Are you a Best Buy shopper who's had a less than stellar experience with their credit card? Or perhaps you've found yourself in a bit of a financial bind with Citibank and don't know where to turn. Look no further, because in this article, we're diving deep into the world of the Best Buy Citi Card. From uncovering its drawbacks to exploring alternative rewards credit cards, we've got you covered. Get ready to empower yourself with the knowledge you need to fight back against any debt collection challenges and make the most out of your credit card options.
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Citibank receives an F rating from the BBB
In addition to Best Buy, Citibank also manages the credit card programs of Home Depot, Costco Wholesale, and various other retail stores. The Better Business Bureau (BBB) has assigned Citibank its lowest rating — an F.According to the BBB, Citibank's low rating is a result of 88 unresolved consumer complaints.
The company has received almost 7,000 customer complaints in the past three years. Many of these complaints concern different rewards programs. For instance, one customer had accumulated nearly $1,000 in reward points, but Citibank closed their account without reimbursing them for the points.
Another client disputed a charge for a missed payment from Citibank. They made the payment on time, but Citibank failed to apply it correctly. The company reported the client as late to the credit reporting agencies, resulting in a drop of over 100 points in the consumer's credit score. The consumer had to fight with Citibank for several months before the situation was resolved.
Fight back and prevail when sued for Best Buy card debt
If you have a Best Buy card from Citibank, it is essential to make timely payments. Late payments can lead to fees, and you may forfeit your benefits, such as no-interest financing. If you stop making payments, Citibank may file a lawsuit against you to collect your outstanding balance.SoloSuit simplifies the process of responding to a debt lawsuit. Our technology can assist you in formulating and filing an Answer for your case in a matter of minutes. Simply answer a series of questions about your case, and SoloSuit's software will generate a personalized response for you, including all the necessary legal language and formatting.
Let's examine an example.
Example: Tim holds a Best Buy retail store card, which he uses to purchase a new TV for $500. He qualifies for no-interest financing for 12 months and makes six monthly payments of $42 each. Unfortunately, Tim loses his job and stops making payments to Citibank. Citibank imposes interest charges on the unpaid balance and a fee for missed payment. After a few more missed payments, Citibank sues Tim for his debt. He uses SoloSuit to respond to the case, allowing himself time to negotiate a debt settlement plan. After carefully reviewing his budget, Tim decides he can pay off half of the debt immediately. He employs SoloSettle to submit a settlement offer, and Citibank accepts it. Tim pays off half of the debt and grants himself a fresh financial start.
To avoid unexpected charges with Citibank, it is crucial to stay on top of your credit card payments.
Resolve your debt with Citibank
Great news: you can settle your debt with Citibank even after being sued. Here's how.Debt settlement involves offering a one-time payment, usually less than the original amount, to fully satisfy a debt. If you have been sued by Citibank for your Best Buy credit card debt, you can avoid going to court and save money by reaching a settlement. Just follow these three steps:
SoloSettle can assist you with all these steps and more.
Watch this video to learn more about these three steps:
While signing up for a Best Buy credit card offers certain benefits, such as access to no-interest financing and rewards points, it also carries risks. Missing your payment due date can result in the loss of perks and the accumulation of extra costs. Conduct thorough research and consider your financial circumstances before applying for a Best Buy credit card. Use SoloSuit to respond to a Citibank lawsuit.
What is SoloSuit?
SoloSuit simplifies the process of challenging debt collectors.You can utilize SoloSuit to respond to a debt lawsuit, send letters to collectors, and even settle a debt.
SoloSuit's Answer service is a step-by-step web application that prompts you with all the necessary questions to complete your Answer. After completion, we will have an attorney review your document and file it on your behalf.
>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate
>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)
How to respond to a summons for debt collection in your state
Here is a list of resources for other states.All 50 states.
Guides on defeating every debt collector
Being sued by a different debt collector? We are creating guides on how to defeat each one.Triumph over credit card companies
Is your credit card company taking legal action against you? Discover how to overcome each one.Going to Court for Credit Card Debt — Key Tips
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How to Settle a Credit Card Debt Lawsuit — Ultimate Guide
Options and Rewards with the Best Buy Credit Card
Best Buy provides two credit card options issued by Citi®: a retail version valid only at Best Buy stores and a Visa-branded Best Buy credit card accepted at any establishment that accepts Visa. The My Best Buy credit card and My Best Buy Visa card earn Best Buy Rewards, such as 5% back on qualifying purchases, and provide flexible financing options.When it comes time to pay your My Best Buy credit card bill, you have several options: online, in-store, by phone, via text, or by mail. Here are the specifics for each payment method.
