How To Decide: What Is The Best Credit Card For Me
To decide which credit is the best for you, you need to look at your priorities. If you normally carry a balance or you want to reduce your debt, then a low-interest or balance transfer card should be the only types you consider.
People who always pay off their full balance every month need to decide whether a travel or cash-back card makes more sense for them. Travel cards can offer lucrative rewards, but if you dont like to travel, theres no point in you getting a travel credit card. If this sounds like you, then a cash-back card may be the way to go.
Now that youve got your category of card selected, take a look at the earn rate, additional, benefits and which type of points you earn for each card. If you happen to spend a lot on gas and groceries, then look for a card that has a high earn rate for those categories.
The annual fee should also be a consideration in your decision making, but if you think youre getting good value out of your additional benefits and youre making more back than you paid with the fee, then it shouldnt be a big deal.
How To Earn Rewards From The Best Buy Credit Card
With the My Best Buy® Visa® Card, you’ll earn rewards for the following purchases:
- 5% back for Best Buy purchases or 6% back after you achieve Best Buy Elite Plus status.
- 5% back on travel
- 3% back on gas purchases
- 2% back for dining and grocery purchases
- 1% back on all other eligible purchases
You can become an Elite Plus member in two ways:
- Making $3,500 in purchases in a calendar year with your My Best Buy® Visa® Card
- Spending $3,500 at Best Buy with any credit card
Also, you can choose as a welcome bonus 10% back at Best Buy during your first day of purchase within 14 days of account opening.
American Express Everyday Preferred Card
With the Amex EveryDay® Preferred Credit Card, youll earn 2X points on gas station purchases and 3X points on grocery store purchases of up to $6,000 total per year. Both options typically sell gift cards, which count toward your cash back earnings. But the savings dont end there.
- 3X points at U.S. supermarkets, 2X points at U.S. gas stations, 1X points on everything else
- Earn 50% extra points when you use your card 30 or more times on purchases within a billing period
- $95 annual fee
Amex offers a 50% boost in points when you use your card 30 times or more on purchases within a billing period. If youre a regular swiper and you buy your gift cards at a grocery store, you can essentially earn 4.5X points per $1 on those purchases.
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How The My Best Buy Credit Card Works: Benefits And Rewards
Rae Hartley Beck has more than eight years of experience writing about personal finance, starting with an advice column in her college newspaper, which helped students learn about saving, wise spending, and budgeting on limited means. Her expertise includes mortgages, credit card rewards, and personal finance. She has a bachelor’s degree from Berea College.
Best Buy is a consumer electronics retail chain with more than 1,000 locations and approximately 100,000 employees located throughout the United States and Canada. Best Buy provides a variety of products through its national store network and online including appliances, computers, cell phones, gaming systems, sound systems, hardware, software, and entertainment products. Like many national retailers, Best Buy provides credit financing options for their customers that include credit cards. Best Buy offers both a store credit card and a co-branded general use Visa credit card to consumers that allow the choice of earning rewards or receiving special financing terms.
Be Rewarded For Your Gift
Everyone enjoys a good gift and no gift gives the recipient more freedom than a gift card. With a prepaid gift card, your friend, loved one, or an employee can choose to purchase whatever their heart desires.
And with one of the best credit cards for buying gift cards, you can give a gift and get your own present, thanks to your cash back, points, or miles earnings that make being generous easier than ever before.
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No Rewards On Financed Purchases
If you decide to use one of Best Buy’s financing plans, you won’t earn any rewards on the purchase. Since consumers usually only finance their more expensive purchases, this could mean missing out on a large amount of rewards. Some cash back credit cards with 0% intro APRs let you both earn rewards on a purchase and finance it at zero interest during the promotional period. Thats a much better deal.
Interest Rates On Credit Cards Is High
Both Best Buy cards carry high APRs which can quickly add up if you arent diligent in paying your balance in full each month.
If you typically carry a balance, its best to choose a card with a lower interest rate. Great options include:
If you can pay your entire balance in full each month and avoid paying interest, the high APR is less of an issue.
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Apply For Your New Credit Card
When you’ve found the perfect card for you, it’s time to apply! You can easily do this online by following the instructions provided on your financial institution’s website. Typically, you should find out if youâve been approved in 5-7 days, although in some cases it may take up to 30. If youâve applied online, instant-approval cards will tell you immediately if youâve been approved, but youâll still have to wait 5-7 days for your card to arrive.
