UPDATE: There has been some serious confusion with this coupon! But Micahels said this on their Facebook page: We sincerely apologize for any confusion our email this morning may have caused.  The offer valid today and tomorrow is spend $5 or more pretax and receive $5 off your purchase. So it looks like it IS $5 off $5!!

HOT new coupon for Michaels, valid today and tomorrow Feb 3-4 only. Save $5 off your purchase of $5 or More!