Best Buy Credit Card

[dollar_bill]

I need a new washer and dryer. I've been working very hard on my credit and I have zero baddies (finally) yet I still have a few lates (Sallie Mae can go to hell and burn forever) that are from 2003. My scores are all in the 660-700 range.

Needless to say I applied for the BB Store Card since I already have three other CCs (Crap1,Hooters, & US Bank). I've read a store card is a good "mix" to add. My highest CL is US Bank which is at 5k.

I had to call to confirm my ID, and the lady said I was approved for $600. I didn't bother to ask for a CLI I figured I'd wait for the card to arrive. No way in hell can I get a washer and dryer with a $600 limit. My plan was to use the 0% interest until it expires and pay the washer and dryer off. The Reward Zone is a decent program to get extra free stuff.

Anyway, thought I'd add my two cents. The $600 CL is ridiculous though.

[Anonymous]

I was approved last week for $1500, got a new macbook. 18 months/0% finance...it's a beautiful thing

[Anonymous]

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@Anonymous wrote:
I was approved last week for $1500, got a new macbook. 18 months/0% finance...it's a beautiful thing

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I know,I applied for mine 2 years ago and used it to get a TV 0% interest.  Then 6 months later I got a laptop for school, 0%, and then a year after that I got a digital camera for vacation. 0%.  BB will never earn interest charges on me, but I love their card and it's 0% interest.  If that ever goes away, I don't think I'll love the card so much.

[oracles]

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@dollar_bill wrote:

I need a new washer and dryer. I've been working very hard on my credit and I have zero baddies (finally) yet I still have a few lates (Sallie Mae can go to hell and burn forever) that are from 2003. My scores are all in the 660-700 range.

Needless to say I applied for the BB Store Card since I already have three other CCs (Crap1,Hooters, & US Bank). I've read a store card is a good "mix" to add. My highest CL is US Bank which is at 5k.

I had to call to confirm my ID, and the lady said I was approved for $600. I didn't bother to ask for a CLI I figured I'd wait for the card to arrive. No way in hell can I get a washer and dryer with a $600 limit. My plan was to use the 0% interest until it expires and pay the washer and dryer off. The Reward Zone is a decent program to get extra free stuff.

Anyway, thought I'd add my two cents. The $600 CL is ridiculous though.

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Hey dollar_bill

This just a thought but maybe if you go into the store and let them know you want to buy a washer machine and dryer, they will do everything in their power to try to get the limit raised so you can buy it.

I am assuming the sales associate and manager will try everything possible to get the sale done and get your credit line increased so you will purchase it.

Of course this is all speculation however, i would definitely try it

I have read others on here have done this in some stores and it has worked for them

Keep us updated if you do decide to do this

Message Edited by oracles on 02-01-2009 03:30 AM

[haulingthescoreup]

I would also call back and confirm that you did in fact get the store card, and not the BB MC. If someone doesn't qualify for the store card, they give them the MC instead, which usually has a lower CL.

[Anonymous]

I was approved for Best Buy store card in December 2007 and used it a lot this last year. I only got a $750 limit so only part of my big purchases got to be interest free, but better than nothing. I was denied for the MC at the time. I was also denied the two times i requested a CLI (june and september I think). At the end of October I was approved for $500 RZMC, maxed it and paid it off twice and in January was given a CLI to $800. I tink they want me to spend more than I can pay off so that they can actually make money off me, but this card was only applied for for two reasons, to help build my credit some more (which I guess has worked as my scores are all around 675 now) and to put the portion of the cost of a new iMac on that my measly $750 BB card wouldn't cover (I had to get one quickly during the two week notice I gave to my old job). With a $39 AF and 18.9% interest, this card being cancelled after I get approved for a new car.

[CreditAble]

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@haulingthescoreup wrote:

I think the reason for the role reversal for the Best Buy cards is that you have to have a decent credit limit to have fun in their store and make them money, so the store card is useless with less than a $1K CL. If they run your credit and don't want to risk that, you get shunted over to the MC, which has the typical $500 or so CL of a lot of the HSBC/ Orchard bank cards.

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Hauling,

I think you hit the nail on the head. Basically Best Buy doesn't want to take risks by issuing some store cards. It wouldn't have much risk on the MC cards. Best Buy then receives either acquisition (sign up) fees or other usage commissions for low limit, high interest rate, Master Cards.

If BB thinks a customer won't spend much money in the store it can make a small profit on all MC charges even if used at a McDonald's.

Best Buy has demonstrated a penchant for predatory lending in the past. It seems that Best Buy let people have higher credit limits if they were homeowners presumably with low mortgage balances. When those customers started revolving high balances, sub prime mortgage lenders (Best Buy Affiliates) started pitching refinancing deals to help get cash out of the home to pay Best Buy debt. Best Buy knew exactly when to send in the Refi con men., since it had ongoing access to private "account review" information in the customer's credit reports.

There was a time that Best Buy was making more on sub prime home refinancing than selling washing machines.

The Best Buy store card/MC anomaly is probably based upon the same basic business model which is  make money off of its customers any way it can.

 In this case BB is only baiting & switching low limit credit cards. A few years ago the business practice was to extend high store credit card limits that exceeded a homeowner's ability to repay. Affiliates would then collect the over due debts by forcing the customer to refinance his house.

I think the current game is a lot less harmful to the consumer.

Best Buy was sued and or fined for the practices I mentioned above although there doesn't seem to be much left on the internet about the issue. I wish I could provide links. It was a few years ago that it happened. Perhaps others remember the case.