Deferred Interest May Be An Option But It Comes With Potential Risk
The Best Buy cards advertise occasional “no interest if paid in full” offers , ranging between six and 36 months, which might sound attractive. But it’s important to understand what deferred interest means.
With such an offer, interest is not waived, as it would be with a true 0% intro APR promotion. Instead, a deferred-interest offer merely sets aside that interest until later.
If you pay off your purchase by the end of the deferred-interest period, you’re fine. But if you carry a balance past the end of the period even a few dollars you’ll be charged the card’s full ongoing interest rate on your entire purchase, going back to the day you made it. And the interest rate on Best Buy credit cards is high: 25.24% as of July 2020.
If you need to finance a large purchase and avoiding interest is your primary aim, consider instead .
Also Check: Bestbuy Credit Card App
How To Get The Most Of Best Buy Credit Cards
Utilize the credit card and use it to make purchases whenever you are at Best Buy and pay your balance each month or risk losing out on the benefits of your rewards. In the case of other everyday purchasing, consider pairing with a general cash-back rewards card which may offer more worthwhile rewards and would provide you more redemption flexibility.
Also, with another card, you might even have the choice to purchase Best Buy gift cards with your rewards.
Another approach of utilizing the credit card is to exploit its unique financing promotion that normally runs from 6 to 36 months with a subsidized interest rate as low as 0%. Although, you should be cautious with these offers.
Best Buy charges âdeferred interestâ, which implies, if you fail to pay off your purchases before the end of the promo period, depending on the purchase type and amount, you would have to pay interest covering all the entire purchase incurred from the date of purchase, not exactly what is left of your balance.
In case you need an extended time to take care of a major electronic buy, you are likely in an ideal situation getting a general rewards card with a basic 0% APR. Provided that you end up requiring more time to pay off, you will only need to pay interest on the remaining balance rather than the original amount.
Types Of Best Buy Credit Cards
In total, Best Buy offers its customers the choice of 4 credit cards under 2 tiers of consumer credit cards: the standard cards and Visa cards.
Best Buy Standard Cards:
- My Best Buy Credit Card
- My Best Buy Credit Card Preferred
With Best Buys standard credit cards, cardholders can only utilize the card at Best Buy stores and online at BestBuy.com. This means cardholders have the option to earn 5% or 6% back or choose flexible financing for purchases over $199. However, these cards do not qualify for balance transfer and cash advances.
Best Buy Visa Cards:
- My Best Buy Visa Platinum
- My Best Buy Visa Gold
My Best Buy Visa cardholders can use their credit card at Best Buy stores and BestBuy.com, as well as anywhere Visa cards are accepted. That means these cards have more opportunities to earn a percentage back on more spending , while also qualifying for balance transfers and cash advances.
Best Buy offers a sign-up bonus for cardholders. At the time of this writing, Best Buy currently offers 10% back in rewards on the applicants 1st purchase after approval.
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Re: Which Credit Report Does Best Buy Pull For Its Store Card
Store cards are now exclusively issued by HSBC to the best of my knowledge . Who they pull typically depends on your area – they pulled TU last card I opened with them.
This card is very difficult to get – you would most likely get counter offered the best buy mastercard, which will likely have a fee and a low limit. I would definately wait if you want the store card. I honestly think 720+ is a good starting point on all reports.
627 EQ, 621 TU – 11/15/08778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull800 EQ & TU
Best Buy Financing: 5 Ways To Pay For Your Next Purchase
Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
From appliances to gaming systems and television sets, Best Buy offers a variety of electronics and accessories. Because your purchase can easily climb into the hundreds or even thousands of dollars, Best Buy shoppers may find financing using the companys branded Citibank credit cards or its Progressive Leasing program.
Read on to review your options for Best Buy financing:
Read Also: Apply For Bestbuy Credit Card
Best Buy Credit Card Requirements
- At least 18 years old
- Physical U.S. address
- Proof of enough income to make the monthly minimum payment
- Social Security number or ITIN
- Good credit or better
If you apply for the Best Buy® Credit Card, it’s important that you enter all required information completely and accurately. Knowingly reporting false or misleading information on a credit card application is a federal crime.
The Best Buy® Credit Card credit score requirement is 700 or better. That means people with good credit or better have a shot at getting approved for the Best Buy® Credit Card.
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Best Buy® Credit Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.
If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Best Buy® Credit Card credit score requirement. You can check your credit score for free on WalletHub.
How Do I Log In To My My Best Buy Credit Card Account
There are two options for getting into your account. You can either log in with your Citi information, if applicable, or you can take a moment to connect your Best Buy account with your Citi account and log in through Best Buy.
