Citi Best Buy card

[Anonymous]

I got this card in November by applying on a whim when I was buying a dishwasher and washing machine.  I was approved for $12K on the spot, but because of some screw-up, couldn't even use it to buy what I was buying at the time.    Was thinking I would take advantage of the rewards, but at 26.49%, not so sure now.  I don't like balances, but you never know.  I also like that they have a 24-month no interest option for larger purchases.  

I guess my question is, should I keep the card?  Kinda frustrated me at the time I got the account I couldn't even use it.  Only have a $42 balance on it now, so considering axeing it. 

Would appreciate any thoughts.  Also wondering if that $12K limit is keeping me from better cards, I'm sure it is.

Thanks

[K-in-Boston]

If you shop at Best Buy regularly, it's a great card since it gives a significant boost to My Best Buy earnings.  I have ElitePlus status, so I earn 3 points per $ spent on the card (Best Buy points are worth $0.02 since you get a $5 reward for every 250 points) - that's 6% back.  But even the base program will earn you 5% back with the card.  Obviously, you would always want to pay your statement balance in full if making charges that aren't on a 0% promo.  Store cards are never cards you want to carry balances on unless they're 0% or very low.

I doubt the $12k limit (which is a very good approval I might add) is keeping you from better cards unless you have an extremely low income where a lender may be concerned about your overall exposure.

[Anonymous]

OK, thanks very much for that.  I'll just hold onto it for now then.  

[AverageJoesCredit]

12k is an incredible sl for best buy . In my case my 10k card probably does affect me with other cards , especially my DC, due to income issues.

Curious , what were you buying that 12k couldnt handle it , lol?

[Anonymous]

Oh anything would have been fine, they just asked me the amount I wanted and I actually said $5k if I remember correctly.

[chaos51]

Like K said, if you shop at BBY a lot, it can be great. You really can earn a lot of points with it, and the value can go far especially if you hit elite plus status. Do you have the Visa or store only card? I have the Visa verison, and I only use it inside of Best Buy (unless I have some minimum spend that is worth not using it), or if they send out targeted spend offers such as "Spend $100 outside of BBY and get $10 in rewards". All in all, I think it's a good keeper card if you shop at Best Buy.

[Anonymous]

I have the Visa card.  I'm gonna hold on to it and probably only use it at BB.  Don't go there alot, but occasionally.  Mainly wanted to take advantage of it when I got the two appliances, but a snafu wouldn't even allow for that.  Would have needed to wait for something to generate first, can't remember what, and I needed the appliances right then.

I'll just hold onto it, for now anyway.