Are you considering canceling your Best Buy credit card? Maybe you found a better option, or perhaps you no longer need the card, or you want to avoid high-interest rates. Whatever your reason, canceling your Best Buy credit card is a straightforward process. In this guide, we’ll show you how to do it quickly and easily.
Contents
- 1 Step by Step Guide to Cancel Best Buy Credit Card
- 2 Is It Good to Cancel My Best Buy Credit Card?
- 3 How Can I Cancel My Best Buy Credit Card?
- 4 Things to Know About the Best Buy Credit Card
- 5 Other Good Store Credit Cards to Consider
- 6 How to Cancel My Best Buy Credit Card
- 7 Should You Cancel a Credit Card?
- 8 Steps on How to Cancel a Credit Card
- 9 Conclusion
- 10 References
Step by Step Guide to Cancel Best Buy Credit Card
Step 1: Ensure a zero balance on your Best Buy Credit Card
You cannot close your Best Buy credit card account without a zero balance. Thus, you must pay your outstanding balance in full before canceling your account. Check your statements to determine your account balance and pay off that balance by writing a check or transferring the funds online.
Step 2: Call the Right Customer Service Number
To cancel your Best Buy credit card, you must contact customer service. Dial (888) 574-1301 to connect with Best Buy Credit Card customer service. You can use the same phone number for canceling your Best Buy Store card. The customer service representative will ask for your credit card number, your name, and other details to verify your identity.
Step 3: Follow the Customer Service Representative’s Instructions
Inform the customer service representative that you want to cancel your Best Buy credit card. They will walk you through the steps to complete your card cancellation. Follow their instructions to complete the process.
Closing a Best Buy credit card can benefit you in so many ways, especially if you have found a better option with lower interest rates and more perks. Following the simple steps outlined here ensures that you cancel your account easily and efficiently. Think through your decision to cancel and make sure you consider future applications for new credit.
Want to know how to cancel your Best Buy credit card? Check out this YouTube video that shows you step-by-step how to remove or delete your credit or debit card information from any online account.
Is It Good to Cancel My Best Buy Credit Card?
It’s important to consider the impact of canceling your Best Buy credit card on your credit score. By canceling a credit card, you may shorten your average account age and reduce your available credit which could potentially lower your credit score. Since both Best Buy credit cards have $0 annual fees, it may be better to keep the account open, even if you don’t plan on using it.
How Can I Cancel My Best Buy Credit Card?
To cancel your Best Buy credit card, you can call (888) 574-1301 to speak with a representative. This number can be used to cancel both the Best Buy credit card and the Best Buy store card. It’s important to note that at the moment, there is no way to cancel a Best Buy credit card online.
Things to Know About the Best Buy Credit Card
If you’re considering canceling your Best Buy credit card, it’s important to know a few things about the card first:
1. There Are Two Different Types of Best Buy Credit Cards
The Best Buy credit cards come in two varieties: the Best Buy credit card and the Best Buy Visa credit card. The former can only be used at Best Buy, while the latter can be used anywhere that accepts Visa. Both cards will offer rewards points that you can put towards future purchases at Best Buy.
2. What Kind of Credit Score Do I Need for a Best Buy Card?
The minimum credit score requirement for a Best Buy credit card is 640. However, this doesn’t guarantee approval, as other factors like your income and payment history will also be considered by the issuer.
3. What Kind of Rewards Does Best Buy Offer Its Cardholders?
Best Buy’s rewards program offers 5% back in rewards for every dollar spent at Best Buy or BestBuy.com. Cardholders also receive a special financing offer, which allows them to pay off eligible purchases with no interest if paid in full within the financing period. However, it’s important to note that interest will be charged if you don’t pay off your balance within the agreed-upon time frame.
Other Good Store Credit Cards to Consider
If you’re thinking about canceling your Best Buy credit card, you may want to consider these other options:
1. Costco Anywhere Visa
The Costco Anywhere Visa has no annual fee and offers cashback on eligible purchases, making it a great choice if you’re looking for a store credit card. Plus, you can use it anywhere that Visa is accepted.
