Details on a Best Buy Credit Card
What you need to know before applying for a Best Buy credit card
Like most department store credit cards, the Best Buy credit card may appeal to regular customers and their ilk. In other words, if you frequently shop at Best Buy, you're more likely to find their store credit card appealing.
So, what exactly is the deal with this credit card? Well, according to the store, you will get excellent rewards (depending on whether you get the store card or the Master Card) and be able to earn rewards for Best Buy purchases. It sounds pretty fantastic, but don't they all? Let's take a closer look at the Best Buy credit card.
Advantages of the Best Buy credit card...
The advantages of the card are pretty straightforward: you earn reward points for using the card to make purchases and you can redeem these points at Best Buy. If you do a lot of shopping for electronics, that's a great bonus since Best Buy is pretty well known for having excellent prices.
...and the down side.
It takes a long time to accumulate points, and since you only get a $5 gift certificate for 250 points, you're not exactly looking at a free video game system any time in your near future.
There's more to consider, though. The Best Buy credit card actually has a number of problems, including:
-Your ability to get it: if you get the in-store only credit card rather than the Best Buy Master Card, you won't be accumulating many points since you'll only be able to use the card at Best Buy. Unless you spend a fortune on electronics, that makes it not worth your while. And with the current economy, it's not easy to get a new credit card without a tremendously high credit score.
-Your credit limit: the card has a fairly low limit, which makes it harder to accumulate points. It can also affect your credit score since one of the factors taken into account is your credit limit on your various cards.
-Your credit score: In addition to the lower limit affecting your credit score, just having a department store credit card can lower your number. Since people with poor credit often apply for department store credit cards, just having a store card can make a negative mark on your credit report!
Rewards are all well and good, but when it comes right down to it, unless you spend thousands of dollars on electronics each year, or are maybe looking to purchase a whole bunch of appliances, the Best Buy credit card may not be the ideal choice for you.
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