5 Things to Know About the Bloomingdale’s Credit Card

If you frequently exit a Bloomingdale’s store with an iconic Big Brown Bag or two, a Bloomingdale’s store credit card could help you earn points and score the occasional discount.

The cards (there are two types) offer an upfront discount and points on purchases. But the value of those points, and the lifespan of the rewards they can net you, are relatively small. You'll also want to watch out for the cards' sky-high interest rates.

Here are five things to know about the Bloomingdale’s credit cards.

» MORE: NerdWallet's best credit cards for department store shoppers

1. There are two Bloomingdale’s credit cards

The Bloomingdale’s collection of credit cards includes:

• The Bloomingdale’s American Express Card can be used wherever American Express cards are accepted.

• The Bloomingdale’s Card can be used only at Bloomingdale’s stores and on bloomingdales.com.

When you apply, you’ll be considered for both cards. If you’re approved for both, you can choose which card to get. You may be able to upgrade your Bloomingdale’s Card to a Bloomingdale’s American Express Card later on.

» MORE: How to upgrade or downgrade your credit card

2. New cardholders receive a two-day discount

Get 20% off Bloomingdale’s purchases in stores and online on both the day your card application is approved and on the day after. (The total amount of savings over the two days is capped at $250.) You must qualify for immediate approval to get the discount.

If you're able to max out that benefit without going over your shopping budget, it can be a pretty valuable perk. But keep in mind that many general rewards credit cards — that is, cards that aren't tied to a specific store or brand — also offer generous welcome offers with no such two-day rush; you can earn them over a period of a few months.

For example, the $0-annual-fee Wells Fargo Active Cash® Card features the following welcome offer: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. In addition, it earns 2% cash back on all eligible purchases.

» MORE: NerdWallet's best rewards credit cards

3. Reward rates are solid, but reward values are meh

Both Bloomingdale’s credit cards earn points within the Bloomingdale’s Loyallist rewards program.

The Bloomingdale’s American Express Card earns the same point amounts at Bloomingdale’s and wherever American Express is accepted. The Bloomingdale’s Card can only earn points on Bloomingdale’s purchases because, again, that’s the only place you can use it.

Here’s what your purchases with both cards can earn:

• A baseline of 3 points per $1 spent.

• 4 points per $1 if your annual net spending at Bloomingdale’s is $5,000 or more.

• 10 points per $1 if your annual net spending at Bloomingdale’s is $15,000 or more.

Once you reach 5,000 points, those points are automatically converted into a $25 rewards card, which you can redeem for merchandise at Bloomingdale’s. Effectively, points are worth 0.5 cent each.

That's lower than the industry standard of a full penny per point and, again, a general rewards credit card could be more valuable and flexible, since most of them allow you to redeem your rewards whenever you like, or "bank" them up to redeem later toward a major expense. The $0-annual-fee Chase Freedom Unlimited®, for instance, earns 3% cash back at restaurants and drugstores; 5% back on travel booked through Chase; and 1.5% back on other purchases. You can redeem your rewards in any amount you like and toward whatever you want.

» MORE: How minimum redemptions can devalue credit card rewards

4. Expiration dates apply

Every year on Jan. 1, 85% of your "orphan" points — those that haven't met the automatic 5,000-point redemption threshold for a rewards card — will expire. So if you’ve been eyeing a big expense at Bloomingdale's, December may be the perfect time to treat yourself.

Be aware, too, that those rewards cards you amass will expire six months from the date they're earned.

5. Watch out for the interest rate

As of this writing, the APR for both Bloomingdale’s cards is nearly 32%, which is quite high.