Chip Lupo, Credit Card Writer
@CLoop
The biggest disadvantage of the Best Buy® Credit Card is that it is available to people with at least good credit, which means the average person may struggle to qualify. There are a few other disadvantages of the Best Buy® Credit Card to be aware of, too.
Best Buy® Credit Card Disadvantages
- Requires high credit scores: The Best Buy® Credit Card requires good credit for approval.
- High APR: The Best Buy® Credit Card has a relatively high APR, at 30.99% (V).
- No 0% balance transfer APR: There is no promotional 0% APR on balance transfers.
- Balance transfer fee: The balance transfer fee is 5% (min $15).
In addition, there are plenty of potential disadvantages applicable to all or most credit cards. Some examples are the hard credit pull that usually happens when you apply, interest charged on balances that are carried from month to month, and the potential to overspend.
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People also ask
What is the Best Buy Credit Card credit score requirement?
The Best Buy® Credit Card credit score requirement is 700 or better. That means people with good credit or better have a shot at getting approved for the Best Buy® Credit Card.
Note that while your credit score is very important, plenty of other things will impact your chances of being approved for the Best Buy® Credit Card. Some other key criteria include your income, existing debt load, recent credit inquiries, number of open accounts, housing status, and employment status.
If you...
read full answer by Evelyn Boros, Credit Cards ModeratorHow much is the Best Buy Credit Card annual fee?
The Best Buy® Credit Card annual fee is $0. Best Buy® Credit Card’s $0 annual fee is lower than the average annual fee among new credit card offers right now. It’s not the only fee you need to worry about with the Best Buy® Credit Card, though.
Best Buy® Credit Card Fees
- Annual Fee: $0
- Cash Advance Fee: 5% (min $10)
- Foreign Fee: 0%
- Balance Transfer Fee: 5% (min $15)
- Max Late Fee: $41
To learn more, refer to WalletHub’s guide on...
read full answer by Chip Lupo, Credit Card WriterWhat are the top Best Buy credit card benefits?
The best Best Buy® Credit Card benefits are $0 fraud liability protection and monthly credit bureau reporting. These perks are certainly good to have, though it’s important to note that they’re also relatively common credit card benefits.
Best Buy® Credit Card Benefits
- $0 fraud liability protection
- Monthly credit bureau reporting
- Rewards of 0.5 - 2.5 points per $1 on purchases
While these benefits aren’t bad, the Best Buy® Credit Card simply doesn’t have as many benefits as a lot of the other...
read full answer by Chip Lupo, Credit Card WriterDid we answer your question?
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