Before getting right away to answer your dilemma, let us first understand the term ‘credit bureau’ and also know a bit about Best Buy!
The term ‘credit bureau’ refers to companies that get information about people’s financial life and use this to generate credit reports. Although the bureaus do not have the power to lend credit, they report credit information about consumers to banks and credit card issuers.
Best Buy is a multinational consumer electronics retailer specializing in selling technology products and services, such as video cameras, cellular phones, computers, appliances, and other electronics. It’s headquarters are located in Minnesota, United States.
Best Buy and Credit Bureaus
Coming back to your point of concern, let’s find out what credit bureau Best Buy uses! You may be aware of the three major credit consumer bureaus: Experian, Equifax, and TransUnion. Best Buy uses all three! This does not mean that Best Buy will ask for your credit report from all three of these bureaus. However, Best Buy will use one of them. Nevertheless, in most cases, Best Buy is prone to use Experian reports, or Equifax reports; chances of using TransUnion are very slight.
Best Buy Credit Card
Now that you know the major credit card bureaus that Best Buy uses, let’s dive a little deeper and find out about Best Buy’s credit card! Best Buy provides its customers with two primary credit cards. These are:
- My Best Buy Credit Card: This card requires no annual fee. However, it is only accepted at Best Buy, meaning it can only be used exclusively to purchase Best Buy products.
- My Best Buy Visa: This card is not reserved exclusively for Best Buy. You can use this card anywhere that uses Visa. Further, this card comes in two variants, which are:
- Platinum version: For this variant, no annual fee is required.
- Gold version: For this card, you have to pay an annual fee of $59.
Nevertheless, when you apply to get one of these Best Buy credit cards, bear in mind that you will not have much say in which one will be provided to you. In most cases, one is first considered for the My Best Buy Visa Platinum, which requires no annual fee whatsoever, but after this, one is considered to get My Best Buy Credit Card, which is exclusively used for Best Buy’s products.
Benefits of Best Buy Credit Cards
Once your application is approved and you are provided with one of these credit cards, it is only natural that you look for the benefits that you can use while using your credit card. For your convenience, here is some listed below:
- On all purchases of Best Buy, you will get a 5% off.
- If you are using the Visa credit card and getting 5% back, you will also get 3% off on gas purchases, 2% on grocery purchases and dining, and on everyday purchases, you will get 1% back.
- Once you get 250 reward points, you will get a $5 reward certificate.
- In addition, Best Buy credit cards assert and offer ‘no interest if paid in full,’ which implies that if you pay for your purchase before the end of your deferred-interest period, then you need not worry; but, if you fail to do so, you will be charged with the entire interest on your purchase.
- Best Buy will offer you specific incentives if you are a new cardholder! One of the most popular one is that on your first purchase with a credit card, you get a 10% off.
Now that you have looked at certain advantages posed by the Best Buy credit cards, let’s make a final statement. Applying for a Best Buy credit card might be good for you if you buy their products regularly. However, if you do not intend to shop regularly at Best Buy, getting one of their credit cards might not be such a good option for you.
Does Best Buy report to Credit Bureaus?
The Best Buy Credit Card reports to these Credit Bureaus after every month. The Best Buy Credit Card will be inclined to report your credit card’s limit, your account balance, your history of payment, and many other things to the credit bureaus.
Once the credit bureaus receive your information, remember that it will take a few days before this information appears on your credit reports. However, if you are keen to look at your regular updates, you can go to WalletHub and sign in for a free account!
Conclusion
As technology is constantly advancing, it is only correct and preferable that you move along with it. This is because using a credit card to pay off purchases has become an everyday norm today, and also because most brands provide certain rewards if you decide to use one. Nevertheless, you must know all about using credit cards to your benefit.
Frequently Asked Questions:
- Does Best Buy provide an exclusive credit card?
Yes, Best Buy provides My Best Buy Credit Card, a store card.
- Does My Best Buy Visa Gold have an annual fee?
Yes, this credit card asks for a $59 annual fee.