The My Best Buy Credit Cards at a Glance
My Best Buy® Visa® CardMy Best Buy Credit CardMain Benefits- 5% cashback (6% for Elite Plus) on Best Buy purchases and flexible financing options
- 3% cashback on gas purchases
- 2% cashback on dining and grocery purchases
- 1% cashback on everyday purchases
- Limited-time rotating bonus categories (activation required)
- 5% cashback (6% for Elite Plus) on Best Buy purchases and flexible financing options
Visa cardholders can use their card wherever Visa is accepted. This allows you to earn rewards on more spending and access features such as cash advances and balance transfers. The My Best Buy® Visa® Gold card carries an annual fee of $59, while none of the other cards have an annual fee.
Standard cardholders of the My Best Buy card can only use the card at Best Buy. This means you are only eligible for 5% or 6% cash back and are not able to make cash advances or balance transfers.
Hot Tip: Rewards are earned as My Best Buy points; once enough points have been accumulated, the shopper receives a Rewards Certificate that can only be redeemed at Best Buy stores and BestBuy.com.
So how do you determine which card to apply for? Technically, you don't have to decide — you simply submit 1 application, and Citibank makes the decision for you. This can be somewhat confusing, so we will explore this further in the next section.
Applying for a Best Buy Visa Card
Customers can submit an application for a Best Buy credit card either in-store or through the online platform. If you opt for the online route, the first step is to create a BestBuy.com account.
When applying for a Best Buy credit card, only one application form needs to be completed. Citibank will carefully evaluate all relevant factors and then issue an appropriate card based on the applicant's creditworthiness.
The fine print specifies that the cards are awarded according to the following order of preference:
- My Best Buy® Visa® Platinum
- My Best Buy card
- My Best Buy® Visa® Gold
So, what credit score is necessary for a Best Buy credit card? Generally, a good credit score (around 700-749) is required to be approved for the premier Visa card. Otherwise, a fair credit score (around 660-699) will likely qualify applicants for the standard Best Buy version.
Upon review of the application, some individuals may be immediately approved. However, other applicants might undergo further evaluation, resulting in a waiting period that can last up to 7-10 days.
It's also important to note that all applicants must be 18 years old or older.
Sign-Up Incentives
Image Credit: Best BuyOccasionally, Best Buy may offer specific sign-up bonuses. For example, at the time of writing, Best Buy was providing a reward of 10% back in either rewards or flexible financing on the first day of purchases following approval.
Additional Features of the Best Buy Credit Cards and My Best Buy Program
By joining the My Best Buy program, members can enjoy several additional perks, some of which may be obtained simply by holding the Visa cards.
Enrollment in the My Best Buy Program provides the following benefits:
- Early access to sales and special offers
- Free shipping on purchases of $35 and above, with no minimum requirements for Elite and Elite Plus members when it comes to shipping
- Exclusive deals available only to members
- Free in-home consultation
- A special gift during your birthday month
Members can qualify for My Best Buy Elite status by making purchases totaling $1,500 per calendar year. Alternatively, they can achieve My Best Buy Elite Plus status by making purchases totaling $3,500 per calendar year.
Furthermore, the My Best Buy Visa card also includes various Visa benefits (refer to detailed cardmember benefits explanation):
- Fraud prevention
- Emergency card replacement
- Cardholder inquiry service
- Extended warranty manager service
- Travel and emergency assistance services
- Auto rental collision damage waiver
- Roadside dispatch
Fees and Limitations of the Best Buy Credit Cards
When it comes to credit card evaluations, one of the most crucial sections revolves around fees and drawbacks. Credit card companies and retail stores tend to highlight the benefits while leaving customers wondering, "What's the catch?" Now, let's delve into the fees.