That way youll be able to keep a close eye on your credit card balance.
Amazon Prime Rewards Visa Signature Card
Lets face it in this day and age, who doesnt shop at Amazon? The e-tailer makes it easy to buy just about anything you want with discounted prices and lightning-fast shipping. An Amazon gift card is pretty much a golden ticket to anything the recipient may want. And, with the , you can earn 3% cash back on your Amazon.com purchases and 5% if youre an Amazon Prime member.
- Earn 3% back on Amazon.com and Whole Foods purchases Prime Members earn 5% back
- Earn 2% cash back at restaurants, gas stations, and drugstores
- Pay no annual card fee, Prime fee applies
You can also earn an unlimited 2% cash back at restaurants, gas stations, and drugstores which all typically sell gift cards. Whichever option you choose, you can earn a nice bonus for giving a gift.
My Best Buy Credit Card Vs Citi Double Cash Card: 18 Month Bt Offer
The Citi double cash card is considered one of the best fixed-rate cash back credit cards. The card allows its clients to earn 2% on each purchase with limitless 1% cashback when you purchase, in addition to an extra 1% as you pay for those purchases. In comparison, it matches or beats all of the rewards on the My Best Buy credit card except for shopping from Best Buy stores.
The Citi double cash card rewards cardholders with statement credit, which is flexible than the rewards certificate earned with My best buy credit card. The statement credit can be used to offset desired expenses on your credit card bill.
The Citi double cash card is relatively more flexible and adaptable compared to the Best Buy credit card.
Also Check: Pay My Citibank Best Buy Card
Best Credit Card For Bad/rebuilding Credit
- 19.99% interest rate on purchases
- Not available to residents of Quebec
Do you have a less than stellar credit score thatâs making it difficult for you to get approved for new credit or loans? Maybe itâs because you were irresponsible with credit in the past, youâre new to Canada, or you hit a financial rough patch and had to go through a bankruptcy or consumer proposal. Whatever the reason, the Home Trust Secured Visa can help rebuild your credit.
The card has virtually no application requirements and youâre basically guaranteed to be approved. All your payment activity is reported to the credit bureaus, so when you use the card responsibly and make payments on time, you can gradually rebuild your credit score and get lenders to trust you with credit and borrowed money.
Like all secured credit cards, you must provide a deposit as collateral that will be equal to the size of your credit limit. You can provide a deposit of as little as $500 all the way up to $10,000. Your deposit will be reimbursed in full when you close your account, provided you donât owe any balance of course. The card doesnât have an annual fee and carries a standard interest rate of 19.99% . If you donât use the card at least once for a consecutive 365 day period, you will have to pay a $10 inactivity fee.
Why we like it:
Best Buy Financing Offers: How Does It Work And Is It Worth It
We get itmaybe your laptop died or your fridge has seen better days and youre short on cash. You head to Best Buy and see they offer financing. Its pretty tempting since it looks like you may not have to pay any interest.
Before you sign up, ask yourself whether its worth it. Thats because if you cant meet their requirements, you could find yourself with a much more expensive purchase than you bargained for.
The honest truth is that Best Buy financing can work for many folks, but its not for everyone. Lets take a closer look to see what it really offers plus some of the benefits and downfalls of this offer.
In This Article:
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User Id And Password Guidelines
The perfect secure password is easy to remember, but difficult for outsiders to guess. Keep these tips in mind when creating your User ID and Password.
- Review the current Citibank Vulgar Language Policy.
- Make your User ID and Password two distinct entries.
- Make your User ID and Password different from the Security Word you provided when you applied for your card.
- Use phrases that combine spaces and words . NOTE: 1 space only between each word or character.
You should not:
- Use your name.
- Use multiple consecutive spaces.
- Use more than three consecutive or sequential digits unless your User ID is an email address .
- Use a single word that can be found in the dictionary.
- Use something readily identifiable, such as your name, birthday, spouse or child’s name, Social Security Number, phone number or street address. These can be traced directly to you and are easy for potential hackers to guess.
- Use letters or numbers that are near each other on the keyboard .
Need more suggestions? Have some fun and try one of these formulas:
- Choose a meaningful phrase with 6-8 words in it and take the first character of each word to make your password: wboh9ya.
- Insert two digits into a word .
- Replace the vowels or other letters in a short phrase with numbers or other characters.
- Misspell a word, drop some letters, add other characters, or make up crazy words using symbols instead of vowels or consonants.
- Drop the vowels in a long word . Even better, add some numbers .