03-19-2019 03:26 PM
I receive a $59 charge for an annual fee for my Best Buy credit card. My credit limit on this card has been raised $2,000 in the last year, which I believe shows credit worthiness in the eyes of Best Buy. However when I called customer service the manager advised there will always be a $59 fee for my credit card based on my credit when the account was opened. I refuse to pay $59 a year for the rest of my life because Best Buy would rather make $59 for the year, than have my continued business. I understand that when your credit worthiness might not be stellar you pay more, and I had no problem paying when mine was only fair, but hearing it never goes away is unacceptable for me. In the last year I've bought over 1.5k of goods from Best Buy. I was going to buy a gaming console, tv, and sound bar this week- another 2k approximately. It is ok, another local store approved me for 3k, no interest for 3 years, and no annual fees (or any fees for that manner). I'm paying off my $300 and some odd dollar balance, cancelling my card, and will no longer be a customer of Best Buy. I went through a divorce, and I worked hard to get back on track. I have 3 other credit cards (opened when my credit was worse), and none of them have yearly fees. I understand offsetting risk with an annual fee, however when the risk is no longer there (you don't increase a credit limit $2,000 in a year if you believe there is still risk), charging a never ending yearly fee is taking advantage of people who had some bumps in the road just because you feel you can. Any response other than refunding, and stopping, the reoccuring fee based on credit worthiness is an insult, as Best Buy doesn't charge a fee on their other credit cards, just the Best Buy (My Best Buy) Gold Visa card. You need to take the Gold out of the name, as it implies something of more significance. Maybe rename it the We Got You For Life Annual Fee Best Buy 'Meh' level Visa card. Since Best Buy won't ever review my account for an upgraded status no matter current or future credit worthiness, which they don't for anyone I was told, then I will review my relationship with them. Meaning I am no longer a customer. I don't do business with companies I find unethical. I hope the $59 was worth loosing my family as customers.
03-19-2019 04:11 PM
Welcome to the Best Buy Forums. We appreciate you reaching out to us about your My Best Buy Credit Card. These lines of credit are issued by Citibank, and as you mentioned, the My Best Buy Visa Gold card does have an annual fee of $59. This is disclosed when the application is being processed, and the customer must agree to the Terms which can be found here.
It stands to reason that credit scores can change over time, and it sounds like you’ve been diligent in improving yours. That’s not necessarily easy to do, and I am glad to hear you’ve got yours back on track. We would hate to lose you as a customer because of this fee.
At your convenience, please send us a private message by clicking the blue box next to my name below. Be sure to include your full name, email address, and telephone number. It is important this is sent privately so we can ensure your personal information remains secure on our public forum.
We look forward to hearing from you.