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JR81

WTF Macy's

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How ridiculous. They could have informed their customers of this change in policy BEFORE putting it into effect. :glare:

 

Yes, we could have, but we do our change in terms notices in the fall of each year, and the new store account policies are just now taking effect. With 20 million store accounts, the message was supposedly going to get to everyone earlier than fall 2011.

 

Basically, I think most of us in Credit Customer Service and Credit Granting agree with you, from the CSR's to the manager, including some directors. This decision was made at a very high level, well above us. Believe me when I tell you we (credit analysts) all grimaced and groaned when we heard about this change. Many of us seriously considered taking vacations when we heard we were going to have to take these calls. It has not been fun, and it ain't getting any easier.

Edited by Settle

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How ridiculous. They could have informed their customers of this change in policy BEFORE putting it into effect. :glare:

 

Yes, we could have, but we do our change in terms notices in the fall of each year, and the new store account policies are just now taking effect. With 20 million store accounts, the message was supposedly going to get to everyone earlier than fall 2011.

 

Unfortunately, the changes went into effect prior to the fall of this year - so that doesn't do us any good. I would have been royally pissed had I gone to the counter at Macy's thinking I have x amount of dollars available to spend, only to have the purchase declined because of some arbitrary madness.

 

Basically, I think most of us in Credit Customer Service and Credit Granting agree with you, from the CSR's to the manager, including some directors. This decision was made at a very high level, well above us.

 

And that's really too bad, because you guys are the ones who are gonna have to hear it from angry customers when this becomes well known.

 

To JR81 and txbaycpa - thanks for the heads up. I had no idea.

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I guess I'm in the minority, but the change doesn't bother me one bit. I'm not using the card for "rebuilding" purposes, so not having a limit reported is not an issue for me. I bought a bunch of stuff with the card yesterday, and I had no issue checking out. I love The Macys Amex card, and I use it regularly, as the reward certificates have added up fast for me. Everyone is different, but for me, I have no fear of having any purchase declined, don't need a "limit" to bolster my scores, and will continue to use the card. I have actually found the customer service with this card to be better than average.

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Unfortunately, the changes went into effect prior to the fall of this year - so that doesn't do us any good. I would have been royally pissed had I gone to the counter at Macy's thinking I have x amount of dollars available to spend, only to have the purchase declined because of some arbitrary madness.

 

Yes, I was referring to us being early for the fall announcement for this year, not for last fall. Either way, this is not easy for anyone, and we apologize for it. We are the front line for these calls. I often wish we could directly link the decision makers to all the calls, but they only allow us to transfer higher up by going through the normal chain of command.

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Good gravy, what are they thinking???!!! I'll be putting that one in the sock drawer pronto. Having any balance whatsoever would kill utilization since they aren't going to report a limit. salamanders.

:aggressive:

But then it won't count towards utilization, if they don't report the credit limits, like Amex charge cards. Right?

 

 

Coincidentally, the decision to stop reporting limits was made at almost the same time we made the decision to switch to AMEX last year for our co brand accounts.

 

I often use the word coincidentally when I am being facetious. :unsure:

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I guess I'm in the minority, but the change doesn't bother me one bit. I'm not using the card for "rebuilding" purposes, so not having a limit reported is not an issue for me. I bought a bunch of stuff with the card yesterday, and I had no issue checking out. I love The Macys Amex card, and I use it regularly, as the reward certificates have added up fast for me. Everyone is different, but for me, I have no fear of having any purchase declined, don't need a "limit" to bolster my scores, and will continue to use the card. I have actually found the customer service with this card to be better than average.

 

 

Yay you :dntknw:

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I've been chewing on this for a bit, and I can see how "real-time" approvals can reduce default risk.

The additional cost of doing this in real-time must be minimal for Macy's, in order for this to be implemented in the first place.

 

I also wonder if there is a threshold where the checking kicks in.

It would seem to be over-kill to do this for, say, a $5 purchase.

 

For purchases over $100, I can easily see where the cost of checking would be worth it.

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So in other words...

