In fact, with the exception of some secured credit cards (which require a security deposit that serves as your credit line) and certain unsecured credit cards for people with bad credit, most credit cards do not charge any sort of activation fee. Many have annual fees, but the activation fee is more common with prepaid cards.
Your Best Buy® Credit Card approval odds are pretty good as long as your credit score is at least fair. There are actually two Best Buy credit cards, the Best Buy® Credit Card and the Best Buy® Store Card that you can only use at Best Buy. Your odds of Best Buy® Credit Card approval will only be good if your credit score is at least good. But if you don’t get that version, you’ll be automatically considered for the Best Buy Store Card, which requires fair credit. But there’s more to Best Buy® Credit Card approval than just your credit score.… read full answer
Here are the Best Buy credit card approval requirements:
Credit score: fair for the store card, good for the Visa.
Age: 18+ years old (21 in Puerto Rico).
Mailing address. Must be located in the U.S.
Social Security Number. You need an SSN to apply and can’t substitute an ITIN.
Income. The amount of money you make factors heavily into approval.
Be sure to check your credit score before applying. If it’s below 640, take time to improve your score first. Even a month can make a big difference. But if it’s more than a minor fix, you might want to put a deposit on a secured credit card and use that for credit rebuilding purposes until you get into the fair credit range.
No, there is no annual fee for the Best Buy® Credit Card. So you don’t have to worry about paying a cent for just having it. You can keep it open with 0 balance and it will help you improve your credit score. Just remember to use it from time to time to avoid it being closed due to inactivity.… read full answer
Here’s what you need to know about the Best Buy® Credit Card:
It has a $0 annual fee
Good credit or better is required for approval
Best Buy® Credit Card is part of the Visa network, so can be used anywhere that accepts Visa.
It has a deferred interest plan. So, make sure to pay your balance in full before the reduced rate period concludes to avoid high APRs being applied to your entire original purchase amount.
Some of Best Buy® Credit Card’s other fees include a 5% (min $10) cash advance fee and a late fee of up to $35. So, the $0 annual fee helps offset these other costs.
Applying for the Best Buy® Credit Card and getting rejected will have you considered for the Best Buy Store Card and Best Buy® Gold Visa Credit Card. So, make sure you know where you stand before applying. You can check your credit score for free, right here on WalletHub.
It is also worth noting that Best Buy® Credit Card offers 10% back in rewards (5 points per $1 spent) on your first day of purchases made within the first 14 days. So, if you’re a regular Best Buy shopper and use your Best Buy® Credit Card responsibly, it will save you a lot of money.
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