Best Buy StoreCard/Visa

[Anonymous]

I'm really wanting to open a Best Buy card. I am set to purchase a LOT of Electronics. Probably $10,000 to $15,000 worth. A great opportunity to build a nice amount of spend/CLI

As it stands though, I'll likely only be approved for the Store Card (due to limited history of 10 months and a lot of Inquiries). I WANT the Visa.

I'm okay accepting the Store Card IF it has the potential to eventually Upgrade to the Visa.

CAN the Store Card upgrade to the Visa or is that NOT AN OPTION?

[Guyatthebeach]

Unless something has changed, the store card never upgrades to the Visa.  I have a $7k limit on the Best Buy store card, and never had an issue yet.  I use it only for the financing options. I've purchased quite a few ipads, Mac Books, and TV's with no problems and paying no interest. 

Guyatthebeach

[Anonymous]

I've had the store card since 2000.  I still have the store card with the original limit.  I have never requested an increase and it is unlikely that I ever will.  20 years ago I shopped at Best Buy frequently.  Now I only buy printer ink or small items every 6 months to keep it active.  If it was a Visa then I would have no problem with using it more frequently but I'm stuck with what I have.

[FinStar]

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@Anonymous wrote:

I'm really wanting to open a Best Buy card. I am set to purchase a LOT of Electronics. Probably $10,000 to $15,000 worth. A great opportunity to build a nice amount of spend/CLI

As it stands though, I'll likely only be approved for the Store Card (due to limited history of 10 months and a lot of Inquiries). I WANT the Visa.

I'm okay accepting the Store Card IF it has the potential to eventually Upgrade to the Visa.

CAN the Store Card upgrade to the Visa or is that NOT AN OPTION?

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They haven't done upgrades in several years.  It's not something you can request, though.  So, it's possible that if you get approved for the store card, it may stay as that version unless they revisit automatic upgrades in the future.  

[TSlop]

I applied and got approved for a store card in 2011, and it auto-upgraded on its own to a Visa years later. Mine upgraded about 2-3 years ago, so it falls into what @FinStar said.

[K-in-Boston]

I'm an AU on a Best Buy card opened 25 years years ago.  Neither HSBC, Capital One, nor CBNA have felt the need to upgrade it to a Visa in all of those years.

[AverageJoesCredit]

To my knowledge, upon applying the Best Buy card you are given the choice of store or Visa. One of the rare cards to do so. I chose Visa upon my approval and unless your credit is reallt bad, if you get approved you should get the choice. Most standard approvals usually start around 2k by my observations. 

[Loquat]

I believe Best Buy did a round of upgrades maybe 4 or 5 years ago and that was the first and last of ever reading about such.  Do you anticipate an ongoing need for the Best Buy card?  

Reason I ask is because if you're thinking that you may get stuck with a store card, there's an argument that could be made for getting say an Amazon card (Chase or Synchrony) since Amazon sella electronics on a large scale and you can also buy Best Buy gift cards while earning 3-5% depending on your Amazon account type.  The Chase and Synchrony version of the Amazon card also offers special financing with very low thresholds.  Just something to consider. 

If I were to get stuck with a store card I'd much rather have the Amazon card over the Best Buy store card.

[DrewfromTexas]

I literally closed my best buy store card 5 minutes ago. It's almost worthelss to me. It will never change to a visa, the credit line has not changed in a year. I have cards with 25k, 20k, 20k 20k limits across mulitple banks and my limit on the store card was $2,500.

It was useless to me so its gone as of a few minutes ago.

[K-in-Boston]

I suppose "worth" really depends on Best Buy spend and other products you may have in your wallet.  If you have other cards with long 0% promos, the promotional financing offers aren't necessarily worth much.  If you have cards already giving you more than 5% (or 6% depending on Best Buy rewards elite status) back at Best Buy, then the rewards don't matter.  And if you are consistently spending more than $2500 a month ($30k annually) at Best Buy and are unable to make mid-statement payments, then it may not make sense, although with that level of spend and monthly PIF a CLI should be forthcoming.  Of course if you never shop at Best Buy, the card would also be worthless although that is more or less a universal truth about most store cards.