The Benefits And Rewards Of The Victoria's Secret Credit Card

There are plenty of large companies that have started offering their own type of co-branded credit cards. Businesses, such as Macy's, Amazon, Walmart, and even PlayStation, team up with major creditors like Visa or Mastercard to offer consumers a unique credit card program that in some cases can only be used for purchases involved within their own company. These types of specialized credit cards may or may not come with upfront or annual fees and can offer significant savings and discounts on products. However, it helps to dig a little deeper and read all the fine print because you could be receiving a lower borrowing limit that's paired with considerable interest fees.

That being said, if you find that you're a constant customer at say Walmart or Amazon and have the means to pay off these expenses right away, it may be worth it to apply for a co-branded credit card to cash in on the program benefits. So if you're the type of person that's doing some serious spending at Victoria's Secret or its other brand PINK, then signing up for the company's exclusive Victoria's Secret credit card or Victoria's Secret Mastercard credit card program might be just the thing for you. But before you go ahead and rush to apply, let's take a look at all of the benefits and rewards that await you, and of course, any costs that might come along with the cardmember program as well.

When breaking down the benefits and rewards of Victoria's Secret's credit card program, you must first look at the different tiers and card types it offers. These reward-based credit cards can only be used at Victoria's Secret, PINK, and Bath and Body Works; however, note that you will not accumulate rewards points from purchases made at Bath and Body Works, per Victoria's Secret.

Let's look first at the Victoria's Secret store credit card option; this is the card without the Mastercard logo. This card is split into three tiers: basic, silver, and gold cardmember programs. Essentially the difference lies in how much you're obligated to spend within the year, plus the rewards and benefits you're eligible for.

All Victoria's Secret store credit card cardmember programs offer 5% back — 7.5% for gold — which means that you get a $10 reward for every 2,000 points earned, and you earn points for every dollar you spend. You receive triple the points when you purchase bras, which equals 30 points or 45 for gold. You also get free shipping for orders that are over $50 — $25 for gold — and receive an annual birthday gift of $10 — $15 for gold — as well.

Silver and gold cardmember programs also receive up to $15 as a half-birthday gift and a 15% off gift once you have reached your $250 spending obligation for the silver tier, and a 20% off gift once you've reached your $500 annual spending goal for the gold cardmember.

Another line of credit option with the popular lingerie brand is to choose the Victoria's Secret Mastercard credit card. Whereas the previously described store credit card can only be used amongst the company's three brands, the Mastercard version can be used much like a regular credit card — anywhere Mastercard is accepted — and utilized for gas, travel, or anything else outside of the main brand's locations.

The Mastercard option follows the same tiers as the Victoria's Secret store credit cards; however, now you're able to earn more bonuses when you use the card at places other than Victoria's Secret and PINK.

With the Victoria's Secret Mastercard, you can acquire 2% back and receive four points for every dollar you spend on restaurants, travel expenses, and also streaming service subscriptions. Next, you can get 1% back or two points for every dollar you spend on anything else that doesn't include Victoria's Secret. Finally, you could earn a $30 bonus if you spend $500 within the first three months of starting your Victoria's Secret Mastercard credit card program.

However, both credit cards from Victoria's Secret do come with high interest rates and penalties if you don't pay on time. According to Comenity Bank, these cards, as of this writing, have an APR (annual percentage rate) of 32.24% (which can also vary with the market based on the current prime rate), and you could face over $40 in penalty fees if your payment obligation isn't met. Overall, this option could be useful if you frequent Victoria's Secret and PINK often. Just make your payments on time; otherwise, you could be hit with plenty of finance charges.