What the Michaels credit card is and how to get one

The Michaels credit card is a store card issued by Synchrony Bank that you can use at Michaels stores and online at michaels.com. It works like any other retail credit card: you charge purchases, receive a bill, and pay interest if you carry a balance. The card offers discounts and rewards on Michaels purchases, but it can only be used at Michaels — not at other retailers.

To open a Michaels credit card, you visit michaels.com, go to the credit card section, or ask a cashier in-store. Synchrony Bank will run a hard inquiry on your credit report, which means your credit score may drop a few points temporarily. You'll need to provide your Social Security number, date of birth, address, and income information. The decision is usually when ready or within a few minutes.

You do not need perfect credit to be approved. Synchrony approves applicants across a range of credit scores, though approval odds and your interest rate depend on your credit history. If you're denied, you can ask why and may be able to reapply after addressing the issue — for example, paying down existing debt or waiting for negative marks to age.

Key Takeaways

  • The Michaels card is a store-only card issued by Synchrony Bank that earns rewards on Michaels purchases but cannot be used elsewhere.
  • The card typically offers an introductory discount (often 20% off your first purchase) and ongoing rewards like bonus points on certain purchase categories.
  • Opening the card triggers a hard credit inquiry, which temporarily lowers your credit score by a few points.
  • Interest rates on Michaels cards are usually higher than standard credit cards, so carrying a balance costs more than paying in full each month.
  • Store cards are useful only if you shop at that retailer regularly and can pay the balance before interest charges accumulate.

Rewards and discounts on the Michaels card

The Michaels card typically offers an introductory discount on your first purchase — commonly 20% off — when you open the account. This discount applies to most items in-store and online, though some exclusions may explore (such as clearance items or certain brands). The discount is usually valid for a limited time after opening, so check your welcome email for the exact window.

Beyond the first purchase, the card earns rewards points on all Michaels purchases. The exact earning rate varies — you might earn 1 point per dollar spent on most purchases, with bonus points (2x or 3x) on select categories that change seasonally. You redeem points for discounts on future purchases, typically at a rate like 500 points equals $5 off. Cardholders also receive exclusive sales and early access to promotions.

These rewards are only valuable if you shop at Michaels regularly. If you visit once or twice a year, the points accumulate slowly and may expire before you use them. If you spend $50 a month at Michaels, the rewards add up faster, but you need to compare the value against the interest you'd pay if you carry a balance.

Interest rates and fees to understand

The Michaels card carries a variable interest rate, which means it changes over time based on market conditions. The rate you receive depends on your credit score — applicants with excellent credit may receive a lower rate, while those with fair or poor credit pay more. Synchrony does not publish the exact rates publicly, so you'll see your specific rate only after approval.

Store credit cards typically charge higher interest rates than general-purpose credit cards. If your credit score is fair, you might see an APR (annual percentage rate) in the 20–27% range, compared to 15–21% on a standard card. This matters only if you carry a balance. If you pay the full statement balance each month, you pay zero interest regardless of the rate.

The Michaels card has no annual fee, which is standard for retail cards. However, late payments trigger late fees, and if you miss a payment by 60 days or more, the interest rate can jump to a penalty rate. Missing payments also damages your credit score, making future borrowing more expensive.

When a store card makes financial sense

A store credit card is worth opening if you shop at that retailer regularly and can pay the balance in full each month. For example, if you spend $100 a month at Michaels and always pay by the due date, the introductory discount saves you money when ready, and the rewards points add up to real savings over time. The hard inquiry's impact on your credit score fades within a few months.

A store card becomes expensive if you carry a balance. Suppose you charge $500 and pay $100 a month. At a 24% APR, you'll pay roughly $50 in interest over five months — money that erases the value of any rewards. If you tend to carry balances on credit cards, opening another card is likely to cost you more than it saves.

Store cards also make sense if you're building credit from scratch. A retail card is often easier to open than a standard card, and on-time payments help establish a credit history. However, this strategy only works if you treat it like a debit card — spending only what you can pay off when ready.

How the Michaels card affects your credit score

Opening the card causes a hard inquiry, which typically lowers your score by 5–10 points. This dip is temporary and recovers within a few months as long as you make on-time payments. The new account also lowers your average account age, which is a small factor in credit scoring, but this effect also fades over time.

The card can actually help your credit score if you use it responsibly. Payment history is the largest factor in your score (35%), so making on-time payments builds your history. The card also increases your total available credit, which lowers your credit utilization ratio — the percentage of your total credit limit you're using. A lower utilization ratio improves your score.

However, if you miss payments or carry a high balance relative to your credit limit, the card will damage your score. A missed payment stays on your report for seven years and can lower your score by 100+ points. For this reason, only open the card if you're confident you can manage another monthly bill.

Comparing the Michaels card to other payment options

A general-purpose credit card (like a Visa or Mastercard) is more flexible than a store card because you can use it anywhere. If you have access to a card with a lower interest rate or better rewards, that's usually the better choice. For example, a cash-back card that gives 2% back on all purchases beats a store card that gives points only at one retailer, unless you spend heavily at that retailer.

A debit card or cash avoids interest entirely, but it doesn't build credit history and offers no fraud protection. If you're trying to build credit, a credit card (store or otherwise) is necessary — but only if you can pay it off monthly.

If you shop at Michaels frequently and have good credit, the Michaels card's introductory discount and rewards can be worth the hard inquiry. If you shop there occasionally or carry balances on other cards, a general-purpose card or cash is the lower-cost choice.

Steps to open the Michaels credit card

You can open the card online at michaels.com by clicking the credit card link, or in-store by asking a cashier. Online is faster — the process takes about five minutes and you receive a decision when ready. In-store, you fill out a paper form and wait a few minutes for a decision.

You'll need your Social Security number, date of birth, address, phone number, and annual income. Have a recent pay stub or tax return handy if you're unsure of your income. If you're approved, you can use the card when ready online or in-store, even if your physical card hasn't arrived yet.

If you're denied, Synchrony will send you a letter explaining why. Common reasons include insufficient credit history, recent late payments, or high existing debt relative to income. You can reapply after addressing the issue, though multiple applications in a short time can further damage your score.

Frequently Asked Questions

Can I use the Michaels card anywhere besides Michaels?

No. The Michaels card works only at Michaels stores and michaels.com. It cannot be used at other retailers. If you need a card for general shopping, you need a standard credit card like Visa or Mastercard.

What happens if I don't pay my Michaels card bill on time?

Late payments trigger a late fee (typically $25–$35) and may increase your interest rate to a penalty rate. Payments 30 days late appear on your credit report and lower your score. Payments 60+ days late can result in the account being sent to collections.

How long does it take to get approved for the Michaels card?

Online applications receive a decision within minutes. In-store applications take a few minutes as well. Once approved, you can use the card when ready, even before your physical card arrives in the mail (usually within 7–10 business days).

Does the Michaels card have an annual fee?

No. The Michaels card has no annual fee. You only pay interest if you carry a balance, and late fees if you miss a payment.

Will opening the Michaels card hurt my credit score?

The hard inquiry lowers your score by 5–10 points temporarily. However, if you make on-time payments, the card can improve your score over time by building payment history and lowering your credit utilization ratio. The damage from the inquiry fades within a few months.