Did you open a Best Buy credit card just to get a new television or tablet? Maybe you got a great deal, now you're done with it, and want to cancel. Don't worry, canceling your Best Buy credit card is quick and painless.How To Cancel A Best Buy Credit Card
The easiest way to cancel a Best Buy credit card is to do the following:
- call the customer service line at: (888)5741301
- When prompted, you will need to enter your account number (so have it ready).
- When the representative picks up, simply tell them you'd like to cancel.
- provide them with any requested info (never give your banking or other credit card information)
The representative will probably try to talk you into not canceling. They may even offer you some perks to lure you into staying. If the goodies are too good to pass up, great, but if you're sure of your decision to cancel, stay firm.
Once you cancel, the card issuer will send you a confirmation letter within a few weeks. They will also send a notice to the credit reporting agencies that the card is closed.
While this is the easiest and quickest way, if you don't care to do business over the phone, there is another way to cancel your Best Buy credit card. You can do it by email. Be warned, this method may take a few days, as opposed to spending only 10-15 minutes on the phone.
Cancel By Email
- Go to the email address that is associated with your Best Buy account
- enter the customer support email in the "To" section - firstname.lastname@example.org
- in the subject line enter: REQUEST TO CANCEL MY CREDIT CARD
- write a short message requesting to cancel in the body section
- check your email for correspondence and reply if asked for more information
Keep in mind that canceling your Best Buy credit card does not get you out of paying your balance. You will, however, keep any reward points you have earned.
Will My Credit Score Be Impacted If I Cancel My Best Buy Credit Card?
It depends. Usually, a store credit card only accounts for about 10% of your overall credit score. FICO does not really put much emphasis on smaller store cards. So if you close it, it's usually a penalty of a few points.
However, there is something called, utilization. To put it simply, this refers to how much of your credit was dependent on this card. For example, if this is one of your only cards and you have a good credit line on it, when you cancel it that will shrink your credit, thereby shrinking your score.
If you are concerned about your credit score, you may want to rethink canceling the card. If your balance is paid off, there will be no interest. Also, if you have no annual fee on the card, there is really no harm in keeping the card open. If you feel like the temptation is too much, you can cut it up or give it to a trusted person to put away for you.
Some Things To Know About The Best Buy Credit Card
1. There Are 2 Different Types Of Cards
After you apply, the company may offer one of two types of cards. The first might be the:
- My Best Buy Card - this is a "closed loop" card that can only be used at Best Buy. No annual fee
- My Best Buy VISA - is an "open looped card that can be used" anywhere VISA is accepted. From this card you may qualify for "gold" or "platinum ". Gold has a $59 annual fee. Platinum has no annual fee.
You won't get to choose the type of card you receive. It will be based on your application and credit score.
2. What Kind Of Credit Score Do I Need For A Best Buy Card?
The answer to this is unclear. While some sources say a score of 700 is needed, others say it doesn't need to be that high to qualify for some version of the card.
3. What Kind Of Rewards Does Best Buy Offer Its Card Holders?
Best buy offers credit card customers a loyalty points program. For every 250 points accumulated through each purchase, members will receive a $5 certificate. Card holders can also earn 5% back on all Best Buy purchases.
What Are Some Other Good Store Credit Cards?
If you decide to close your Best Buy card, you may want to think about opening another. Whether it's to make purchases or just to help improve your credit score. These are a few of the best.
1. Costco Anywhere Visa
This is an open loop credit card that you can use anywhere. It offers 4% cash back on gas and electric vehicle charging purchases. 3% cash back at restaurants, and 2% on all Costco purchases.
2. Macy's American Express
This is another open loop card that has some great perks. Cardholders get 3% cash back at restaurants, 2% on gas and at supermarkets, and 1% back everywhere else.
3. Walmart Rewards MasterCard
This is an awesome card to have if you're a frequent Walmart shopper. It offers 5% back on any Walmart purchases (including gas). 2% at restaurants, and 1% everywhere else. Cardholders can also enjoy free 2-day shipping and no annual fee.
4. Kohl's Credit Card
When you open a Kohl's store card, you will receive a 35% discount on your first purchase. From then on, you can earn 7% in Kohl's rewards for each purchase. They also give you a special anniversary offer each year.
5. Target Red Card
Much like the Walmart card, this one is great if you take at least one Target run a week. They offer a 5% discount on most Target purchases. There's no annual fee and free shipping on all orders. Target will also send you a yearly anniversary coupon for 10% off an order.
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Written by Allen Lee
Read more posts by Allen Lee