Best Buy is one of the most lucrative consumer electrics retailers offering a wide range of technology and software products, from digital cameras, video games, music, car stereos, video cameras, etc.
So, they also introduced a My Best Buy Credit Card exclusively for purchases in Best Buy, giving two options: a cashback reward or financing options.
So, are you one of those who frequently make purchases at Best Buy and got the Best Buy credit card but now feel that you don’t need it anymore?
Whatever the reason, closing credit card accounts if not used is a sound financial decision, but the process can sometimes be daunting and challenging.
So, do you want to know how to cancel the Best Buy credit card?
Worry Not! This guide will help you with the cancellation process.
In simple terms, the easiest to cancel the Best Buy Card is by calling them at 1-888-574-1301 or writing an email to [email protected] requesting to cancel your card.
So, if you want to learn how to cancel Best Buy credit card, follow the steps mentioned below:
The most convenient Best Buy credit card cancellation method is to call their customer care number. Their customer care number is 1-888-574-1301.
The card customer service representatives are trained to retain customers and may offer further benefits or rewards as a customer retention strategy.
If you feel that the additional benefits are worth your time and want to change your decision to cancel the card, then let them know about it.
However, if you have already decided to cancel the card and want to stay firm, then communicate the same to the customer service representative.
Once Best Buy accepts your request and the cancellation is processed, a confirmation letter will be posted to your home informing about the same.
They will also inform the credit bureaus or credit reporting agencies about the closure of your card.
If you are uncomfortable canceling over the phone, then contact the support team through email to cancel the card. However, it should be kept in mind that the turnaround time in email is much longer than the telephonic process.
Some important things to remember while canceling the card:
Once the account is closed, you will receive the closure confirmation. Nothing more needs to be done on that aspect.
However, remember that even if the account is closed and the card is canceled, it will be visible in your credit report.
Usually, it stays there for seven years in case that card has hurt your credit score and ten years if it had a positive impact.
The credit score depends on a lot of factors. Simply canceling the credit card from any credit card company may or may not affect your credit score. The current card situation will mainly decide its effects.
According to FICO, all card categories do not hold the same weight. Store credit cards or retail cards are less significant as they are much smaller in scope than standard or premium credit cards.
If you avoid making the following mistakes, you can also avoid impacting your credit score negatively.
Like many other stores, Best Buy also offers its card to customers with various offers and benefits.
Let’s compare the two types of cards offered by Best Buy:
Offers & Benefits | My Best Buy Credit Card | My Best Buy Visa Card |
5% in Rewards
| Yes | Yes |
Flexible Financing Options
| Yes | Yes |
10% Back in Rewards
| Yes | Yes |
3% back in rewards on gas purchases | No | Yes |
2% back in rewards on dining and takeout purchases | No | Yes |
2% back in rewards on grocery purchases | No | Yes |
1% back in rewards on other purchases | No | Yes |
Bonus Reward Categories ( Limited Time) | No | Yes |
No Annual Fees | Yes | Yes |
APR | Same | Same |
To make payment for this type of card from Best Buy, the card holders have the following options:
The top 3 store credit cards in 2023 are as follows:
The Walmart rewards card is one of the best in the market. It is an open loop card, i.e., it will be accepted everywhere where Mastercard is accepted.
It offers a 5% back on Walmart online purchases from the website and app for one year since you got your card. You also get 2% back on in-store purchases at Walmart.
This open looped card (Mastercard) offers some of the best benefits. It is especially suitable for people who shop a lot from Amazon, where an unlimited 5% back offer with 0 Annual Fees provided you have an Amazon Prime membership.
It also offers 5% back on Whole Foods and 2% on restaurants, gas stations, rideshare, etc.
Target’s closed loop credit card is also one of the most coveted ones in the industry. It offers 5% off purchases at Target.
Additionally, it offers free shipping and 30 days extra for returning items to cardholders.
It doesn’t charge any Annual Fees and offers a 10% discount coupon every year on the day the customer got the card, i.e., the card anniversary.
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The most frequently asked questions are as follows:
You can cancel your Best Buy Citi Card by calling 1-888-574-1301 or mailing to [email protected] with a cancelation request.
Closing credit cards may affect the debt to utilization rate, and if the utilization rate is very high, then closing with a lot of balance on account or late payment history may affect your credit score. Paid-off cards not used for some time when closed don’t have a negative impact.
Inactivity is not the only reason Best Buy can close your card. It is one of the many reasons the issuer can close your account. Non-payment is another common reason for the closure. However, Best Buy can close your credit card without any reason or prior notice.
The two most important factors contributing to your credit score are payment history and balance on account. If you pay your credit card bills on time and clear your dues of all the credit card accounts when canceling a particular card, the chances of ruining your credit score are less.
Read More:
I am sure you got your answer to the question, “How to Cancel Best Buy Credit Card?” with the help of this guide.
Overall, Best Buy is an awesome card if you are an avid buyer of technology or software products, especially if you buy them from Best Buy.
It can come in handy with all the perks and benefits, but if it becomes a burden on you and you feel your buying habit changes for the worse, closing the card is a wise decision.
Disclaimer: All the information presented in the article has been collected independently by BitMoneyAlpha and has not been reviewed or approved by Best Buy or other major credit card providers. The product information may vary. Please check the company website for the latest information. The statements and opinions expressed in this article belong to the author and do not necessarily represent the views or opinions of any company. The content is for informational purposes only. It is not financial advice. So, before investing, do your due diligence and always invest what you are comfortable losing, as all investments are your responsibility.
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