04-20-2021 03:40 PM
I got approved for best buy credit card many many years back. Unfortunately I was approved gold card with $59 annual fee. After diligently paying my dues every month and improving my credit (730's now), I was hoping to switch to no annual fee card. I called the customer support and they said the only way I can switch is to close my current account and open a new one which will impact negatively to my credit history. I suggested that I am open to apply for credit limit increase or another credit check (which will be a hard enquiry) and if the new improved score is inline to their no annual fee card expectations, would they switch and the answer is NO! they are okay to do a hard pull and increase my credit limit accordingly but WILL NOT switch to no annual fee acoount.
This is so unfortunate as it looks like they got me in when I needed the card but now they can keep me locked in leveraging the account closing option which most people will not do as it impacts their credit score. Loosk like I just have to wait it out until I build enough credit history and then close the card.
Any suggestions or ideas is greaty appreciated.
04-21-2021 01:34 PM
Thanks for reaching out, and welcome to the Best Buy Forums. Great work on raising your credit score! I know firsthand how tough, yet rewarding, that can be. I'm sorry to hear that you are having a hard time switching over to a no annual fee card.
For this, I would recommend to continue working with Citibank at (888) 574-1301. As Citibank, N.A. is the issuer of your My Best Buy credit card account, we wouldn't have insight into your account to review this with you.
Please let me know if there is anything else we could help with!
04-22-2021 09:44 AM
Thank you for this! I did call that number and got the same response - only way that I can switch to no annual fee card is to close my current account and re-apply for a new account - both actions will affect my credit score negatively. Appreciate your respnse! thanks.
04-26-2021 03:40 AM
Having a low utilization rate would be better and can help in situations where you have to apply for a card. However it's unlikely if you close the card that you would get approved for a different one. There are escalations at CitiBank that can help, but in the end, it's up to the credit lender. Good credit does not always come with good perks such as no annual fee, but even at the $59 fee, the perks you receive with the My Best Buy Credit Card will outweigh the yearly fee and pay for itself in no time if you use it often to purchase.
04-28-2021 08:44 AM
Thank you fro the reply! Not sure about what you mean by escalations as citiBank. Is there someone I can contact to escalate this? Completely agree that best buy credit card has perks that MIGHT outweigh the annual fee but that is true if I am using the best buy card for everything. I have bunch of other cards which I generally use as I get more value from them for my specific needs. The only time I use the besy buy card is probably when I shop at best buy.
In my situation, I just dont want to close the card but need my annual fee removed and looks like closing is the only option! I'll wait for few more days to see if someone has a better idea but thats good to know that I need to mark answered questions to help other customers. Appreciate it!