How to Cancel a Best Buy Credit Card

Introduction

Credit Card is a best way to improve your credit history and receive rewards. While, there are times when you want to cancel a best Buy credit card may be useful for you. For Example, You have credit card with high Annual Fees, or you are not using the credit card Now and you have to spend money in the form of interest then cancelling the credit card may be useful for you.

Importance of Cancelling the Credit Card 

If you are not using the Card Now,then there are important reasons to cancel the credit card. Firstly, if you have credit card with high annual fees, then your money will be saved by cancelling it. Secondly, if you are not using the credit card and not receiving the rewards on our shopping. Thirdly, if you have card with high monthly dues, and you are not able to pay them, then by cancelling the card you will get rid of the debt.

Overview of Best Buy credit cards and their benefits

Best Buy offers two Credit cards: My best buy credit card and My best buy VISA card. Both the cards provides rewards on shopping and in addition provides Warranty Protection and Purchase Protection.
My best Buy Credit Card is a Store Card which can be used at only Best Buy. It provides 5% Cashback on every Best Buy Purchase and provide 10% on first day of shopping. the Annual fees of the Card is $0.

The My Best Buy Visa Card is a general-purpose credit card that can be used anywhere Visa is accepted. It offers 5% rewards on Best Buy purchases, 3% rewards on gas purchases, 2% rewards on grocery and dining purchases, and 1% rewards on all other purchases. The card also has an annual fee of $59.

Reasons to Cancel a Best Buy Credit Card

We have discussed some reasons to cancel a best buy credit card:

• You no longer shop at Best Buy: If you don’t use the card anymore, then there is no point in keeping it open. It good to cancel it as your annual fees will be saved.
• Annual Fees is High: If you paying high annual fees for the card and not getting the value of it, then it is better to cancel it down. You can opt of other cards , there are variety of fee-free credit cards are available.
• You’re carrying a balance:  If there is a balance amount on your credit card and you are unable to pay it every month, and paying interest on it. Then it may be expensive for you and will affect you credit Score badly. If you are unable to pay the remaining amount each month , then you think of cancelling this card and getting a different card.
• You’re not using the card responsibly : If you are using the best buy credit card irresponsibly, such as paying credit card bill late, maximising your credit limit, then you can think of cancelling the card. It will help you to balance your finances.

When you are deciding about whether to Cancel a Best Buy Credit Card or not, few things o be kept in mind are:

• Credit Score:Cancelling the credit Card may affect your Credit score. It is because , when you cancel the credit card your average credit age decreases, which is the factor used for the calculation of Credit Score. While, you have long credit history and have another credit card with good credit history, then this effect will be minimal.
• Your Available Credit:  When you cancel the credit card your available credit Decreases. Due too which you will be facing problems in future credit card and loan applications. While, if you have good credit score then it is not a big problem.

Reviewing Best Buy Credit Card Terms and Conditions

• Here are some things to look for when reviewing the Best Buy Credit Card Terms and Conditions:
  • Annual fee: The annual fee is the amount that you pay each year to keep the card open. If you are not using the card, you may want to consider cancelling it to avoid paying the annual fee.
  • Interest rate: The interest rate is the percentage of interest that you will be charged on your outstanding balance if you do not pay it off in full each month. If you are carrying a balance on the card, you will want to consider the interest rate before you cancel.
  • Late payment fees: If you do not make your monthly payments on time, you may be charged a late payment fee. The amount of the late payment fee will vary depending on the circumstances.
  • Fees for closing the account: There may be a fee for closing your Best Buy Credit Card account. The amount of the fee will vary depending on the circumstances.

Alternatives to Cancelling

There are a few alternatives to cancelling your Best Buy credit card.

