As we all know credit card is a type of payment card in which you can buy first, pay later. However ensuring that by the end of each month all the bills are being paid. If you’re a bad credit holder, you must keep an eye on the credit limit not being crossed. Not everyone in this world owns a credit card. According to some reports, only 67% of the total world’s population has a credit card. But today, everyone wishes to own it one day in their lives.
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Since a credit card is not a compulsion, but it’s actually a kind of necessity or an indispensable thing everyone wishes to have in their life. So here we are with few important points that you all must be aware of before having your own credit card and particularly Everything You Need to Know About Best Buy Credit Card. Electronics superstore or some grocery shopping everywhere you go, you will find some of the amazing offers that your credit card can offer by earning rewards or as cashback. Even while buying some stuff online like laptops or household stuff, credit cards also provide huge discounts and offers. It is just that you should be aware of it at the right time.
So here are few points you should check before having a credit card, but before that, you must know that there are two basic versions of a credit card, namely –
- Closed-loop credit card – Accepted only for a single company as it has a company logo indicating where the card should be used. Such as the best buy card and BestBuy.com. You can use that card only in their store, not anywhere else when you go shopping.
- Open-loop credit card – A general-purpose card that can be used anywhere that brand of card is accepted. Such as a Master credit card. You can use it anywhere for any type of shopping. The card is acceptable at most places. This card comes in two versions, and when you submit your application, Best Buy will tell you which one you’ve been approved for:
Gold – This version has an annual fee of $59.
Platinum – This version has no annual fee.
According to best buy.com reports, after applying for a card, you are first considered for the My Best Buy Visa Platinum (open-loop, no annual fee). If you don’t qualify, you’re then considered for the My Best Buy Credit Card (store card). Finally the My best buy visa Gold (with annual fee). So You must be aware of your card’s purpose, for which purpose you want to buy the card. Once the purpose is clear, it becomes easy to choose which card is better.
Like many retailers, Best Buy has a tiered loyalty program to reward its repeat customers with a credit card. My Best Buy is free to join. In the basic membership, you’ll earn 0.5 points for every dollar you spend. Earn 250 points, and you’ll get a $5 reward certificate. If you spend $1,500 at the store per calendar year, you’ll earn Elite status. Make $3,500 in purchases per year to unlock Elite Plus status. Higher levels earn you more points per dollar spent and longer periods for returns, among other advantages.
Also, know about the interest rates. It’s a compulsion and actually offers no interest if paid in full. It advertises about it occasionally. So you must be aware of the offer that it provides occasionally or seasonally. In simple words, you must be up to date about what’s happening around to crack the best deal you can.
Also, if you need to do a large number of purchases for the next month and you have already planned for everything. Instead you don’t want to pay for interest then you should go for Credit cards with a true 0% annual percentage rate. With this scheme you can defiantly avoid paying interest on purchases. The only condition is to pay your balance in full each month by the due date. Basically, you can directly save your money by reducing the interest cost, so less payment in interest and more payment for the item you have borrowed.
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So if you are a regular customer at Bestbuy.com, then you must go for a my best buy credit card. It totally serves your purpose, if you are a shopaholic. As you will automatically get cashback offers and rewards. In addition you can have an elite membership level. Also you need to be up to date about the offers and rewards. If you are in touch on a regular basis than that’s actually a plus point. You will definitely be benefited for this in your future shopping. Further, one must first clear your purpose and then apply for the same. A credit card that’s not limited to any specific retailer will be a better and more versatile option for a customer. And that’s all for my best buy credit card review.