How to Cancel a Best Buy Credit Card

How to Cancel a Best Buy Credit Card

If you opened a Best Buy credit card just to purchase a new television or tablet, and you’ve now decided you want to cancel it, don’t fret. Canceling your Best Buy credit card is a straightforward and easy process. Here’s how you can do it.

To cancel a Best Buy credit card, simply follow these steps:

    • 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)

When you decide to cancel a service, the representative may attempt to convince you to change your mind and stay. They might even offer you attractive incentives as a bait. While these perks might seem tempting, it’s important to stick to your decision if you’re certain about canceling. Stay firm and don’t let the representative change your mind.

After canceling your card, the card issuer will send you a confirmation letter within a few weeks, and they will also notify the credit reporting agencies that your card has been closed.

If you prefer not to cancel your Best Buy credit card over the phone, there is an alternative method. You can cancel it via email, although it may take a few days longer than the quick 10-15 minute phone call. Nevertheless, this email option is still an easy and convenient way to cancel your card.

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 – [email protected]
    • 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

It’s important to note that if you decide to cancel your Best Buy credit card, it won’t excuse you from paying off any outstanding balance. It is crucial to settle your account before considering canceling your card. However, any reward points you’ve accumulated will still be retained even after the cancellation.

Will My Credit Score Be Impacted If I Cancel My Best Buy Credit Card?

The impact of closing a store credit card on your credit score depends on various factors. In general, these types of cards contribute only around 10% to your overall credit score, so FICO doesn’t give them much weight. Therefore, if you decide to close a store credit card, you may only face a minor penalty of a few points.

Utilization is an important factor to consider when cancelling a credit card. Essentially, this refers to how much of your credit is tied to that specific card. If this is one of your primary credit cards and you have a substantial credit limit, cancelling it could reduce your overall credit and subsequently lower your credit score.

If you’re worried about your credit score, cancelling your card might not be the best idea. As long as you’ve paid off your balance, there won’t be any interest charges. Moreover, if the card doesn’t have an annual fee, there’s no real harm in keeping it open. If you’re concerned about the temptation to use it, you can always cut it up or give it to someone you trust to put away for you.

Some Things To Know About The Best Buy Credit Card

1. There Are 2 Different Types Of Cards

Once you have submitted your application, the company will provide you with one of two types of cards to choose from. The initial option could 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.

The card you receive will be determined solely on your application and credit score, leaving no room for personal preference.

2. What Kind Of Credit Score Do I Need For A Best Buy Card?

It’s difficult to give a definitive answer to this question. While certain sources claim that a score of 700 is necessary, others suggest that a lower score may still qualify you for some version of the card.

3. What Kind Of Rewards Does Best Buy Offer Its Card Holders?

Best Buy has a loyalty points program for its credit card customers. With every purchase, members can accumulate 250 points and receive a $5 certificate. In addition, cardholders can earn 5% back on all their purchases from Best Buy.

What Are Some Other Good Store Credit Cards?

If you are thinking of closing your Best Buy card, it is worth considering opening another one. This could be for making purchases or boosting your credit score. Below are some of the top options to explore.

1. Costco Anywhere Visa

With this credit card, you have the flexibility to use it anywhere you want. What’s great about it is that you can earn 4% cash back on gas and electric vehicle charging purchases, 3% cash back at restaurants, and 2% on all Costco purchases. So, you can enjoy your meals, fuel up your car, and shop at Costco while earning cash back rewards.

2. Macy’s American Express

If you’re looking for a credit card that offers fantastic benefits, then this open loop card might be just what you need. With this card, you can enjoy 3% cash back on restaurant purchases, 2% cash back on gas and supermarket purchases, and 1% cash back on all other purchases. It’s a great way to earn rewards while you go about your daily routine.

3. Walmart Rewards MasterCard

If you frequently shop at Walmart, this card is an excellent choice for you. With this card, you can get 5% cashback on all Walmart purchases, including gas. Additionally, you can earn 2% cashback at restaurants and 1% cashback on all other purchases. Furthermore, as a cardholder, you can also benefit from free 2-day shipping and no annual fee.

4. Kohl’s Credit Card

Upon opening a Kohl’s store card, customers are entitled to a 35% discount on their initial purchase. Additionally, shoppers can earn 7% in Kohl’s rewards for every subsequent purchase. Furthermore, Kohl’s provides a unique anniversary offer each year to their valued customers.

5. Target Red Card

If you are a frequent visitor of Target, then this card is perfect for you, just like the Walmart card. You can enjoy a 5% discount on most of your Target purchases, without any annual fee. Moreover, you can avail yourself of free shipping on all orders. As an added bonus, Target will send you a yearly anniversary coupon that gives you a 10% discount on your order.

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