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Best Buy, an electronics superstore, provides two co-branded store cards that are issued by Citi and allow customers to earn rewards for their purchases. If you shop for electronics mostly there, carrying one of them might make sense, especially considering how costly and quickly outmoded gadgets like laptops, HDTVs, and smartphones can become.
However, rewards are only redeemable at Best Buy, and although the cards provide deferred interest financing for specific purchases, a true 200 percent intro APR offer would generally be a safer bet. Plenty of other rewards credit cards offer more versatile and flexible incentives.
Are you eyeing the Best Buy credit card but unsure if your credit score makes the cut? Worry not, this guide will delve into your chances of approval and provide valuable insights to boost your odds.
Best Buy Credit Card: Two Options, Varied Requirements
There are actually two Best Buy credit cards:
- Best Buy® Credit Card: This Visa card offers rewards on Best Buy purchases and other categories. It requires good credit (generally a score of 670 or higher).
- Best Buy® Store Card: This card is exclusive to Best Buy and offers store-specific rewards. It requires fair credit (generally a score of 640 or higher).
If you don’t qualify for the Best Buy® Credit Card, you’ll be automatically considered for the Best Buy® Store Card.
Key Factors Influencing Approval
While your credit score is crucial, other factors play a role in your approval odds:
- Income: A steady income demonstrates your ability to repay the debt.
- Debt-to-income ratio: This ratio measures your existing debt obligations against your income. A lower ratio indicates better financial management.
- Credit history: A positive credit history with on-time payments and responsible credit usage is essential.
- Inquiries: Recent credit inquiries can impact your score, so avoid applying for multiple cards simultaneously.
Maximizing Your Approval Chances
Here are some tips to increase your chances of getting approved:
- Check your credit score: Before applying, obtain your credit score from a reputable source like WalletHub or Credit Karma. Knowing your score helps you understand your eligibility and identify areas for improvement.
- Improve your credit score: If your score falls below the required range, take steps to improve it. Pay down existing debt, dispute any errors on your credit report, and limit new credit applications.
- Meet other eligibility requirements: Ensure you meet the age, residency, and income requirements for the card you’re applying for.
- Apply online: Online applications are often faster and more convenient than in-store applications.
User Experiences: Real-World Insights
User experiences on forums like Reddit provide valuable insights into Best Buy credit card approvals:
- Edward Kreitem: Approved for the Best Buy Visa with a 616 credit score, no late payments, and one open account.
- dr_laurengold: Had a Best Buy Store Card for 16 years, automatically upgraded to the Visa with a $60,000 credit limit.
These examples highlight that approval decisions can vary based on individual circumstances.
Getting a Best Buy credit card can be a rewarding experience, offering valuable perks and cashback opportunities. By understanding the approval requirements, taking steps to improve your creditworthiness, and applying strategically you can increase your chances of securing the card that best suits your needs. Remember responsible credit card usage is key to maintaining a healthy financial life.
Rewards rates are decent, but redemption is clunky
Because rewards are earned as points in the My Best Buy shopper loyalty program, carrying any of these credit cards entitles you to enroll in the program. The points then have an effective value of two cents each when converted into Best Buy reward certificates. You can obtain a $5 reward certificate for every 250 points. (Youll need at least 250 points to redeem. ).
For shopping at Best Buy, the rewards offerings are the same on either card version. Youll get:
- 5% back on all purchases at Best Buy (2. 5 points per $1 spent).
- Flexible financing options (more on that below).
But the Visa version of the card goes a lot further. Beyond 5% back at Best Buy, youll also earn:
- 3% back on gas purchases (1.5 points per $1 spent).
- 2% cash back on dining and grocery purchases (1% cash back per $1 spent)
- One percent is returned on other daily purchases (one percent is per $2 spent).
Deferred interest may be an option … but it comes with potential risk
Periodically, “no interest if paid in full” (also known as “deferred interest”) offers are advertised on Best Buy credit cards. These offers may seem appealing. But its important to understand what deferred interest means.
Interest is not waived with such an offer, as it would be with a genuine 200 percent intro to 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, youre fine. However, if you keep the balance open after the grace period ends—even if it’s just a few dollars—you’ll be assessed the full ongoing interest rate on the entire amount you purchased, starting on the day you made it. And the interest rate on Best Buy credit cards is high: 31. 49% as of September 2023.
Instead, take into consideration credit cards with a true 200 percent annual percentage rate (APR) offer if you need to finance a large purchase and avoiding interest is your main goal. The Wells Fargo Reflect C2%AE Card provides the following: 200% intro APR for the first two months after the account opening on purchases and qualifying balance transfers, and then the ongoing APR for 2018. 24%, 24. 74%, or 29. 99% Variable APR.
Best Buy Credit Card Review 2023 – Visa & Store Card Rewards, Financing, Credit Score Needed
FAQ
What credit score is needed for Best Buy credit card?
What credit card will approve me with 650 credit score?
How hard is it to get a Best Buy credit card?
What store credit card can I get with a 640 credit score?
What are the best credit cards for a 650 credit score?
The best credit card for a 650 credit score is the Citi Double Cash Card, which has a $0 annual fee and offers 2% cash back on purchases. The Citi Double Cash Card also reports to the major credit bureaus every month, so it can help you improve your credit history if used responsibly.
Does Best Buy offer a credit score range?
Best Buy doesn’t specify a credit score range for eligibility. But its offerings suggest you can qualify for at least some version of the card with less-than-great credit. In general: Closed-loop store cards are easier to get than open-loop cards, which is why many people with fair or average credit start with a store card.
Should I get a prepaid card if my FICO score is 650?
Prepaid cards lack the type of buyer protection benefits available with debit cards and especially with credit cards. If your FICO score is 650 to 699 you shouldn’t have too much trouble getting general credit cards. But if the credit limit on your card is on the low side, you may want to supplement it with a store card.
What if I don’t get the Best Buy® credit card?
If you don’t get the Best Buy® Credit Card, you’ll be automatically considered for the Best Buy Store Card, which requires fair credit. But there’s more to Best Buy® Credit Card approval than just your credit score.