If you want to apply for Best Buy Credit Card, you might be wondering what the Best Buy Credit Card Requirements, if that is the case then you have to read this post to know what the Best Buy Credit Card Requirements are.
Electronics superstore Best Buy offers two co-branded store cards that earn rewards for shopping with the retailer. Carrying one of them might make sense if you do the bulk of your electronics shopping there, especially given how expensive devices like smartphones, HDTVs and laptops can be — and how quickly they grow obsolete.
What are The Basic Best Buy Credit Cards?
You can apply in-store or online for a Best Buy credit card, but the process is a bit opaque. Essentially, there are two basic versions:
1: My Best Buy Credit Card. This is a “closed-loop” store card, meaning it’s accepted only at Best Buy and BestBuy.com. There is no annual fee.
2: My Best Buy Visa. This is an “open-loop” credit card, accepted anywhere that takes Visa. This card comes in two versions, with the only significant difference being the annual fee. 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, when you apply 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, in order, the My Best Buy Credit Card (store card) and finally the My Best Buy Visa Gold (with annual fee).
In other words, you won’t have any control over which version you get approved for.
What Are The Best Buy Credit Card Requirements?
The main Best Buy Credit Card requirements are that an applicant must be at least 18 years old with a valid Social Security number or Individual Taxpayer Identification number.
Applicants must also have a physical U.S. address, enough income to make monthly minimum payments, and at least good credit. If you apply for the Best Buy Credit Card, it’s important that you enter all required information completely and accurately. Knowingly reporting false or misleading information on a credit card application is a federal crime.
What Are The Best Buy Credit Card Approval Odds?
Your Best Buy Credit Card approval odds are pretty good as long as your credit score is at least fair. There are actually two Best Buy credit cards, the Best Buy® Credit Card and the Best Buy Store Card that you can only use at Best Buy.
Your odds of Best Buy Credit Card approval will only be good if your credit score is at least good. But if you don’t get that version, you’ll be automatically considered for the Best Buy Store Card, which requires fair credit. But there’s more to Best Buy Credit Card approval than just your credit score.
Here are the Best Buy credit card approval requirements:
- Credit score: fair for the store card, good for the Visa.
- Age: 18+ years old (21 in Puerto Rico).
- Mailing address: Must be located in the U.S.
- Social Security Number: You need an SSN to apply and can’t substitute an ITIN.
- Income. The amount of money you make factors heavily into approval.
Be sure to check your credit score before applying. If it’s below 640, take time to improve your score first. Even a month can make a big difference. But if it’s more than a minor fix, you might want to put a deposit on a secured credit card and use that for credit rebuilding purposes until you get into the fair credit range.
If you want to know more about this topic, you can call Best Buy Credit Card Customer Care at 1-888-BEST-BUY (1-888-237-8289).