topic Re: Best Buy store card from Citi in Credit Cards

Best Buy store card from Citi

Anonymous — Thu, 17 Feb 2022 17:08:46 GMT

I've been approved with 2k 3 months ago and regret applying for it, no need of purchase right now. And read some reviews here and elsewhere and it even seems risky buying with it.

Haven't used once, but wonder just charging a small amount at the store and immediately paying it online every month would be better for credit scores.

Any advice? Thank u.

Re: Best Buy store card from Citi

Reviewers — Thu, 17 Feb 2022 17:20:13 GMT

BestBuy Store Card is not that useful as it's only used in store, if you decide to get one make sure it's the VISA that you can use anywhere. Also, I would never get a BestBuy card again after what they did to me. I needed emergency medical surgery and by mistake I missed 2 payments (the month of my injury, following surgery and physical therapy) and they closed my account after explaining the whole situation to them they said they would not be able to reverse it. Mind you, I was charging thousands on it. Also, my BROTHER had a card for years and used to use it a ton and he didn't use the card in a few months (Less than a year) and they closed it for the card being inactive and not being used.

Re: Best Buy store card from Citi

dragontears — Thu, 17 Feb 2022 17:21:59 GMT

@Anonymous wrote:
I've been approved with 2k 3 months ago and regret applying for it, no need of purchase right now. And read some reviews here and elsewhere and it even seems risky buying with it.
Haven't used once, but wonder just charging a small amount at the store and immediately paying it online every month would be better for credit scores.
Any advice? Thank u.

If you make a charge on any card and pay it before it is reported there is NO affect on scores. The only thing that does is show that specific lender usage so that they don't close the card

Re: Best Buy store card from Citi

bigseegar — Thu, 17 Feb 2022 17:38:16 GMT

@Reviewers wrote:
BestBuy Store Card is not that useful as it's only used in store, if you decide to get one make sure it's the VISA that you can use anywhere. Also, I would never get a BestBuy card again after what they did to me. I needed emergency medical surgery and by mistake I missed 2 payments (the month of my injury, following surgery and physical therapy) and they closed my account after explaining the whole situation to them they said they would not be able to reverse it. Mind you, I was charging thousands on it. Also, my BROTHER had a card for years and used to use it a ton and he didn't use the card in a few months (Less than a year) and they closed it for the card being inactive and not being used.

I mean I'm sorry and I'm not trying to be mean or cruel but how is that Citi's fault? I had emergency surgery before as well and was in the hospital for days and I still made my payments without missing any and I especiallt didn't miss 2 months on the same card. That's not Citi's fault, it's yours and it doesn't reflect on the card.

To the OP the card is "safe" as it's backed and administered by Citi, one of the largest banks in the US. Using it and PIF would only help your credit. You'll be fine that way.

Re: Best Buy store card from Citi

Anonymous — Thu, 17 Feb 2022 17:39:30 GMT

Thx guys. And @dragontears I'm still confused by this. Most of my cards have 0% apr purchase for a year(but not this store card), but I just pay off before reporting(statement)?, before due date. So this is not a smart way to raise scores?

I've browsed some and they say pay off immediately AFTER it's been reported(statement issue), I'm confused(but to think of it card manuals say PIF like 20 or more days after statement not to incur fees)

Re: Best Buy store card from Citi

Anonymous — Thu, 17 Feb 2022 18:48:16 GMT

@Reviewers I already have Store, Visa would've been better but no control, they just assigned Store one to me: maybe it's better than Annual fee Gold Visa 😓

That's exactly my worry, non-

use so getting closed. Haven't used once, hence asking. And heard their deferred interest is awful too. I guess using even once in a while even for small purchases is better than sockdrawing? Especially I need that 2k credit limit for util(about 10k for now)

Re: Best Buy store card from Citi

K-in-Boston — Thu, 17 Feb 2022 18:50:02 GMT

I'm an AU on a card that has been open since 1995. Never any issues. The card offers a good rebate back in your Best Buy rewards account or frequent excellent long promotional APR offers. The aforementioned payment issue isn't specific to the Best Buy card and would have been the same case with any CBNA issued card, or pretty much any other card issuer. We've often gone very long periods of time (12-18 months) without using the card and it was never closed for inactivity. YMMV.

