What is the Best Buy Credit Card balance transfer fee? This question is about the Best Buy® Credit Card

What is the Best Buy Credit Card balance transfer fee?

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This question is about the Best Buy® Credit Card

Maria Adams, Credit Cards Moderator

@m_adams • 11/12/21 This answer was first published on 11/12/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The Best Buy® Credit Card balance transfer fee is 5% (min $15). This card is not a good choice for balance transfers due to the combination of its balance transfer fee and relatively high balance transfer APR: 25.99% (V). That does not compare favorably to the selection of 0% balance transfer credit cards on the market right now.

Answer Question

Here are the Best Buy® Credit Card interest rates:

Standard: 25.99% (V)
This is the standard APR for purchases.

Balance transfers: 25.99% (V)
This is the balance transfer APR. Balance transfers can only be made with the Best Buy® Credit Card and the Best Buy® Gold Visa Credit Card. Each balance transfer is subject to a 5% (min $15) balance transfer fee.

Cash advance: 28.74% (V)
This is the cash advance APR. You can make a cash advance only with the Best Buy® Credit Card and Best Buy® Gold Visa Credit Card. Cash advances are subject to a 5% (min $10) cash advance fee.

Deferred interest: 0% - 12.99% for 12 - 48 months
This is a deferred interest rate that is offered for select purchases.

Keep in mind that, on deferred interest plans, there’s no interest if you pay off the item in full by the given due date. But if you don’t pay it off in the interest-free period, then interest will be applied to your entire original purchase amount, as if it had been there from the start.

Here are the deferred interest plans offered by the Best Buy credit cards:

11.90%: This APR is for select purchases eligible for the 48-month reduced rate credit plan.

8.99%-12.99%: This APR is for select purchases eligible for the 36-month reduced rate credit plan.

0%-11.99%: This APR is for select purchases eligible for the 24-month reduced rate credit plan.

0% for up to 24 months: These offers are not available all the time and are limited to specific merchandise.

Items eligible for a reduced interest rate will be marked online. In-store, you can ask a sales employee whether a purchase qualifies.

Having said that, if you’re planning a big-ticket Best Buy purchase that you won’t be able to repay completely within a single billing period, you’re better off getting a 0% credit card that’s not affiliated with a retailer. You can check out our editors’ latest picks for the best 0% Intro APR credit cards to weigh your options. But if you opt for a deferred interest plan with a Best Buy® Credit Card, you’re better off paying your balance in full each billing cycle.

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How do I do a balance transfer on my Best Buy Credit Card?

To do a balance transfer with the Best Buy® Credit Card, new applicants can just complete the balance transfer portion of the Best Buy® Credit Card application. Existing cardholders can request a balance transfer online or by calling customer service at (800) 950-5114.

Best Buy® Credit Card balance transfers usually take 14 days to process. In the meantime, continue to make payments on your original debt to avoid any late fees and possible damage to your credit score.… read full answer

How to Do a Balance Transfer with the Best Buy® Credit Card (New Applicants)

Open the Best Buy® Credit Card application.

Enter the account number for your existing balance.

Enter the amount you want to transfer.

Include standard application info such as your name, Social Security number, and annual income.

Submit the application.

How to Do a Balance Transfer with the Best Buy® Credit Card (Existing Cardholders)

Select “View Offer” next to “You’re eligible for a balance transfer.”

Click “I want this offer," then "Start your transfer.”

Enter the account number(s) and the amount(s) you’d like to transfer.

Verify your information is correct and submit the application.

Key Things to Know About a Best Buy® Credit Card Balance Transfer

The Best Buy® Credit Card accepts balance transfers from other credit cards, along with auto loans and student loans. The Best Buy® Credit Card does not allow balance transfers from other Citibank credit accounts.

If you’re transferring a balance to a credit card with an introductory APR on balance transfers, try to pay off the balance before the introductory rate expires. Any balance remaining after that will accumulate interest daily at the card’s regular APR. Using a balance transfer calculator can be a big help.

Finally, there is a 5% (min $15) fee on Best Buy® Credit Card balance transfers. Make sure to take this into account, too.

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How can I transfer my Best Buy Credit Card balance?

You can transfer your Best Buy Credit Card balance to any credit card that allows balance transfers.

You'll only need to provide a few basic information like the amount and the account number of the card you want to transfer a balance from.

I'd suggest opting for a balance transfer credit card … read full answerwith a generous 0% transfer intro APR period for this purpose.

Keep in mind that whichever card you choose, your transferable amount probably cannot exceed your new card's credit limit.

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