Best Buy offers a credit card known as the “My Best Buy Credit Card” which is typically issued by Citibank and can be used for making purchases at Best Buy stores and online.
It often comes in two versions i.e., My Best Buy Credit Card and My Best Buy Visa Card. The former can only be used at Best Buy while the latter can be used wherever Visa is accepted.
Cardholders may receive benefits such as reward points for Best Buy purchases, promotional financing options and exclusive offers.
But if it is coming with so many benefits then why there is a need to cancel My Best Buy Credit Card?
Reasons for My Best Buy Credit Card Cancellation
There are some reasons that are mentioned below to cancel My Best Buy Credit Card i.e.,:
- High fees or interest rates.
- Changing financial situation.
- Unused benefits.
- Security concerns like unauthorized transactions or fraud.
Consequences of My Best Buy Credit Card Cancellation
Considering the need to cancel the My Best Buy Credit Card, we must look into the potential consequences.
- Impact on Credit Score: Closing a credit card account might reduce your overall credit limit and potentially increase your credit utilization ratio, which could negatively impact your credit score.
Credit utilization ratio is the amount of credit you’re using compared to your total available credit and is a factor in your credit score.
- Loss of Rewards and Benefits: If you have accumulated rewards or enjoy specific benefits associated with your My Best Buy Credit Card, cancelling the card may result in the loss of these perks.
- Potential Fees: Before cancelling a credit card, it is essential to review the terms and conditions to look for any cancellation charges and ensure payment of any dues.
Ways To Cancel My Best Buy Credit Card
Call Customer Service
- Find the customer service number mentioned on the back of your My Best Buy Credit Card or from monthly statements.
- Dial the number and follow the prompts to connect with a customer service representative.
- Inform the representative that you want to cancel your My Best Buy Credit Card.
Online Account Management
- Register for online access if not done and then log in to your online account on the Citibank website.
- Once logged in, navigate to the account management section.
- Look for options related to account closure or cancellation and follow the provided instructions.
Visit Citibank Branch
If Citibank has physical branches in your area, you may visit one in person along with relevant identification and account information documents to request the cancellation of your My Best Buy Credit Card.
Send a cancel request over mail
- Check your credit card agreement or contact Citibank customer service to get the mailing address for cancellation requests.
- Write a mail stating your intent to cancel the credit card, include your account information and send it to the provided address.
Alternatives to My Best Buy Credit Card
If you are considering any alternative card for you depending on your specific needs such as rewards, benefits, interest rates, fees etc. Here are some potential alternatives:
Cash Back Cards
- Citi Double Cash Card: This card offers 2% cash back on all purchases (1% when you make a purchase and an additional 1% when you pay it off).
- Chase Freedom Unlimited: Earn unlimited 1.5% cash back on every purchase.
- Chase Sapphire Preferred Card: Ideal for travel enthusiasts, it offers valuable travel rewards and flexibility in redeeming points.
- American Express Gold Card: Great for earning Membership Rewards points on dining, groceries and travel.
Store Credit Cards
- Amazon Prime Rewards Visa Signature Card: If you frequently shop on Amazon, this card offers rewards and benefits for Amazon purchases.
- Target REDcard™ Credit Card: If you are a regular Target shopper, this card provides discounts and benefits for Target purchases.
- Citi Simplicity Card: Known for its simplicity, this card offers a low introductory APR on balance transfers and purchases.
- Discover it Cash Back: Offers a 0% introductory APR on purchases and balance transfers for a specified period.
APR or Annual Percentage Rate refers to the interest charged on a credit account.
No Annual Fee Cards
- Capital One Quicksilver Cash Rewards Credit Card: A straightforward cash back card with no annual fee.
- Chase Freedom Flex: Earn cash back with rotating bonus categories and no annual fee.
- Capital One Venture Rewards Credit Card: A travel rewards card with flexible redemption options.
- Bank of America Travel Rewards Credit Card: A card with no foreign transaction fees making it suitable for international travel.
Cancellation of My Best Buy Credit Card is not a complex process, you just need to be aware of the potential impacts. You can make informed decision with the help of insights that are provided.
For further assistance or queries, please feel free to reach out to My Best Buy’s customer support.