Paying the balance prior to statement balance won't show any usage on your reports, so it's the same as not using it at all in that respect other than not risking the card being closed for inactivity.

Edit: Deferred interest is the same as any other card that offers that. No interest if paid within the agreed time. If not, it's retroactive to the date of purchase. If one is going to take longer to pay, likely best to put it on a lower APR card.

Re: Best Buy store card from Citi

Anonymous — Thu, 17 Feb 2022 18:53:17 GMT

@bigseegar thnk u! So buy small amount, wait for it to get reported(statement), then immediately PIF to avoid incurring fees(no 0% APR for this card).

Maybe that's why I was denied Custom Cash, already having 2 Citi cards in such short a time frame(beyond the abvious too many inquiries 😓). Ugh why did I apply for it..

Re: Best Buy store card from Citi

FormerCollegeDJ — Thu, 17 Feb 2022 19:01:39 GMT

RE: Lack of Best Buy credit card use

Just to add to the comments already made, I have the Citi Best Buy Visa card and just went 10 months (late March 2021 to late January 2022) without using the card. On top of that, I haven't activated the newer cards Citi has sent me; I'm still using an older card that hasn't reached its expiration date*. Despite that, I had no issues making two recent purchases (one at Best Buy, one outside of Best Buy) on the card.

The big negative with Best Buy credit cards IMO is rewards are in the form of Best Buy gift certificates, which can only be used at Best Buy and expire after about 60 days. If you shop often at Best Buy, that's not an issue, but if you infrequently shop there, that can be a hassle. The reward rates on the card are good (5% rewards for Best Buy purchases, and if you have the Visa version, decent rewards rates on other purchases, particularly 3% on gas purchases), though you can ONLY get either rewards on purchases OR longer term (usually 6 months) no interest financing, not both.

*Side note: I've never understood why some credit card issuers/co-branded retailers want to send new cards when I haven't requested a new card and the current card is months or years from reaching its expiration date. I guess they do so to encourage people to use the card(s).

Re: Best Buy store card from Citi

Reviewers — Thu, 17 Feb 2022 19:33:44 GMT

@bigseegar There is nothing mean or rude about your comment. I notified them prior to surgery because I was in a predicament that caused me not to make the payment at the time. I did a dispute/goodwill and was denied and sent a 100 page pamphlet explaining why it was denied which is a joke (talking about the 100 pages) I understand that was my fault but some leniency would be nice. Especially if the card has been opened for over ten years and has never missed a late payment. Missing two payments shouldn't CLOSE out a account, late payments and reporting to credit bureaus makes sense.

My brothers situation doesn't make any sense at all though. Why close out a account that has been used for thousands every other month with 0 lates just for a few month inactvity (I'm talking like 3-4 months)

Re: Best Buy store card from Citi

Reviewers — Thu, 17 Feb 2022 19:40:11 GMT

@Anonymous Makes sense, I had the option when I had mine opened between a store and VISA and choose the VISA. It's 100% better than the Gold VISA that they have.

I loved the card prior to them closing it out. Just a bit ridiculous on the situation, I explained it more in-depth a post above this one. If I was you I would use this card once in a while for a small purchase just so that it doesn't get closed randomly like my brothers. I used to work for BestBuy in the past and our policy was if the card isn't used within 365 days it gets closed but I have seen several people including my brother get theres closed way before that.

Re: Best Buy store card from Citi

Anonymous — Thu, 17 Feb 2022 23:42:59 GMT

The card had its perks if you frequently shop at BB. Other than having the card shut down for non-usage, it is subject to a CLD. You definitely will not see an auto CLI if you rarely use it.

I wouldn't worry about letting the card report to the bureau if you have several cards you handle on a monthly basis. At the end of the day, you need to be concerned more about keeping your overall monthly utilization low to improve your score, rather than leaving a balance. Your utilization rate is what potential lenders will care more about, rather than whether your paid your last balance in full.

Re: Best Buy store card from Citi

K-in-Boston — Fri, 18 Feb 2022 01:15:28 GMT

@FormerCollegeDJ wrote:
RE: Lack of Best Buy credit card use

Just to add to the comments already made, I have the Citi Best Buy Visa card and just went 10 months (late March 2021 to late January 2022) without using the card. On top of that, I haven't activated the newer cards Citi has sent me; I'm still using an older card that hasn't reached its expiration date*. Despite that, I had no issues making two recent purchases (one at Best Buy, one outside of Best Buy) on the card.

