Heres What Else You Should Know About The Credit Score You Need For A Citi Credit Card:
Citi might send a pre-qualified credit card offer to potential customers, but while this increases your chances for approval, it does not guarantee it. If you have received such an offer, visit Citis web page and enter your invitation code and last name to apply. Also, keep in mind that applying for a Citi or any other credit card triggers hard inquiries and can temporarily lower your score – the more inquiries over a short period of time, the more damage to your score. So its best to know where you stand before applying for any credit card. You can check your credit score and track your progress for free, right here on WalletHub.
The easiest Citi card to get is the Citi® Secured Mastercard® because it is the only one that will accept applicants with limited credit . This card requires a $200 refundable security deposit but has a $0 annual fee. It also helps build credit history with monthly reporting to all three read full answermajor credit bureaus .
Aside from the Citi Secured, nearly all other Citi credit cards require good credit or better for good odds of approval. Some of these cards include the Citi Double Cash Card or the Citi Premier® Card.
Alternatives To The My Best Buy Credit Card
If you are considering getting a My Best Buy card to finance a large purchase at Best Buy, there are other cards that offer 0% APR promotional interest rates for longer terms, as well as 0% promotional interest rates with a cashback bonus as well.
The U.S. Bank Visa Platinum offers a rate of 0% interest for 20 billing cycles ,
The Chase Freedom Unlimited credit card also offers 0% APR for 15 months AND offers $200 in cashback bonus once you spend $500 in purchases within the first 3 months after account opening and 1.5% cashback on everything. You can redeem your points through straight cashback or through the Chase Ultimate Rewards program.
The Capital One SavorOne Cash Rewards credit card offers 0% APR for 15 months AND a $200 cashback bonus once you spend $500 in purchases within the first 3 months after account opening. And you earn 3% cashback on dining, entertainment, grocery stores and 1% back on everything else.
|My Best Buy Card Vs. Alternatives|
|0% APR for 20 billing cycles||0% APR for 15 months||0% APR for 15 months|
What Could Best Buy Credit Card Do Better
The greatest drawback of the Best Buy credit card is that its financing offers are deferred interest deals rather than true interest-free financing. If you pay for the full amount of your purchase before the promotional period ends, you wont owe any interest. If you dont pay the full amount, youll be charged for the full amount of interest that would have accrued, meaning you may get hit by a surprise bill.
Don’t Miss: What Credit Report Does Comenity Bank Pull
College Student Credit Cards
These cards are designed specifically for college students who are just getting started with credit. The application process takes into account the fact that young people are unlikely to have a long credit history or a high-paying job. Be aware, though, that simply being a college student is not enough on its own to qualify. See our best college student credit cards of 2021.
Additional Features Of The Best Buy Credit Cards And My Best Buy Program
There are a few additional perks youll get from joining the My Best Buy program, plus a few you may receive simply by holding the Visa cards.
Your enrollment in the My Best Buy Program adds:
- Early access to sales and special offers
- Free shipping on purchases of $35 and up, with no minimum purchase requirements for Elite and Elite Plus members
- Exclusive member-only deals
- Free in-home consultation
- A special birthday gift during your birthday month
Members can qualify for My Best Buy Elite with $1,500 in purchases per calendar or My Best Buy Elite Plus with $3,500 in purchases per calendar year.
Your My Best Buy Visa card may also come with the following Visa benefits :
- Fraud prevention
Weve already discussed the hefty standard APR. These numbers creep up even higher if youre entertaining the thought of a cash advance or balance transfer. Once you add the fees for the transactions on top of it all, the fees are unbelievably high.
Additionally, if you have trouble paying on time or your check bounces, youre also paying a pretty penny in fees.
What About the Other Drawbacks?
The fact that Best Buy credit cards are not true cash-back cards is a HUGE drawback. Since you only earn your percentage back in the form of Best Buy Rewards Certificates, you can only spend them at Best Buy stores or BestBuy.com. Youre allowed to use your Visa anywhere, so why cant you spend your rewards anywhere?
Also Check: How To Unlock My Credit Report
American Express Gold Card
The American Express® Gold Card is another straightforward rewards card that earns unlimited 4x Membership Rewards points at restaurants, including takeout and delivery. U.S. supermarkets also earn 4x points . It also earns 3x points on flights booked directly with airlines or on amextravel.com.
Plus, American Express Gold Card cardholders can earn up to $10 in statement credits monthly when paying with their Gold Card at Grubhub, Seamless, The Cheesecake Factory, Ruths Chris Steak House, Boxed, and participating Shake Shack locations. Enrollment is required. There are no foreign transaction fees but there is an annual fee of $250 .
New American Express® Gold Card cardholders can earn 60,000 Membership Rewards points after spending $4,000 on eligible purchases within the first 6 months. Also, Rose Gold is back! Cardholders can choose between Gold or Rose Gold. Terms apply.