2. Macy’s American Express
If you’re a frequent Macy’s shopper, the Macy’s American Express card may be a good option for you. It offers rewards on eligible purchases both in-store and online, as well as perks such as free shipping and no annual fee.
3. Walmart Rewards Mastercard
The Walmart Rewards Mastercard has no annual fee and allows you to earn cash back on eligible purchases, making it another good choice for a store credit card. You can also use it anywhere that Mastercard is accepted.
4. Kohl’s Credit Card
The Kohl’s credit card offers rewards, exclusive discounts, and special financing options for frequent Kohl’s shoppers. It also has no annual fee.
5. Target Red Card
The Target Red Card is a great option for frequent Target shoppers, as it offers 5% off eligible purchases and free shipping on most items. Plus, there’s no annual fee.
How to Cancel My Best Buy Credit Card
If you are thinking about canceling your Best Buy credit card, there are some things you should keep in mind. Canceling a credit card may hurt your credit score by reducing the total amount of available credit you have and shortening your average account age. However, if you are certain that canceling your Best Buy credit card is the right decision for you, the easiest way is to call their customer service line at (888) 574-1301.
1. Call Customer Service
When you call Best Buy’s customer service line at (888) 574-1301, make sure to have your account number ready for faster processing. You will be prompted to enter it as soon as you call. Once a representative picks up the phone, simply state that you want to cancel your card. Be prepared to provide any additional information that they might ask, except for banking or other credit card information to ensure your security.
Should You Cancel a Credit Card?
When considering whether to cancel a credit card, there are a few things to keep in mind. Canceling your credit card can have negative effects on your credit score, as it shortens your average account age and decreases your total available credit. However, if the card has a high annual fee and offers little to no benefits, it may be worth canceling.
If you are canceling your credit card due to poor financial habits or fear of overspending, it may be better to work on improving those habits rather than canceling the card. Closing a joint account during a divorce or separation is also typically necessary.
If you have decided to cancel your Best Buy credit card, you can easily do so over the phone at (888) 574-1301. Keep in mind that there is currently no option to cancel the card online.
However, if your Best Buy credit card has a $0 annual fee, it may be more beneficial to keep the card open to maintain your credit score and overall credit utilization.
Steps on How to Cancel a Credit Card
If you’re thinking of canceling your Best Buy credit card, follow these six steps:
1. Pay Off Any Remaining Balance
Before canceling your credit card, make sure you pay off any remaining balance to avoid late fees or interest charges. If you have any rewards or points, make sure to redeem them so you don’t lose them.
2. Redeem Any Rewards
Make the most of your rewards by redeeming them before you cancel your credit card. Depending on your card, you may lose all of your rewards once you close the account.
3. Call Your Bank
To cancel your Best Buy credit card over the phone, call (888) 574-1301. Be ready to provide your account number and answer some security questions. Simply tell the representative that you want to cancel your credit card.
4. Send a Cancellation Letter
It’s a good idea to send a letter to your bank stating that you want to cancel your credit card. You can find a template online and just fill in the necessary details. Make sure to include your account number, reason for canceling, and any instructions in the letter.
5. Check Your Credit Report
Canceling a credit card can affect your credit score. Make sure to check your credit report after canceling to ensure that your account is closed properly and to monitor any changes.
6. Destroy Your Old Card
Once you receive confirmation that your account is closed, destroy your old credit card to prevent any identity theft or fraud. Cut the card into small pieces and dispose of it safely.
Conclusion
Canceling your Best Buy credit card is easy, and it can be done over the phone. However, it’s important to consider the impact it will have on your credit score before making the decision. Keep in mind that shortening your average account age and reducing your total amount of available credit can lower your credit score. So, if your Best Buy credit card has no annual fees, it’s better to keep it open even if you don’t use it. Make sure to consider your reason for canceling before doing so.
