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Are you an electronics enthusiast enamored with the wide-ranging product selection that Best Buy offers? Or perhaps you’re a frequent customer looking to leverage your shopping experience with a Best Buy card. Before you fill out that application form, though, it’s essential to know your odds. This comprehensive guide will walk you through the credit score needed for the Best Buy card, its pros and cons, and other crucial aspects to consider.
Overview of Best Buy Cards
Best Buy offers two primary types of credit cards via Citi. Both cards can be a good fit for you, especially if you frequently shop at Best Buy. However, it’s important to note that these cards do come with their own set of limitations and conditions.
My Best Buy Credit Card
This is a ‘closed-loop’ card that can only be used at Best Buy and its online counterpart, BestBuy.com. The silver lining here is that this card does not have an annual fee.
My Best Buy Visa
On the other hand, the My Best Buy Visa is an ‘open-loop’ card that you can use anywhere Visa is accepted. This card comes in two flavors: Gold and Platinum. The Gold version comes with a $59 annual fee, while the Platinum version is fee-free.
The card you end up with depends on your creditworthiness, which is evaluated when you apply. Initially, you’re considered for the My Best Buy Visa Platinum. If you don’t qualify, you’re then considered for the My Best Buy Credit Card, and finally, the My Best Buy Visa Gold.
Understanding Your Approval Odds
The credit score needed for the Best Buy card can vary depending on the type of card you’re applying for. For the My Best Buy Credit Card, a fair credit score of around 640 or better could get you approved. However, for the My Best Buy Visa card, you might need a good credit score of around 700.
Keep in mind, though, that your income and other factors also play a significant role in the approval process.
The Perks and Rewards of Best Buy Cards
Both the My Best Buy Credit Card and the My Best Buy Visa card offer a rewards rate of 5% back on all purchases at Best Buy. However, the Visa version of the card extends its rewards to other categories as well. You get:
- 3% back on gas purchases
- 2% back on dining and grocery purchases
- 1% back on other everyday purchases
The Downsides
While the rewards rates are decent, redeeming them can be a bit clunky. You need to convert your points into Best Buy rewards certificates, and you need at least 250 points to redeem, which equates to a $5 reward certificate.
Also, the deferred interest financing feature that these cards offer can be risky. If you don’t pay off your purchase by the end of the deferred interest period, you’ll be charged the card’s full ongoing interest rate on your entire purchase, going back to the day you made it.
Making the Most out of Your Best Buy Card
To maximize your rewards, it’s advisable to use your Best Buy card for significant purchases at the store. Also, you can earn a total of 10% back in Best Buy points on your first day of purchases when you are approved for the card.
However, if you’re not a frequent Best Buy shopper, a general rewards credit card not tied to any specific retailer could be a better and more flexible option.
What to Do If Your Application Gets Denied
If your application for a Best Buy card gets denied, don’t fret. The denial could be due to a variety of reasons such as insufficient credit history, low income, or too much existing debt. You can improve your credit score by paying off your existing debts, making your payments on time, and avoiding applying for too much credit at once.
Conclusion
A Best Buy card can be a great tool for earning rewards on your electronics purchases. However, it would be best to know the credit score needed for a Best Buy card and consider all factors before applying. Lastly, ensure that you can responsibly manage your card to avoid falling into a debt trap.
Remember, creditworthiness isn’t just about numbers; it’s also about financial discipline. Good luck with your application!
Frequently Asked Questions
Q. Can I use my Best Buy Citi Credit Card anywhere?
There are two basic versions of the Best Buy Citi Credit Card. One is a “closed-loop” store card, meaning it’s accepted only at Best Buy and BestBuy.com. The other card is an “open-loop” credit card, meaning it is accepted anywhere that takes Visa.
Q. How do I check my Best Buy Citi Credit Card balance?
You can check your Best Buy Citi Credit Card balance account online or through the Citi app. Alternatively, you can call the number on the back of your card and hear your balance and make payments.
Q. What credit score do I need to get a Best Buy Citi Credit Card?
Best Buy doesn’t specify a credit score range for eligibility. But its closed-loop and open-loop offerings suggest you can qualify for at least some version of the card with less-than-great credit.
