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how does a best buy credit card work?

1. Can i use it anywhere or just best buy?

2. Will it help raise my credit score if i use it (correctly of course)?

3. How does the interest free for 18 months work?

4. Am i guaranteed to get one if i apply?

5 What is the usual spending limit

I’m trying to build my credit score early and i figure since i want a new tv, computer, xbox360, etc that i could use a best buy credit card to buy these and build credit at the same time.


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    Bostonian In MO
    Posted 3 years ago

    1. Best Buy only. 2. It should. 3. You must make the required minimum payments on time EVERY month AND pay it off in full within 18 months to get the interest-free deal. Make one late payment (even one day late) or go one day past the 18 months and interest will post from the date of the sale. Hint: The minimum payments are NEVER enough to pay it all off in 18 months. If you paid the minimum payment every month it would take up to 20 YEARS to pay it off in full. Hardly anyone ever actually gets the "interest free" deal in the end, though many rubes are suckered in by the offer. 4. No, of course you're not. Normal credit scoring criteria applies. Most of the captive brand credit cards to have looser rules, at least in part because everything that you purchase with the card is automatically pledged as security for the outstanding debt. That's the "dirty little secret" of in-house credit. Montgomery Wards was infamous for that back in the day. I had a couple of friends back in the 1970s who had "Monkey Wards" cards and had half of their household furnishing repossessed by them when they fell seriously behind on their payments. 5. Depends upon your creditworthiness. Your credit score and debt to income ratio among other things factor into the decision.


      Posted 3 years ago

      Hey Dude, I'll be more than glad to answer your questions Ans#1: There are two different kind of cards available at best buy; the bestbuy rewardzone mastercard and the regular bestbuy card. Both of them are offered by the hsbc bank. The mastercard can be used anywhere and the regular best buy card can be used only at bestbuy (either onlne or at the store). But using the regular bestbuy credit card is better as you get promotions like same as cash for a given period of time ranging from 3 months through 36 months. That means you pay "NO INTEREST" if you pay them off within the given period. Ans#2: Absolutely....! this is a great card that can help you build up your credit as hsbc reports to all the three major credit brs( Experian, Equifax and Transunion). Ans#3: There are finance charges calculated since the day you make your purchase and accrue. If you payoff the complete promotion within 18 months you pay only for the principal purchase amount. But if you fail to do so all these finance charges are billed to your account. Its a hit or a miss game......! Ans#4: Its not guaranteed that you will get approved for a bestbuy credit card. All of it depends on a soft check on your credit which does not affect your personal credit scores. You get to know within 5 - 10 minutes if you are approved or not. Ans#5: The spending limit (technically credit limit) depends on your credit. It may vary from as low as $300.00 to about $30,000.00 Hope these answers help you. If you need any further assistance with your best buy credit card you are always welcome to send an e-mail. rajislukin4u@yahoo.co.in Take Care and have a good day :)

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