Interested in Best Buy CC

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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Bigalkescott
 
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Interested in Best Buy CC

Postby Bigalkescott » Tue Mar 10, 2015 2:36 am

I want the Best Buy CC. Trans score is 702 Eq 679 Ex 678 All three have around 18 inqs. Oldest account is 8 months Avg account age is 7. What are my odds of approval. 100% on time payments never ever missed a payment. ;) :D :confused:


cardcustomerservice
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Postby cardcustomerservice » Tue Mar 10, 2015 9:50 am

No one really has the ability to predict approval. Citibank is the issuer and they are stricter with credit review than others seem to be so that's something to think about. However, the Best Buy credit card app is a four in one application. Chances are you would get at least one of the cards. Let me explain:

When you apply, you are being considered for four different card options, depending on what your credit qualifies you for. One is the Best Buy Gold Mastercard which can be used anywhere Mastercard is accepted, but has an annual fee of $39 or $59. Then, the next step up is the Best Buy credit card, and I believe there are two different APR's for these, then finally there is the Best Buy Platinum Mastercard. This one has no annual fee and can be used anywhere.

If you are rejected for the Platinum Mastercard or store credit card, you could still be approved for the Gold Mastercard. You may qualify for the store card though. The only way to know which is to apply and find out which one you are approved for.

If you get a card, the APR won't matter much if you take advantage of the 0% interest if paid in full promotions. For $149 or up, you can get 6 months no interest, and for $399 or up, you can get 12 months no interest. Sometimes they do 18 months as well. Just make sure and keep track of your deadlines and pay them off in time or else you'd be billed all the back interest from the time of purchase at the high APR. But if you manage it well, you can get away with never paying interest at all.

Let me know if you have any more questions!
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Chase Slate - $8000
Chase Freedom - $5000
Hyatt Rewards (Chase) - $2000
Citi Double Cash - $1000
UPromise Mastercard (Barclay) - $1400
Best Buy Credit Card (Citi)- $1000
Kohls Credit Card (CapOne) -$500
Target RedCard (TD Bank) -$1200
Walmart Credit Card (Synchrony) - $1000
Home Design Card (Synchrony) -$2000

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Mar 10, 2015 10:08 am

cardcustomerservice wrote:If you are rejected for the Platinum Mastercard or store credit card, you could still be approved for the Gold Mastercard. You may qualify for the store card though. The only way to know which is to apply and find out which one you are approved for.


So when you apply, you don't even know if you'll be paying an annual fee or not? That's a pretty dirty tactic by Citi.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

cardcustomerservice
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Postby cardcustomerservice » Tue Mar 10, 2015 1:42 pm

CarefulBuilder14 wrote:So when you apply, you don't even know if you'll be paying an annual fee or not? That's a pretty dirty tactic by Citi.


Yes, essentially that's the way it works. You can always cancel if you get that one though and not have to pay the fee. (I know that you wasted an inquiry though that way, but you would have wasted it anyways getting a straight decline instead of a card you may not want.)

But it wasn't implemented just by Citi. When Capital One had the Best Buy accounts back in 2013, I had applied and it was the same way. Back then I didn't have very much credit at all and was approved for the Gold Mastercard. I called and cancelled it, and of course avoided the fee.

I tried again several months ago now that it's with Citi and was approved for $1000 on the store card with a credit score around 670.
Customer Service Rep for a card company

Chase Slate - $8000
Chase Freedom - $5000
Hyatt Rewards (Chase) - $2000
Citi Double Cash - $1000
UPromise Mastercard (Barclay) - $1400
Best Buy Credit Card (Citi)- $1000
Kohls Credit Card (CapOne) -$500
Target RedCard (TD Bank) -$1200
Walmart Credit Card (Synchrony) - $1000
Home Design Card (Synchrony) -$2000

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Mar 10, 2015 8:15 pm

I have a hard time seeing value in a Best Buy CC that could cost more than my Costco membership. If someone needs to get special financing for consumer electronics, he or she is probably spending way beyond budget.

I don't think I've ever seen a decent credit card that features retroactive interest if purchases are not paid off on time.

I'm not a fan of Capital One, either. Did the CO Best Buy Gold MC account you quickly closed later appear on your credit report? Avoiding the fee is good, but if showed up it would be rather an AAoA-wrecker.

