I applied for the Best Buy store card today and was declined, but offered a Gold Mastercard with a $59 AF. It doesn't specify a credit limit (which I think is odd). What do you think I should do in this situation? Does anyone have any experience regarding these two cards?
It's the HSBC Mastercard. It didn't specify a credit limit. I suppose that will make or break my decision. There's no sense in paying $59 for a $100 limit (if they offer that).
IIRC, the Bestbuy HSBC Mastercard is the "Gold MasterCard". Personally, I don't think the $59 AF is worth it.
So...for Best Buy how it works is if you apply for the Store card and are denied (it has the best financing options...0% interest deals, etc.) you will be offered the mastercard instead. The mastercard has two different tiers: the platinum (better interest rate and no annual fee) and the gold (which has a pretty bad interest rate, and an AF of 0-75). I applied for the mastercard a year ago and got a card with a $39 fee, then just re-applied recently for a new card and they approved me for the gold with $0 fee....but HSBC doesn't typically budge on the fee except to maybe halve it if you threaten to close the card.
If you check application status on the HSBC website it should list your starting credit limit.
I just apped the same card with the same result- and I took it. I got a $500 Cl.
I think I'm going to pass on this one. I just got off the phone with Barclay for the Airtran Visa and they told me that if I paid some of my balances down, I would probably be approved.
I got the same 300 limit when i was rebuilding my credit. I got my scores to over 700+ with no baddies and 1 30 day late that was 6 years old and they still wouldnt up my CL. They waived the fee, i kept the card for a few more months but never used it and then finally closed it.
If you dont need the card to rebuild then dont get, its not worth it.