Should I Apply For Best Buy Visa?

[Anonymous]

Hello. 

As the thread title states, I would like to know if I should go ahead and risk the HP and apply for a Best Buy Visa CC. The reason I want to apply is because I want to upgrade to S10+ and this would be a perfect chance to go to the store, tell them I want the phone and apply for the CC there and then. 

So here is my situation. I'm not currently subscribed to Myfico but I do have Discover's Fico scores and they list me at 700. 

My AAoA is 1year (exactly) 

I have 1 Auto Lease open with Infiniti Financial 

1 Secured CC (Discover) 

1 Unsecured CC (Cap 1 SL $500) 

I applied for the Cap1 around January and then I decided to give my luck a shot at AMEX and I was approved for EveryDay with SL $2000. When I checked the pre-qualifying offers, I was listed for 3 but I know I can't get the other two right now lol. 

No lates or any baddies or anything. The only thing I have against me is auto inquiries. But as far as CC inquiries, I only have the Discover, Cap1 and AMEX. 

My income is around 70k/yr. 

I know CITI doesn't like inquiries but will my auto inquiries auto-deny me? Advice and tips needed please. I think this would be the perfect chance for me to open another CC (and farm for a while) while getting 0% for the phone.  

[Omw800]

IMHO brand store cards are not worth the hard pull. You just want a specific item. How often are you going to shop at Best Buy ? I understand it will be a Visa card however, are you going to pull out a Best Buy card to buy groceries, dining, shopping .... Look for a cards that benefit you through points, cash back, travel, hotel or something. Also look at card that do soft pulls for CLI as well. Your going to spend the money regardless, might as well get paid to do it. Store card incentives are a big no for me

[AverageJoesCredit]

I think you would be approved for the standard 2k . You wouldnt have to worry sbout the store card as you can choose the Visa, not many places allow this lol. This card does offer other rewards that change every few months and can be redeemed as statement credits so its not just a plain jane store card or visa. Good luck

[JR_TX]

Why not just go for a major with $150-200 SUB?
Plus most have a 0% purchase intro APRs. And will be a useful card in the long haul.
So basically It’s like buying a new phone for $200 less with free 0% financing!

BoA Cash Rewards, USB Cash+, Wells Fargo Propel, etc, etc....

But if you really like and insist on the Bestbuy citi Visa then I think you’ll qualify for it like what AJC said about the basic $2K SL.

Good Luck and keep us posted.

[Anonymous]

What's your general spend like? I think maybe you want to get a card that has a big sign up bonus to offset the cost of the purchase. Capital One Savor has a $500 SUB if you spend $3000 in the first 90 days. This phone purchase would get you 1/3 of the way there, then if you can cross the finish line, you get $500 back and 4% back on dining for good. Downgrade the card in a year if you don't find it useful since the $95 annual fee is waived for year 1.

Other option is to get a travel card if you fly with a specific airline and earn miles/points for your purchase!

[pinkandgrey]

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@AverageJoesCredit wrote:
I think you would be approved for the standard 2k . You wouldnt have to worry sbout the store card as you can choose the Visa, not many places allow this lol. This card does offer other rewards that change every few months and can be redeemed as statement credits so its not just a plain jane store card or visa. Good luck

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The Best Buy Visa rewards can be redeemed as statement credits?? I thought it was only My Best Buy points that had to be redeemed at Best Buy....learn something every day lol 

[aircobra]

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@pinkandgrey wrote:

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@AverageJoesCredit wrote:
I think you would be approved for the standard 2k . You wouldnt have to worry sbout the store card as you can choose the Visa, not many places allow this lol. This card does offer other rewards that change every few months and can be redeemed as statement credits so its not just a plain jane store card or visa. Good luck

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The Best Buy Visa rewards can be redeemed as statement credits?? I thought it was only My Best Buy points that had to be redeemed at Best Buy....learn something every day lol 

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Pretty sure they can't, unless it has been changed recently.

[Anonymous]

I generally just spend on gas + groceries and occassionally I do like to go to Best Buy and buy parts for my camera, accessories for it and phone. So I shop there pretty frequently for almost all electronics. That's why the reason why I would want to get the Best Buy VISA (not the store card) is because I want to take advantage of their financing without putting a Consumer Finance Account or whatever its called to my CR, which I heard can have negative effects. 

That being said, Cap 1 is out of the question because I thought that you can only have 1 Capital One card in a 6 month period? 

Also, another factor to add in; my util is basically 0% because recently last month I PIF all of the cards by accident (I forgot to leave a small balance on one of them!) and the AMEX with the SL $2000 hasn't reported yet because I've yet to receive it in the mail. I applied to this I think last Monday so I'm not sure if it qualifies under the 1/8 that CITI is so strict about. 

What do you guys think? I wanna go ahead and pull the trigger but really anxious about my auto-inquiries potentially holding me back. That's why I wanna apply in-store so I can recon right away should they deny it. 

Again thank you for those that have chimed in! 

Inquiries that I've gotten as far as Bank CC goes: Discover (October 2018), Cap 1 (January 2019) & AMEX (April 2019) the rest of the inquiries that I have are auto, lol. 

[DaveInAZ]

Actually you don’t get to choose the Visa, the fine print says they can approve you for the non-visa store card instead.

I agree, go for a CC with nice SUB instead

[AverageJoesCredit]

True Dave, they can only offer you the store card but in most cases we are given the choice. I guess if you are just on the bubble they wont offer the Visa.

Pink, sorry, i may have been incorrect about statement credits. I guess its in form of points or certificates which i believe have to be used at Best Buy so to me that's basically like a statement credit since you use it there. I know my deduction stinks but i just dont use my card that much, more so because i cant use it online to ship where i live and the other the CS in stores locally stink