I work at Hancock Fabrics in Minnesota. I do sometimes think the guidelines vary from area to area, but here are the rules we go by:
Hancock Fabrics are supposed to accept Michaels and Joanns coupons for "like items." You cannot use Michaels coupons for fabric since they do not sell fabric. These are the only competitor items they accept. One per purchase. Cannot be used on large ticket items.
They do not honor competitor coupons on I-Phones.
If an item is on sale, you cannot use a competitor coupon on the item to get an additional percentage off.
You can use a Hancock coupon for an item on sale if your coupon is for more than the item is on sale for. The cashier should override the sale price...
Senior discount: 1st Wednesday of the month, 55 yrs and up, additional 15% off entire purchase with the exception of large ticket items (irons, sewing machines, etc).
There are printable coupons facebook right now if you are fan of Hancock Fabrics. Their wall is fun to look at too. Of course, not near as good as the quilting board!
Hope this helps.