Michaels is launching a new credit card as a way to court its most active shoppers.
On Wednesday Michaels introduced a private-label credit card, the first ever in the company’s 50-year history. The launch is part of the arts and crafts retailer’s strategy to encourage frequent shoppers, such as teachers and business owners, to keep coming back to Michaels for all their supplies.
The card offers 9% in rewards points on every purchase, along with perks like free shipping, special financing opportunities and exclusive discounts throughout the year. The credit card addition comes after Michaels overhauled its rewards program in May. With the streamlining of the program, the retailer now targets two tiers of customers, which receive either 3% or 6% rewards points on purchases. Members become eligible for the 6% tier by spending $300 over a 12-month period. And now, by opening and using the new credit card, rewards members will get 9% of the purchase back in credits that can be used for future purchases.Modern Retail