The big negative with Best Buy credit cards IMO is rewards are in the form of Best Buy gift certificates, which can only be used at Best Buy and expire after about 60 days. If you shop often at Best Buy, that's not an issue, but if you infrequently shop there, that can be a hassle. The reward rates on the card are good (5% rewards for Best Buy purchases, and if you have the Visa version, decent rewards rates on other purchases, particularly 3% on gas purchases), though you can ONLY get either rewards on purchases OR longer term (usually 6 months) no interest financing, not both.

*Side note: I've never understood why some credit card issuers/co-branded retailers want to send new cards when I haven't requested a new card and the current card is months or years from reaching its expiration date. I guess they do so to encourage people to use the card(s).

Great points. To add to your middle paragraph, you get points banking with Elite or Elite Plus status ($1500 and $3500 annual spending at Best Buy) with the My Best Buy program so you can let the points pile up or just sit there before issuing yourself a certificate. Elite Plus also earns 6% rather than 5% on purchases with the card. As you stated, it's going to be more beneficial for a frequent Best Buy shopper, but that can also be useful for an infrequent shopper making large purchases like computers or appliances.

Re: Best Buy store card from Citi

bigseegar — Fri, 18 Feb 2022 12:22:15 GMT

@Reviewers wrote:
@bigseegar There is nothing mean or rude about your comment. I notified them prior to surgery because I was in a predicament that caused me not to make the payment at the time. I did a dispute/goodwill and was denied and sent a 100 page pamphlet explaining why it was denied which is a joke (talking about the 100 pages) I understand that was my fault but some leniency would be nice. Especially if the card has been opened for over ten years and has never missed a late payment. Missing two payments shouldn't CLOSE out a account, late payments and reporting to credit bureaus makes sense.

My brothers situation doesn't make any sense at all though. Why close out a account that has been used for thousands every other month with 0 lates just for a few month inactvity (I'm talking like 3-4 months)

I agree for sure after 10 years with perfect payments it looks like they would have worked with you for sure.

Re: Best Buy store card from Citi

SouthJamaica — Fri, 18 Feb 2022 22:13:23 GMT

@K-in-Boston wrote:
.......

Paying the balance prior to statement balance won't show any usage on your reports, so it's the same as not using it at all in that respect other than not risking the card being closed for inactivity.
........

I'm not so sure about that. As I recall, the full credit reports contain enough information from which it is clear whether or not there was activity. It reports the balance and the actual amounts paid, and other data from which the presence or absence of activity can be seen.

Re: Best Buy store card from Citi

K-in-Boston — Fri, 18 Feb 2022 22:50:26 GMT

@SouthJamaica wrote:
@K-in-Boston wrote:
.......

Paying the balance prior to statement balance won't show any usage on your reports, so it's the same as not using it at all in that respect other than not risking the card being closed for inactivity.
........
I'm not so sure about that. As I recall, the full credit reports contain enough information from which it is clear whether or not there was activity. It reports the balance and the actual amounts paid, and other data from which the presence or absence of activity can be seen.

As the data is not used in scoring, additional information like that varies by lender. Some will update the High Balance column if it is exceeded during the statement cycle. Some report payment amounts made. Many do neither, including the CBNA retail division. They solely report balance, past due amount, scheduled payment amount ($0 if there was no balance due), credit limit, and account status. If there is mid-cycle activity with a CBNA account and a payment is made prior to statement closing, credit report data is exactly the same as if the card were never used.

The additional reporting being supplied by only a small number of lenders is a primary reason why FICO 10 and other trended data algorithms are unlikely to be in wide use any time soon.

Edit: Looking at my reports, the lenders I have accounts with that are supplying "Amount Paid" column data are BECU, NASA FCU, NFCU, PenFed, US Bank, FNBO, Synchrony, Comenity, TD Bank, and CapOne. Amex, Bank of America, Chase, Citi, Discover, and both of Citi's retail divisions (CBNA and DSNB) do not supply this information.