Learn more: Johnny Jet Recommended Credit Cards
How Do Credit Scores Work Anyway Credit Score Needed For Best Buy Card 2018
A credit score is a considerable aspect of your financial life. It plays a essential role in a lending institutions decision to say yes or no to your loan or credit card application. For example, people with credit rating listed below 640 are typically considered to be subprime customers.
Lending institutions frequently charge interest on subprime mortgages at a rate higher than a conventional home mortgage in order to compensate themselves for taking on a high threat debtor. Depending on how low your credit score is, they might also need a much shorter repayment term or a co-signer.
On the other hand, a credit score of 700 or more is generally considered good and might lead to you getting a lower rates of interest. On loans like mortgages, a somewhat slower rates of interest can end up saving you 10s of thousands of dollars over the payment term!
Ratings greater than 800 are thought about excellent. Its worth noting that while every lender specifies its own varieties for credit report, the following FICO score variety is often used:
- Excellent: 800 to 850
- Fair: 580 to 669
- Poor: 300 to 579
In brief, your credit score is a mathematical analysis of your creditworthiness and straight affects how much or how little you may pay for your credit. Your credit score can also figure out the size of a down payment required on items like phones, energies, or apartment or condo leasings.
Read Also: What Bank Is Syncb Ppc
Here Are Some Of The Easiest Citi Cards To Get:
- Citi Secured: Open to applicants with limited . $0 annual fee.
- Best Buy Store Card: Fair credit or better required. $0 annual fee. Earns 2.5 points per $1 spent on Best Buy purchases.
- Shell Gas Card: Fair credit or better required. $0 annual fee. Offers savings: 30¢ per gallon on your first 5 Shell fuel purchases made by 6/30/2022, after that 10¢ per gallon every time you fill up, 10% Shell rebates on your first $1,200 Shell non-fuel purchases .
The easiest Citi cards to get come with limitations. They offer low minimum credit limits, high interest rates and few rewards and benefits. And with the Citi store cards, beware of deferred interest promotions. Deferred interest means that theres 0% interest as long as the balance gets paid in full by the end of the promotion. If its not paid in full, Citibank charges interest on the original purchase amount from the date of purchase, at the cards regular APR.
It may also be beneficial to look outside of Citibank to some of the easiest cards to get from other issuers. Aside from lenient approval requirements, some of these also offer rewards and have annual fees as low as $0. And they report to the three major credit bureaus, so if you use them responsibly, you’ll be able to build or rebuild your credit and have future access to some of the best Citi credit cards, or other excellent options from different issuers.
Here’s What You Need For The Best Buy Store Card: Read Full Answer
- The basics. You will need a U.S. mailing address and a Social Security Number . You also need to be at least 18 years old and have enough individual income to afford credit card bills.
- At least fair credit. That means a credit score of 640+, but your approval odds only increase as your score gets higher.
- Income and other information. You will need to provide information about your total annual income. Your spending and the amount of debt you owe will also get factored in to the final decision. Ultimately, your debt-to-income ratio needs to be favorable enough to show that you can afford a credit card. Citibank may also consider other factors, such as how many recent credit inquiries you’ve had and the length of your credit history.
Keep in mind that you will have to apply for a Best Buy® Credit Card. If you do not meet its requirements, you will also be considered for the Best Buy® Store Card and the Best Buy® Gold Visa Credit Card. The Best Buy® Credit Card requires good credit or better for approval, while the Best Buy® Store Card and Best Buy® Gold Visa Credit Card require fair credit or better .
Applying for a Best Buy® Credit Card triggers a hard inquiry on your credit, which can lead to a temporary dip in your credit score. So if you don’t know where you stand, you can check your score for free, right here on WalletHub. And if your score needs improvement, feel free to check out our guide on how to improve your credit score.
Recommended Reading: Is Chase Credit Score Accurate
Review: Is The My Best Buy Visa Card The Best Credit Card For You
When you apply for a Best Buy credit card, the one you receive will not necessarily be the one you want. There are three variants of the card, and the one Best Buy offers you is based on your credit.
The My Best Buy® Visa® Card is the most rewarding card. It earns up to 6% on Best Buy purchases, and it comes with various financing options depending on what you’re buying. You’ll even earn bonus rewards for spending at gas stations, restaurants, and grocery stores. The card comes with an annual fee between $0$59, based on creditworthiness.
Depending on your credit, Best Buy may alternately issue the My Best Buy Credit Card, which is a store card that can only be used at Best Buy. Earnings for Best Buy spend are identical to the My Best Buy® Visa® Card.
The My Best Buy® Visa® Card‘s up to 6% return rate is substantial and you’ll even get 10% back at Best Buy during your first day of purchases within 14 days of account opening. It also gives you the opportunity to pay off large purchases for up to three years without accruing interest.
