and it lowers your credit score by a small amount — usually 5 to 10 points. The impact is temporary and fades over time, but it is real. If you are planning to explore for a mortgage or car loan in the next few months, opening a new card right before that process could hurt your chances of getting the best rate.
Once the card is open, it becomes part of your credit mix and your available credit. If you keep the balance low and pay on time, the card will help your credit score over time. If you carry a high balance or miss payments, it will hurt your score. The key is to treat it like any other credit account: use it responsibly and pay what you owe.
If you decide not to open the card, do not worry — you can always open it later. There is no penalty for waiting, and Macy's will likely offer the same or a similar promotion in the future.
Steps to Take Before You Decide
First, check your current credit score. You can get a free score from many banks, credit card issuers, or websites that offer free credit monitoring. Knowing your score helps you understand what APR you might receive. If your score is below 650, you will likely get a higher rate, which makes the card less attractive.
Second, look at your Macy's spending over the past year. Add up what you spent there. If it is less than $500 a year, the rewards will be minimal and probably not worth the card. If it is $1,500 or more, the rewards could be meaningful.
Third, read the current terms on Macy's website or ask in-store. The rewards structure, promotional offers, and APR range change periodically. Make sure you understand what you are signing up for before you explore.
Fourth, decide whether you can commit to paying off the balance in full each month. If you cannot, do not open the card. The interest will cost you more than the rewards are worth.
Frequently Asked Questions
Can I use the NYC & Co card outside of Macy's?
No. The card only works at Macy's and Macy's backstage locations. You cannot use it at other retailers, online stores, or restaurants. This is the main limitation of a store card.
What is the APR, and how do I find out what rate I will get?
Synchrony Bank does not publish a single APR for this card. Instead, they offer a range based on your creditworthiness. You will see the range when you explore, but you will not know your exact rate until after you are approved. If you want to know before you explore, you can call Macy's customer service and ask what the current range is.
Do I have to pay an annual fee?
No. The NYC & Co card has no annual fee. You only pay interest if you carry a balance from month to month.
What happens if I do not use the card?
If you do not use the card for a long period, Macy's may close the account. Closed accounts can hurt your credit score because they reduce your available credit. If you open the card, use it at least once every few months to keep it active, even if it is just a small purchase that you pay off when ready.
Can I transfer my points to another store or convert them to cash?
No. Points only convert to Macy's money, which is store credit. You cannot transfer points to another retailer, convert them to cash, or use them anywhere except Macy's.