Midnight Velvet Credit
A revolving line of credit for items purchased at the store.
- Get this credit line if you often shop at Midnight Velvet.
- Pick something else if you want a line of credit you can use at other stores.
- Apply if you have a poor to fair credit score of 300 or higher.
5.75% to 25.99%
Purchase APR (fixed)
Recommended credit score
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Midnight Velvet credit is a revolving line of credit with a $0 annual fee and a fixed purchase APR of 5.75% to 25.99%. While it doesn’t cost anything to open, it doesn’t offer rewards.
You’ll find a shopping catalog for clothing, shoes, jewelry and accessories at the store. The card’s revolving credit is designed to help customers pay off their purchases in installments with low monthly payments. However, this isn’t the best credit-building product as your positive payment history isn’t reported to the credit bureaus.
- No annual fee.
You’ll pay nothing to have access to this line of credit.
- Low monthly payments.
Your monthly payment depends on the size of your balance and the number of payments you’re going to make. The lowest monthly payment you can get is $20.
- Quick approval.
You’ll likely wait up to 24 hours to get approval. In case the company needs additional information, they’ll reach out to you.
You’ll also like
- Build your buying power.
Make timely payments and increase your credit line.
- Balance payment options.
Pay your balance online when you sign up at Midnight Velvet website, pay by phone at 800-648-0566 or pay by mail at Midnight Velvet, PO Box 2821, Monroe, WI 53566-8028.
What to watch out for
- High cost for long-term credit.
If you pay a purchase off in 47 months, you’ll end up paying the highest cost. Suppose your balance is $1,800 and you have 47 monthly payments of $60. In the end, you’ll pay a total of $2,820. On the other hand, for a balance of $200 with 12 monthly payments of $20, you’ll pay $240.
- Does not report to personal credit.
This means you won’t improve your credit score with timely payments. However, late payments and default will be reported. If you want to build your credit a secured card could be a better choice.
Compare store credit cards
Midnight Velvet regulars may find the store’s revolving credit useful. It lets you buy now and pay your balance in up to 47 months with low monthly payments.
However, paying off the purchase on time won’t help your credit score. You may want to check out other credit cards meant to help rebuild credit if that’s what you want.
And if you’re looking for a revolving line of credit to use at other specific stores, check out other store cards to compare your options.