There are a number of downsides, however:
If you’re happy to live exclusively within the Best Buy ecosystem, this card could be worthwhile. However, there are many other cash-back credit cards that are more practical for most customers.
Having A Best Buy Credit Card Might Hurt Your Credit
Best Buy has the best electronics, and most often the best prices. Its the reason so many consumers opt to apply for a Best Buy credit card so that they can save money, earn points and still buy the things they want without worrying about their credit score. If the Best Buy credit card is one youve been thinking of getting, its a good idea to weigh both the pros and cons, and then make an informed decision that will help you decide whether or not to apply. Theres no doubt that Best Buy is one of the most popular retailers in the country, especially around the holidays, but does it make sense to have one of their cards? Lets take a look.
Recommended Reading: Does Klarna Run Your Credit
My Best Buy Credit Card Vs Citi Double Cash Card: 18 Month Bt Offer
The Citi double cash card is considered one of the best fixed-rate cash back credit cards. The card allows its clients to earn 2% on each purchase with limitless 1% cashback when you purchase, in addition to an extra 1% as you pay for those purchases. In comparison, it matches or beats all of the rewards on the My Best Buy credit card except for shopping from Best Buy stores.
The Citi double cash card rewards cardholders with statement credit, which is flexible than the rewards certificate earned with My best buy credit card. The statement credit can be used to offset desired expenses on your credit card bill.
The Citi double cash card is relatively more flexible and adaptable compared to the Best Buy credit card.
Top 0% Or Low Interest Credit Cards
CitiÂ® Diamond PreferredÂ® Card: 0% intro APR on Purchases and Balance Transfers for 18 months, and then the ongoing APR of 13.74% – 23.74% Variable APR. Read our review of the CitiÂ® Diamond PreferredÂ® Card.
Chase Freedom UnlimitedÂ®: 0% intro APR on Purchases for 15 months, and then the ongoing APR of 14.99% – 23.74% Variable APR. Read our review of the Chase Freedom UnlimitedÂ®.
Discover itÂ® Cash Back:0% intro APR for 14 months on purchases and balance transfers, and then the ongoing APR of 11.99% – 22.99% Variable APR. Read our review of the Discover itÂ® Cash Back.
BankAmericardÂ® credit card: 0% intro APR for 18 billing cycles on purchases and on any balance transfers made within 60 days of account opening, and then the ongoing APR of 12.99% – 22.99% Variable APR. Read our review of the BankAmericardÂ® credit card.
Wells Fargo Platinum card:0% intro APR for 18 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 16.49% – 24.49% Variable APR. Read our review of the Wells Fargo Platinum card.
You May Like: What Is Syncb Ntwk On Credit Report
Top Small Business Credit Cards
The Blue BusinessÂ® Plus Credit Card from American Express: Earn 2 points per dollar spent on the first $50,000 in purchases each calendar year and 1 point per dollar after that. Terms apply. Read our review of The Blue BusinessÂ® Plus Credit Card from American Express.
American Express Blue Business Cashâ¢ Card: Earn 2% cash back on the first $50,000 in purchases each calendar year and 1% cash back after that. Terms apply. Read our review of the American Express Blue Business Cashâ¢ Card.
Ink Business UnlimitedÂ® Credit Card: Earn 1.5% cash back on all purchases, and enjoy a great bonus offer for a card with no annual fee. Read our review of the Ink Business UnlimitedÂ® Credit Card.
Ink Business CashÂ® Credit Card: Bonus cash back in common business categories, plus an excellent bonus offer for a no-annual-fee card. Read our review of the Ink Business CashÂ® Credit Card.
Earning My Best Buy Rewards Without A Credit Card
It is possible to enroll in the My Best Buy rewards program without getting a credit card, though the amount of points youll be earning without a credit card will be significantly lower. My Best Buy works just like most brand-loyalty programs we see in other stores at the time of purchase, you can present your membership card and earn rewards points. Non-credit My Best Buy users earn just 1 Point Per $1, which translates to a 2% rewards rate. If you dont wish to open a new line of credit to earn rewards with Best Buy, this may be a good option for you.
Read Also: When Does Usaa Report To Credit Bureaus
Chase Sapphire Preferred Card
Chase is a bit pickier about who theyll approve for their rewards cardsespecially the Chase Sapphire Preferred® Card. Overall, the recommended minimum credit score needed is 700.
But Chase takes a lot of factors into account, including its unofficial 5/24 rule in most cases, you wont be approved if youve applied for 5 or more credit cards in the last 24 months. At the same time, applicants with a lower credit score but who have applied for only a couple of credit cards in the last 2 years have been approved.
If you arent approved but have a credit score over 700, you can always call a Chase representative to find out what impeded your approval. Knowing why is worth it, as you may have other options that you can apply for.