Stoneberry Credit: What You Need to Know

Stoneberry Credit: What You Need to Know, Over the past few years, buy now, pay later (BNPL) services have been very popular. The number of monthly active users across several BNPL services increased by 186% in September 2020, according to mobile app data research company Sensor Tower Store Intelligence.

Customers can participate in Stoneberry’s BNPL scheme, although it operates differently than substitutes like PayPal Pay in 4 and Affirms. Stoneberry Credit solely works with the retailer’s online brands rather than providing a BNPL solution for numerous other online retailers.

How Does Stoneberry Credit Work?

Customers who shop online with Stoneberry or one of its brands, such as Masseys, Mason Easy-Pay, K. Jordan, or Fifth & Glam, are eligible for Stoneberry Credit. You must complete a prequalification form before you can begin shopping. Once your order is complete and you are given the go-ahead, you can add the things you desire to your cart.

Depending on the size of your order, Stoneberry Credit offers a minimum monthly payment that starts at $5.99. Up until your purchase is paid in full, you’ll make monthly installments. Stoneberry Credit will tack on a financial penalty of up to 23.99%, depending on where you live, if you don’t pay off your account’s new balance within 25 days of the statement date, much like a credit card would.

Payments can be made with a credit card, debit card, or personal check.

Is There a Minimum Purchase Size When Using Stoneberry Credit?

With Stoneberry Credit, there is no set minimum purchase amount. Any item can be purchased through Stoneberry or one of its other brands if you are granted a line of credit.

Is There a Maximum Purchase Size When Using Stoneberry Credit?

Stoneberry doesn’t specify a maximum purchase amount either, however, new applicants might only be granted a $1,000 credit line initially. You might need to submit a down payment if your order is larger than the amount you were approved for; you can do this online or by sending a paper check in the mail.

Do Products Buy With Stoneberry Credit Ship After My First Payment?

Yes. Most items, according to the retailer, ship within 24 hours of your order being processed, and your credit is approved (unless the item is on backorder). The regular shipping option is available to customers and takes five to seven business days, or priority shipping, which takes three to five business days.

Can I Use Stoneberry Credit to Pay Bills?

No. Only purchases made with the merchant and its affiliated brands are eligible for Stoneberry Credit. The service cannot be used to make purchases from other merchants or to cover regular expenses like rent and utility payments.

Does Stoneberry Credit Have a Credit Limit?

Yes. You may be approved for a line of credit worth up to $1,000 when you initially apply for Stoneberry Credit. You might be eligible for credit line increases over time, which would provide you with more purchasing power at the shop.

By connecting to your online account, you can view your credit limit. Additionally, it is listed in your preapproved catalog, which also has a credit insert.

How Can I Increase My Credit Limit?

Up to twice a year, your credit limit may be increased for you. Stoneberry decides on your payment history and other factors.

Does Stoneberry Credit Affect My Credit Score?

Using Stoneberry Credit can impact your credit score when you first apply for a credit line or if you miss a payment. It’s important to consider the potential damage that can be done if you can’t meet your payment obligations.

Does Stoneberry Check My Credit?

Your credit score won’t be impacted by Stoneberry Credit’s prequalification process because it only involves a soft credit check. However, your new account is subject to final credit approval when you place your first order with the merchant or one of its brands. To ascertain whether you are eligible for the line of credit, Stoneberry will run a rigorous credit check.

Does Stoneberry Report My Activity to Credit Bureaus?

Stoneberry does not notify the credit bureaus of your monthly payments but does so if you default on your credit commitments.

What Credit Score Do I Need to Use Stoneberry Credit?

The minimum credit score needed to be approved for a line of credit is not specified by Stoneberry. You can be refused credit, given a smaller credit limit, or asked to put down money if your credit is bad.

Does Stoneberry Credit Charge Interest?

Charges from Stoneberry Credit interest if you don’t pay the new balance in full within 25 days of the statement date—this arrangement is similar to a credit card. Your annual percentage rate (APR) depends on where you live and, in some states and territories, the amount of your order:

States APR
AK 21% up to $750, 18% over $750
AR 17%
OH, WV 23.99%
PR 20.4%
CO, GA, IN, MS, OK, TN, VT, WY 21%
FL, LA, MA, ME, MN, NC, VI 18%
GU, NE 21% up to $500, 18% over $500
TX 21%
All other states and U.S. territories 25.99%

The average interest rate on a credit card is 20.29%, for comparison, according to statistics gathered by The Balance. According to the Federal Reserve, the average interest rate for a two-year personal loan was 9.09% in 2021.

Does Stoneberry Credit Charge Fees?

Neither an annual membership fee nor over-limit fees are charged by Stoneberry Credit. However, there will be a fee if you make a payment after the due date or if your payment is returned due to an overdraft.

Depending on where you live, late fines can vary, but the maximum is $15 for each late or missed payment. Depending on the state or U.S. territory you reside in, the overdraft fee might range from $15 to $25.

Is Stoneberry Credit Safe?

Data security is good for Stoneberry Credit. When you first apply, there is only one hard credit check. apply for a line of credit, and you’re only using your credit with Stoneberry’s family of brands. Therefore, there’s no concern about dealing with third parties, as there can be with traditional BNPL services.

However, it’s easy to get in trouble if you use your credit line to spend more than you can afford to pay back. Missing a payment can result in late fees, and Stoneberry may also report late payments to the credit bureaus, which can damage your credit score significantly.

What Retailers Accept Stoneberry Credit?

More than 60,000 products from Stoneberry, Masseys, Mason Easy-Pay, K. Jordan, and Fifth & Glam can be purchased with Stoneberry Credit.

How to Use Stoneberry Credit Online

You will go through the prequalification process when you first apply for a line of credit, after which you can continue shopping as usual. To determine your eligibility for a line of credit, Stoneberry will perform a hard credit inquiry when you check out.

But as long as you have adequate credit on your account, once you’ve been approved for that credit line, you can use it repeatedly to make purchases from the retailer and its other brands.

How to Use Stoneberry Credit in Stores

Stoneberry does not let you utilize your credit line to make in-person purchases from other stores because it is an online-only retailer.

How Do Returns Work When Using Stoneberry Credit?

If required to return an item you’ve purchased using Stoneberry Credit, the amount of the refund will be deducted from your line of credit balance. Depending on how you send the return, it can take up to 10 business days for the retailer to receive the package, then another seven to 12 business days before the refund is processed.

How Do I Pay Stoneberry Credit?

You can pay Stoneberry Credit with a credit card, debit card, or personal cheque. You have three options for making a payment: online, over the phone, or by mail.

Your credit line balance will determine how much of your minimum payment you make, so it may go less over time.

Balances Less Than Minimum Payment
$5.99 100% of the balance
$50 $5.99
$75 $7.99
$100 $9.99
$150 $14.99
$200 $19.99
$250 $24.99
$300 $27.99
$350 $28.99
$450 $29.99
$600 $33.99
$800 $46.99
$1,100 $59.99
$1,300 $69.99
Over $1,300 5% of the balance

What Happens If I Don’t Pay Stoneberry Credit?

Your account will be charged a late fee if you don’t make your minimum monthly payment by the statement due date. If you keep skipping payments, Stoneberry can alert the credit bureaus, which might lower your credit score.

Therefore, you must fulfill your payment obligations if you intend to use Stoneberry Credit to purchase anything from the merchant or one of its brand’s obligations to avoid costly charges and credit score damage.

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