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If you want to shop spending less, you need to know, how to apply for the Best Buy Credit Card is the first step to achieve this goal.
Best Buy, in partnership with Citibank, offers interesting cards that encourage customer loyalty with a reward system, mainly discounts and cashback. Therefore, knowing how to apply for the Best Buy Credit Card efficiently and informed is crucial.
In fact, you will not only learn how to apply for the Best Buy Credit Card, but also how to choose the right card for your lifestyle. And, most importantly, how to use the cards wisely.
Analyzing the cards offered by Best Buy
Best Buy sells two main cards, each designed for different spending habits.
We will cover the options you have to choose from before seeing how to apply for the Best Buy Credit Card.
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My Best Buy® Credit Card (How to apply for the Best Buy Credit Card)
This is a retail card, therefore, it is restricted and usable only for purchases made at Best Buy and BestBuy.com.
Thus, it is ideal for customers who buy electronics and technology exclusively at the store and want to maximize the value of these purchases.
Its main benefit is a 5% reward (equivalent to 2.5 points per dollar spent) on all qualifying purchases at Best Buy. Provided you choose standard credit.
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Furthermore, you will also have promotional financing options, with 0% interest if paid in full within specific terms, such as 12 months on purchases of US$299 or more.
In addition, new cardholders may be eligible for a 10% back in rewards bonus on all purchases made on the first day of use. Pay attention to the rules, for this, the purchase must be made within the first 14 days after opening the account.
My Best Buy Visa® Card
The My Best Buy Visa® Card offers all the benefits of the store card, but expands, being accepted anywhere the Visa network is accepted.
Thus, this card adds reward categories for everyday spending, transforming it into a daily use tool.
As a rule, you will have the same 5% back in rewards or the flexible financing option on Best Buy purchases.
Now, outside of Best Buy, it rewards daily use, with cashback working as follows:
- 3% back in rewards at gas stations;
- 2% back on meal purchases at restaurants and delivery services (takeout);
- 2% back on purchases made at grocery stores;
- 1% back in rewards on all other purchases made outside Best Buy, where Visa is accepted.
Like the store card, it does not charge an annual fee.
Requirements for Best Buy card approval
Before starting the process of how to apply for the Best Buy Credit Card, you must understand what Citibank Retail Services, the card issuer, expects from applicants. Let’s look at each of them.
Recommended Credit Score (How to apply for the Best Buy Credit Card)
To get the best chance of approval, you need a FICO credit score of 700 or higher, which is Good Credit.
Now, if your score is lower, don’t despair, you can have the card approved, but with a lower limit.
Approval Criteria defined by the bank
The score is not the only factor. Citibank considers a series of criteria, the main ones being:
- Annual Income: Your income must be sufficient to cover debt payments, demonstrating payment capacity.
- Debt-to-Income Ratio (DTI): The level of existing debt in relation to your income. A low DTI increases your chances.
- Credit History: Recent credit inquiries, the number of open accounts, and payment history are reviewed.
- Age and Residence: You must be at least 18 years old, have a mailing address in the USA. And provide a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
Guide to How to apply for the Best Buy Credit Card
The application process is managed by Citibank Retail Services and is known for its speed.
In fact, approval is often immediate.
The online method is the most efficient for those who want to know how to apply for the Best Buy Credit Card and get a quick answer. Just follow the step-by-step below:
- Access the Form: Start on the Best Buy credit cards page and select the desired card. Click on the link that will take you to the form on Citibank‘s secure website.
- Review Terms: Before filling out, you must review the card’s terms and conditions, paying special attention to the APR rates and Deferred Interest policies.
- Personal Information: Provide identification data, such as full name, your mailing address in the USA, date of birth, and SSN or ITIN.
- Financial Information: Detail your employment status, annual income, and housing situation. The place where you live
- Submission and Decision: After submission, the system may provide an instant approval decision if you qualify immediately.
If we send your application for manual review. Wait 7 to 10 business days for the response to arrive by mail.
Best Buy Card Rates and Fees
The cost of credit provided by Best Buy/Citibank is high, reflecting a high-risk/high-reward retail card segment. Let’s look at the main ones.
Annual Percentage Rates (APR)
The interest rates applied are variable and depend on your credit profile at the time of approval.
For the My Best Buy® Credit Card (Store), rates generally range from 28.24% to 31.24%.
On the other hand, for the My Best Buy Visa® Card, the range is slightly higher, between 14.74% to 31.24%.
The median purchase APR for the My Best Buy Visa can be 31.74%. Indicating that most approved customers are subject to an interest rate at the upper limit of the market.
Finally, for cash advances, the APR is approximately 29.99% variable.
Main Fees and Charges (How to apply for the Best Buy Credit Card)
The card does not impose an annual fee, but charges significant fees for credit services, which you can see in the table below.
| Fee/Charge | My Best Buy® Credit Card (Store) | My Best Buy Visa® Card |
| Purchase APR (Variable) | 28.24%–31.24% | 14.74%–31.24% |
| Annual Fee | US$0 | US$0 |
| Cash Advance Fee | Not Applicable | Greater of US$10 or 5% |
| Balance Transfer Fee | Not Applicable | Greater of US$15 or 5% |
Conclusion
This article covered how to apply for the Best Buy Credit Card, the differences between the store card and the Visa, and the credit requirements.
For those who pay the balance in full, the 5% rewards program is excellent in electronics retail and offers good rewards in categories such as fuel (3%) and restaurants/grocery stores (2%) with the Visa card.
However, the high APR of up to 31.74% and the use of Deferred Interest can generate expensive debt if the balance is not paid on time.
Now that you know how to apply for the Best Buy Credit Card and manage the risks, make a decision.
If you have the necessary credit and pay the balance on time, apply for your card. Choose the option that best suits your spending pattern: the store version or the Visa version.
On the other hand, if you think this card does not meet your needs, check out another store card, such as the Amazon Visa credit card, one of the best cards in the segment.
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Best Buy credit card requirements, Citibank credit card application, My Best Buy Visa benefits, Best Buy credit card approval odds, credit score for Best Buy card, Best Buy financing options, Best Buy rewards program, applying for retail credit cards, Best Buy credit card APR, deferred interest Best Buy card
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Learn how to apply for the Best Buy Credit Card and discover the approval requirements, benefits, and fees to choose the right card for you.
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