• Decrease your credit limit :  If you have high Credit Limit and you are unable to utilise it completely, think of reducing the Credit limit. By doing this you can reduce the debt-to-credit ratio, and it will not have any of the negative impact on You credit Score.
• Freeze your card: If you are uncertain about cancelling the credit card then it is better to Freeze it. As it helps you to prevent anyone from using the card and your account remains active. And when you want to use this card , you can unfreeze it any time.
• Keep the card but don’t use it: If cancelling the card is not your priority, and you do not want to use it then, you can keep it safe with you and can avoid any of the transactions. This approach ensures that your account remains open and your credit history is protected.

Requesting to Cancel a Best Buy Credit Card

Take these easy actions to cancel your Best Buy credit card:

• Gather the data you need: Ensure you have access to your account number, Social Security number, and cardholder’s name. A copy of your most current statement should also be readily available.
• Give them a call: Call them at 1-888-574-1301, which is the customer service line. You can call whenever suits you because the customer support line for the Best Buy credit card is open around the clock.
• Explain that you want to cancel your card Tell the customer support agent you want to cancel your card when you speak with them. They might ask you for a justification, but you’re not required to give one. Simply state that you are consolidating your debt or that you no longer use the card.
• Specify the relevant details: The customer service agent will probably want more information, such as your mailing address and the preferred cancellation date. When prompted, be prepared to discuss these.
• Confirm your cancellation: The customer care agent will confirm your cancellation after confirming your information and giving you a cancellation number as proof.It’s important to keep in mind that you cannot cancel your Best Buy credit card online; you must call their customer care line instead.Here are some of the required information that you will need to provide when cancelling your Best Buy credit card:
  • Your account number
  • Your Social Security number
  • The name of the cardholder
  • Your mailing address
  • Your desired effective date for the cancellation

Paying Off Any Outstanding Balance

Here are some things to keep in mind when paying off the outstanding balance of your Best Buy credit card:

• It’s important to pay off your balance in full before you cancel your card. If you don’t, you’ll be charged interest on the remaining balance, and your credit score could  be affected.
• There are a few different ways to pay off your balance. You can make a lump-sum payment, set up a payment plan, or use a balance transfer offer.
• If you’re making a lump sum payment, make sure you have enough money saved up to cover the entire balance. You can also use a balance transfer offer to move the balance to a new card with a lower interest rate. This can save you money on interest in the long run.
• If you’re setting up a payment plan, make sure you can afford the monthly payments. You don’t want to fall behind on payments and damage your credit score.
• No matter how you choose to pay off your balance, make sure you do it as soon as possible. The longer you wait, the more interest you’ll pay.

Safeguarding Credit Score after Cancellation

Here we have discussed effects of cancelling the Best buy credit card on your Credit Score:

• When you cancel any of the credit card , your Credit score will definitely affect. This is because , after cancelling the card your credit limit decreases and your credit- Utilisation ratio increases.
• The impact on your credit score will depend on your overall credit history. If you have a long reliable credit history, you will have an minimum effect on credit score. While short credit history and delayed payment will affect your credit score.
• If you want to Cancel a Best Buy Credit Card, it always depends on, how much of the credit cards you have.   If you have additional cards and you use them regularly then there will be minimum effect on credit score.
• Keep your other cards open and in good standing. This means making payments on time and keeping your balance low.

Maintaining Relationships with Best Buy

You can maintain good relationships with Best Buy even if you have Canceled a Best Buy Credit Card by

• Continuing My Best Buy Membership: Even if you have cancelled the best buy Credit card, you can sign up with free membership of Best Buy by signing it up. It helps you to access Store loyalty programme, discount and rewards.
• Use another credit card for purchases :  If you have any other credit card then use that for shopping from best Buy. It will help to collect rewards even if you don’t have Best Buy Credit Card.
• Enroll in Best Buy’s email list: Best Buy sends Coupons, Sales information and special offers through email, so it is better to subscribe to Best Buy News Letters.
• Follow Best Buy on social media: : Best by is actively connected to Social Media Platforms such as Twitter , Facebook and Instagram. And by connecting these you can get latest news and offers provided by them.

How to Cancel a Best Buy Credit Card (FAQs)

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