Best Buy Credit Card? Know This Before You Apply!

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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Postby BBY_Employee_Ryan » Mon Apr 01, 2013 3:55 pm

You realize that this is completely common sense? It's called compound interest and with Best Buy offering 18 months financing with no interest for purchases over $429, that people are agreeing to all Terms and Conditions that they "Glance" at real quick and sign. They are given the interest charges that will be applied along with failure to pay off the balance after 18 months. If you don't think you can pay it off within that period of time then don't apply for the card. "See that? A store credit card runs a promotion that offers 0% interest for X number of months on purchases above a certain dollar value. But if you don’t completely pay for that purchase in full before the X number of months, you will be assessed interest charges from the first day of purchase on the purchase! Same thing can happen if you make late payments, too." COMPOUND INTEREST. Look it up.

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Postby PlatinumAMEX94 » Mon Apr 01, 2013 6:04 pm

Best Buy recently sold their accounts to Capital One. So if you know anything about how they handle their credit lines, you can be assured they will be doing the same thing. As a prior Best Buy manager I know all about their credit bad debt rate. I can't tell you their actual default rates but I can tell you it is very high. I know of a person who convinced someone to cosign a Best Buy credit card, and then racked up $5000 in charges and said he had no intention of paying Best Buy their money. In a situation like that, who loses? Best Buy loses. Best Buy, like all financial institutions is minimizing risk by not allocating large credit lines.
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Postby LKGG18 » Tue Apr 02, 2013 12:53 am

Good. Capital One will give you better Customer Service then HSBC.

Capital One will also not give you a headache if there is a problem on your account unline HSBC. I cancelled their card after paying off the balance and them not crediting it to my account. I reopened my account now after Capital One got them and was very happy. They approved me for higher credit limit too since I had their Venture Card.

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Postby Money card » Wed Apr 03, 2013 7:43 am

I would have to say this. this is the store charge card which Irvine mentioned unless you work for the store or if you can't get a bank card like discover or American express, what's the point of having this charge card except for those 2 situations. the card can only be used in that store everywhere else it's useless. if you work for best buy it's a good card, if you have no credit or bad credit it maybe worth looking into.

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Postby tlg87 » Wed Apr 03, 2013 5:58 pm

In 2010 I applied for a Best Buy card and bought a TV with it. CL was $1,600, paid the TV off within the promo period and didn't use the card again. I still receive emails about using the online account management and stuff, but don't know where the card is anymore to use it. Would it be possible to have a card reissued? I'm assuming it hasn't expired yet if I'm still receiving emails to sign up for managing my account online, specifically mentioning my account ending in XXXX. I wouldn't mind having it to use again, its probably not doing anything just sitting around without use.


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Postby schweig0 » Fri Apr 05, 2013 10:21 am

I have not had any problem yet. I was approved over a year ago for around $2000. If you make a larger payment it will go up, for instance I saw the last time I bought a new computer that I only had credit of around $500 but I made a larger payment and it shot up to ovr $1000 which was perfect for my new computer. They do owe me a refund of $854 since I cancelled an order that included delivery. The sales guy says that it takes about 30 days to appear. So now it looks like i owe $2000.

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Seems like the terms got better...

Postby C.K. » Sat Apr 06, 2013 9:41 am

Seems like the terms have gotten better since Capital One took over. It looks like they gotten rid of the annual fee completely and lowered the APR on the Mastercard version to 17.99%. The APR is still high on the store card version between 25.24-27.99%. Also, I know it doesn't say in the terms, but I'm assuming since it's through Capital One now that there are no foreign transaction fees anymore, right?
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Postby tumlatra » Sun Apr 07, 2013 1:05 pm

I think the Reward Zone card work well for you if you are willing to manage your credit responsibly. I have learn my lesson the hard way by letting someone else manage my financial and I did a chapter 7 in mid 2009, so my score was ****.

I got $500 card from Best Buy Reward Zone Card with $39 fee for 2 card holder. Within 3 months of usage they increase my limit to $750, and then $1000 a few months later. Recently after pulling teeth with Capital One, they increased my limit to $1750 after I told them I have to keep paying the card multiple times per month to keep up with my spending, and my credit score is now 693 as of 6 months ago.

I use this card for gas, grocery, and best buy purchase. I'm paying about $650/mo for gas, $300 for grocery and stuff, and about $5000 worth of Best Buy stuff last year. The total spending is about $13,000 and I got $950 reward back as Best Buy Reward Zone (aka Gift card). $950 is equal to about 7.3% reward for a person with ****ty credit like me.

On the 18 mo, 24 mo NO interest thing, most of the time the retails store look bad if their customer got zap with deferred interest from the Bank. When you get ZERO interest promo, the retailer paid the interest to the Bank (for you) between 4-6% depend on how long the term is gonna be. Bank/credit card company got customer when people do not pay their bill on time, miss the deadline.

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Postby nomnomnom » Sun Apr 07, 2013 4:32 pm

FWIW, my two cents...I've had a Best Buy card since 2007. Credit limit $4,500. I have no idea why they gave me such a high limit, I didn't have great credit at the time and nobody else I know has even been given above $2000.

It has actually been very useful when Best Buy prices are good and/or they are willing to price match for things I need like kitchen appliances, computer peripherals, or TV accessories. Is it an every case? Nah. But the 0% and/or extra Reward Zone points have been great.

I have always paid it down to 0 at least 1 month or more before my promotional financing runs out. I've never had any issues with the card though I don't use it regularly.

As the person before me stated, if you manage it properly coupled with what you use it for, it may be a good addition to your portfolio.
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Postby bassdrv » Mon Apr 08, 2013 11:05 am

I recently applied for and received a BestBuy Rewards Zone card with a $400 limit, and really regret it now. First of all I lost 14 points on my credit score and secondly this card is useless. I will probably never end up using it.

Anyone have any advice on how to close/get rid of this thing without further affecting my credit score?

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