I suppose the rewards for in-store purchases could be good, if you can avoid the AF (which might be hard). For BestBuy.com purchases, though, Chase UR and Discover offer comparable savings. I've not actually been in a BB for years, but the website prices on laptops don't look any better than Costco.com or manufacturers' websites like Dell.com.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

liberate
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Postby liberate » Wed Mar 11, 2015 9:10 am

I was approved for the store card with ~730 FICO a couple years ago. It was nice to have 24 months to pay off a TV purchase, and I figure I'll never have a problem as long as I make one big purchase and pay the card off before I use it again. That's really the only upside though; CarefulBuilder is right that the rewards are not great.
It: $19.5k
TrueEarnings: $12k
Sallie Mae: $5k
Freedom: $2.5k

Best Buy: $8k
Kohl's: $0.8k

Discover TU FICO: 754 (6/2015)
Building credit while completeing grad school. Three long years to go...

cardcustomerservice
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Postby cardcustomerservice » Wed Mar 11, 2015 1:23 pm

I personally wouldn't even mess with the rewards points, as it just doesn't seem they'd add up unless you purchased an insane amount. If you are really into Best Buy making purchases all the time, and have the cash to pay off a large item in full by one billing cycle and not be charged interest, then it wouldn't hurt to take advantage of the 5% back in rewards though on that large purchase. But for most people, they're never going to see much benefit from rewards.

Also, I would not have/keep the Best Buy Gold Mastercard due to the annual fee, high interest rate, and generally low credit limits. Carefulbuilder-- yes unfortunately, it did appear on my credit report as a closed by consumer after that.

I don't see anything wrong with the store card though, and would use it only for the no interest if paid in full periods on purchases. The only way it would ever become an issue is if you don't pay them in full when you're supposed to. The bank/Best Buy has to have some sort of caveat, and to me, retroactive interest ONLY IF you don't pay when you were supposed to works better than just offering say 18 months no interest on the whole card, and then after that it starts billing, but you never have the opportunity for no interest again on that account. With the Best Buy card, you can have as many no interest purchases as you want for the life of the card.

Pretty much, if you have decent credit and other bank credit cards, it's common to be approved for a Best Buy store card at least. But if you are just starting out and can objectively look at your own credit and see it as not so good, then chances are you'd get the Gold Mastercard.
Customer Service Rep for a card company

Chase Slate - $8000
Chase Freedom - $5000
Hyatt Rewards (Chase) - $2000
Citi Double Cash - $1000
UPromise Mastercard (Barclay) - $1400
Best Buy Credit Card (Citi)- $1000
Kohls Credit Card (CapOne) -$500
Target RedCard (TD Bank) -$1200
Walmart Credit Card (Synchrony) - $1000
Home Design Card (Synchrony) -$2000

deathrider
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Postby deathrider » Wed Mar 11, 2015 5:38 pm

They got me once with the retroactive interest, i had the 12 month no interest promo and on my 13th month I paid the remaining balance in full, then I received a bill of pure interest of about 300$ because I went past the 12th month, I called CS and they were able to get it removed.
[size=100]Citi Prestige CL 16.5k
Chase Sapphire CL12.5k
Amex Gold NPSL
Sears MasterCard CL 8k
JP Morgan Ritz Carlton Canceled[/size]

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Vattené
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Postby Vattené » Thu Mar 12, 2015 12:09 am

CarefulBuilder14 wrote:I don't think I've ever seen a decent credit card that features retroactive interest if purchases are not paid off on time.


Walmart card, man. $.05 off a gallon at the pump, not as some rewards system. More than that on rare promotions. For someone not yet in prime land it is as good of a deal as I've seen (hell, it's a good deal because it offers any sort of perk/benefit at all).

To the OP, I would agree with sentiments already expressed. I'd guess your odds are decent, but urge you to make sure you've considered the card well. Obviously I don't know your goals and priorities, but this tier of credit card isn't likely to contribute to your overall long-term credit, rewards-earning, OR personal financial goals. That said, I won't flat out discourage it because it could be advantageous to you if you would be a good customer of Best Buy anyway with or without their credit card.
-Vattené
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EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

cardcustomerservice
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Postby cardcustomerservice » Thu Mar 12, 2015 8:24 am

I am with you on the Walmart card! I was approved for a Walmart card with $1000 long before I ever thought about the Best Buy card. I used it for 12 months no interest (still IF paid in full in 12 months) for tires on my car. I could have used it for smaller daily purchases during this time if needed as well as I didn't have any bank cards. Synchrony (formerly GE) seems a little more lenient for extending credit to customers with shorter credit histories.
Customer Service Rep for a card company

Chase Slate - $8000
Chase Freedom - $5000
Hyatt Rewards (Chase) - $2000
Citi Double Cash - $1000
UPromise Mastercard (Barclay) - $1400
Best Buy Credit Card (Citi)- $1000
Kohls Credit Card (CapOne) -$500
Target RedCard (TD Bank) -$1200
Walmart Credit Card (Synchrony) - $1000
Home Design Card (Synchrony) -$2000



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