 

"Hey lets go charge something at Macy's!" Hold on...I gotta make a call? Come on people!!!!! They will definitely lose a lot of business. :huh:

 

 

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This isn't really much different than how Macy's has always been. They didn't have credit limits, they had guidelines.

 

You could (and I did) make purchases above and beyond your guideline and the system decided whether or not to approve it, and at the same time whether to make it this time only or bump up your guideline for future purchases after you've paid this one down. The guideline was just that, a suggestion about what might get approved.

 

Interesting how everyone is assuming the negative side (i.e. they're going to cut your purchasing power) rather than the potential benefit (they'll let you buy as much as they can at that moment, not what your guideline was set at 6 months ago when you were still rebuilding). Not that I would be excited about the change if I were still a Macy's cardholder, but it does have a potential upside too.

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So in other words...

 

"Hey lets go charge something at Macy's!" Hold on...I gotta make a call? Come on people!!!!! They will definitely lose a lot of business. :huh:

 

 

Not sure what you mean by this. People have been calling us for years with precisely this same question: I am going shopping with my Macy's account this afternoon, can you tell me how much available credit I have?"

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Devils advocate: Difference is, if they go shopping every day of that week they'd have to call back every day to see if they're going to get approved, as opposed to calling the first day and knowing what they have to work with....

Edited by Rebuilding2010

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So in other words...

 

"Hey lets go charge something at Macy's!" Hold on...I gotta make a call? Come on people!!!!! They will definitely lose a lot of business. :huh:

 

 

Not sure what you mean by this. People have been calling us for years with precisely this same question: I am going shopping with my Macy's account this afternoon, can you tell me how much available credit I have?"

 

That is all well and good that they have been calling the whole time and if this is the way people want to have credit then so be it. Me, personally I do not want to have to call customer service everytime I make a purchase. I have never liked Macy's and never will but that is my opinion. This just further proves my opinion.

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That is all well and good that they have been calling the whole time and if this is the way people want to have credit then so be it. Me, personally I do not want to have to call customer service everytime I make a purchase. I have never liked Macy's and never will but that is my opinion. This just further proves my opinion.

 

Absolutely, I understand. If you have never liked Macy's, then it is really a moot point. Not much going to change that, as most people reinforce their same feelings with new facts. I am the same way, and I have been for years. Sears, for me, has always been in that category in which you have Macy's. Nothing they can do will change that, seemingly.

 

Your feelings are reasonable, no one is saying differently. <_<

Edited by Settle

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Devils advocate: Difference is, if they go shopping every day of that week they'd have to call back every day to see if they're going to get approved, as opposed to calling the first day and knowing what they have to work with....

 

Yes, of course you are right, BUT....we sometimes used to lower the guideline immediately after they made a purchase, so plenty of people used to call on a Monday, go shopping, remain well under their limit, and finish the shopping day well under their guideline. That night our system might check, lower their guideline, and on Tuesday all of their available credit would have vanished. But they just called yesterday, and the information is no longer accurate. :search:

 

Not justifying, just explaining how our system has and does work.

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I love Macy's and their card was next on my list. (that or penny's which I don't care for nearly as much.)

 

Looks like Penny's will be getting that business.

 

I like to know exactly how much I can spend and that it's available. I do not want to have to call and "guesstimate" how much I "might" be spending. I may find a great sale while I'm there and decide to spend quite a bit more. Guess I'd have to stop and call Mama Macy. Uhm...no.

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I don't see what the big deal is here. My first point is that, at 25% APR, EVERYONE who has a Macy's store card should absolutely be PIFing every month. And if you begin each month with a zero balance, I think the chances are slim that if your card is seasoned they'll decline you, unless you're on a spending rampage or something in your CRs causes them to flag your account (in which case you absolutely should call them before charging anything) If you're a good customer and have had your card for a while with perfect (and again, hopefully PIF) history, (and again you don't have any recent CR issues) there is little incentive for Macy's to decline you. They make money selling goods to consumers. And finally, if you are making a major purchase, there is very good reason to open a major purchase account.

