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Review of the Best Buy Credit Card
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The Best Buy Credit Card last reviewed on 20th September 2006
Summary - The Best Buy Credit (issued by HSBC Bank) is targeted at those who shop frequently at Best Buy. It is not a visa or mastercard and can only be used at Best Buy (both online and at their stores). The main feature is that you can get 0% apr for 90 days for your purchases. However, you do not earn any reward points for using the card. Find out more about this card
Rebate Formula - The Best Buy credit card is a retail store credit card that allows cardholders to use the card at Best Buy stores or bestbuy.com. It is not a visa or mastercard and cannot be used elsewhere. You do not earn any reward points with the card. The main attraction of the card is that cardholders can get a 0% apr for up to 90 days for Best Buy purchases.
Fees - The Best Buy credit card has no annual fee. The apr is prime rate plus 14.40%. The 2-cycle average daily balance method (including new purchases) is used to calculate monthly balances. The minimum finance charge is quite high at $2.00.
Verdict - The Best Buy credit card is a very basic retail store credit card that can only be used at Best Buy stores or bestbuy.com. This card is suitable for those who have poor credit history and would like to get a retail store credit card to help rebuild their credit.
For those who have good credit, there are better alternatives if you want to get a credit card that can earn you reward points and be exchanged for Best Buy gift certificates. We suggest the following two alternatives.
Alternatives - Those who want a reward credit card where you can exchange points for Best Buy gift certificates should consider the Citi® Diamond Preferred® Rewards Card.
This card pays 5 points for every dollar you spend at
standalone supermarkets, gas stations and drugstores. Reward points can be used to exchange for Best Buy Gift Certificates.
Positives
No annual fee0% financing for 90 days
Negatives
Can only be used at Best Buy stores and bestbuy.comCardholders do not earn reward points for Best Buy purchasesMinimum finance charge is $2.00 (high)
| Best Buy Credit Card |
| Cost/Fees/Interest rates |
| Introductory rate |
0% apr for 90 days on Best Buy purchases |
| Annual Fees |
No annual fee |
| Purchase APR |
Prime Rate plus 14.40% |
| Penalty/Default Rate |
Prime Rate plus 18.40% |
| Min Finance Charge |
$2.00 |
| Grace Period |
25 days |
| Balance Calculation Method |
2-cycle Average Daily Balance (including new purchases) |
| Over-the-credit-limit fee |
None |
| Late Payment fee |
$10.00 - up to $100.00
$29.00 - $100.01-$1,000.00
$35.00 - $1000.01 or more |
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