My Best Buy Visa cardMy Best Buy cardAnnual Fee$0 (for My Best Buy Platinum card) $59 (for My Best Buy Gold card)$0Standard APR25.24% (variable) or even less with special financing optionsBalance Transfer APR25.24% (variable)N/ABalance Transfer Fee$15 or 5% of the transfer amount (whichever is greater)N/ACash Advance APR27.99% (variable)N/ACash Advance Fee$10 or 5% of the advance amount (whichever is greater)N/ALate FeeUp to $40Up to $40Returned Payment FeeUp to $40Up to $40Foreign Transaction Fee NoneN/A
We have already discussed the considerably high standard APR. These numbers rise even further if one considers opting for a cash advance or balance transfer. When accounting for transaction fees, the combined costs become alarmingly steep.
Furthermore, if a customer fails to make timely payments or has a check bounce, they will incur significant fees.
What About Other Limitations? Perhaps the most significant drawback is that Best Buy credit cards are not authentic cash-back cards. The fact that you only receive a percentage back in the form of Best Buy Rewards Certificates is a major setback. Consequently, the rewards can only be redeemed at Best Buy stores or BestBuy.com. This restriction raises questions as to why rewards cannot be spent anywhere with the Visa card.
Moreover, if an applicant can only obtain the My Best Buy Visa Gold, they will be obligated to pay a $59 annual fee. To recoup the cost of the annual fee, the customer must spend at least $1,200 at Best Buy or an even greater amount on gas, dining, groceries, and everyday expenses.
What if someone decides that the fees and drawbacks associated with the card are not worth it, but they still wish to earn rewards for their everyday spending? This is where alternative rewards or cash-back credit cards enter the picture.
Alternative Rewards Credit Cards (Our Recommendations)
For individuals seeking genuine cash-back rewards (rather than rewards solely valid at Best Buy), there are other rewarding credit cards worth considering.
Alternatively, if travel is of interest, one should examine the Chase Sapphire Preferred® Card, which ranks among the top, if not the best, travel rewards cards available today.
With this card, customers earn 1 point per $1 spent at Best Buy stores and 2 points per $1 spent on dining and travel purchases. It's worth remembering that when utilized wisely, these points are extremely valuable!
Best Buy Credit Card Login and Online Account Management
Whether you are issued a Visa card or another type of Best Buy credit card, you can access and manage your account by logging into the Best Buy or Citibank portal online.
Here are some of the tasks you can accomplish through online account management:
- Viewing your statement
- Making bill payments
- Monitoring your account activity
- Receiving exclusive offers
- Setting up alerts
Earning Rewards
The My Best Buy Visa card allows cardholders to earn 5% back in rewards (Elite Plus members receive 6%) on Best Buy purchases, 3% back on gas purchases, 2% back on grocery, dining, and takeout purchases, and 1% back on all other purchases.
When cardholders choose to receive rewards instead of utilizing the financing options offered with the My Best Buy Visa Card, they earn 2.5 My Best Buy Points per dollar spent on in-store purchases (depending on their membership level within the My Best Buy program), 1.5 My Best Buy Points per dollar on gas, 1 point per dollar on dining and groceries, and 0.5 My Best Buy Points per dollar on all other eligible purchases. The card also advertises bonus reward earning categories that are not specifically mentioned.
Redeeming Rewards
Rewards can be redeemed for reward certificates and Best Buy promotional offers. For every 250 My Best Buy Points redeemed, cardholders will receive a $5 reward certificate. Purchasing a calculator from Best Buy for a moment, this equates to a redemption value of $0.02 per point used toward the certificate (although the certificates have no cash value), assuming the entire certificate balance is utilized.
Reward certificates can be used at Best Buy retail stores, BestBuy.com, and the Best Buy mobile app. However, there are certain exclusions, such as gift cards, particular high-end major home appliances and home theater products, sales tax, service charges, and discounted Best Buy Business or commercial purchases. Additionally, anything purchased from a nonparticipating store or a Best Buy Store via a third-party marketplace like Amazon, Google, or eBay does not qualify for purchase with reward certificates.
In conclusion, while Best Buy Citibank credit cards may have their drawbacks and challenges, there are strategies and resources available to help you navigate through them successfully. Whether it's fighting back against a lawsuit, settling your debt, or finding alternative rewards credit cards, you have options. Take advantage of tools like SoloSuit and state-specific debt collection guides to level the playing field. With perseverance and knowledge, you can come out on top and enjoy the benefits of your Best Buy credit card, maximizing your rewards and managing your account with ease.
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