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Whether or not you pay in full is immaterial. If I have a $2,500 credit limit, I don't want to call the credit department at Macy's to see if I can spend the whole $2,500 if I feel like it or if there's some smaller amount that will be available based on...whatever.

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Whether or not you pay in full is immaterial. If I have a $2,500 credit limit, I don't want to call the credit department at Macy's to see if I can spend the whole $2,500 if I feel like it or if there's some smaller amount that will be available based on...whatever.

 

+1 on that. Macys is not all that for me to do any of that.

I had only shopped there for my kids and now that they are

older they pick other stores over Macys anyway to buy from.

I was only using my card every 6 months which I just did this

month and it is now reporting. It will be another 6 months

before I even decide if I want to keep it. I don't use my

AMEX card for the same reason. I don't have time to play

games with a card. I just use the ones I get the most

rewards for and don't act crazy about their credit.

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Mt feelings on it are this.... For sure this is Foul for Macys to do to its card holders but its not really going to matter because in a few more years, Macys is gonna go the way of Mervins and May Company.....

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I'm wondering if this has anything to do with Citi's changing over the accounts to GEMB.I've read that Citi will service the accounts until the first quarter of this year.......just a guess.

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Mt feelings on it are this.... For sure this is Foul for Macys to do to its card holders but its not really going to matter because in a few more years, Macys is gonna go the way of Mervins and May Company.....

 

 

Maybe, but with some $25 Billion in annual sales (that is every year, $25 Billion in sales :swoon:) and 900 stores, the comparison to May Company is not too helpful. Mervins is not much help either.

 

Macy's is a 150 year old company, and I don't think changing our credit granting policies will bring down the company :rolleyes:

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Mt feelings on it are this.... For sure this is Foul for Macys to do to its card holders but its not really going to matter because in a few more years, Macys is gonna go the way of Mervins and May Company.....

 

 

Maybe, but with some $25 Billion in annual sales (that is every year, $25 Billion in sales :swoon:) and 900 stores, the comparison to May Company is not too helpful. Mervins is not much help either.

 

Macy's is a 150 year old company, and I don't think changing our credit granting policies will bring down the company :rolleyes:

 

 

Meh, besides, may company was bought out by Macys anyways.

 

In any case, I wouldn't really make my argument based on annual sales nor on the age of the company. We've had plenty of companys that were around for a long time suddenly go under or begin a decline. Likewise, we've had plenty examples of companies that did billions in revenue go under in a short amount of time.

 

The real test is what Macy's is doing to adjust to the new retail market and the decline of retail brick and mortar -- in essence, the decline of the shopping mall and the anchor store.

 

In any case, due to Macys no longer reporting credit limits and this new policy change with their cards I will be closing my account in the next few days. This doesn't reflect at all on you. As you have stated, you disagree with this policy shift. It's just that their credit products no longer meet my needs and it's time to say good bye. *shrug* Hopefully they'll reconsider this act.

 

 

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Mt feelings on it are this.... For sure this is Foul for Macys to do to its card holders but its not really going to matter because in a few more years, Macys is gonna go the way of Mervins and May Company.....

 

 

Maybe, but with some $25 Billion in annual sales (that is every year, $25 Billion in sales :swoon:) and 900 stores, the comparison to May Company is not too helpful. Mervins is not much help either.

 

Macy's is a 150 year old company, and I don't think changing our credit granting policies will bring down the company :rolleyes:

 

As Punisher said, it's no reflection on you, but I do believe that this *will* affect their sales, and also customer loyalty. As for me, I'll be buying my Lush products from Lush UK (because they're less expensive, even with shipping) and my high end cosmetics from Sephora (although I almost always bought my Lush and cosmetics from Macy's.) with my new JC Penny's card (which was meant to be my new Macy's card) The only thing I may still buy is our Lenox Nativity set pieces, but only when Macy's has their huge holiday sale.

 

 

I also won't be applying for the card I was planning on getting in a few months. It definitely won't hurt Macy's bottom line to lose *me* as a customer, but there are probably many more who will feel the same way.

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