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Old Aug 8, 2010, 11:59 PM   #1
iMJustAGuy
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So I just applied for a best buy credit card for the hell of it... Question.

So I just applied for a best buy credit card for the hell of it because I saw the no interest for 18 months deal and figured there had to be something I wanted to buy . Well I got approved for $900 and it says I am eligible for "Plan B" (shown below) and was curious if this still gave me the 18 months no interest... I am not too familiar with how this works... I have a credit card through my bank which I just use for gas, etc (just to have a balance). My thing is... if I'm not eligble for the 18 months then I don't want it but they just say BAM congrats you are on this plan. I understand that I have to pay it off within 18 months and that I have to have a purchase over $249... but nothing on my "decision" page says 18 months interest free...? I've also attached the page that I click apply on that stats terms and conditions. Can someone help me understand a little better... thanks.


EDIT: well darn... does this mean I'm screwed with interest... " (For cards issued by Chase bank, offer valid in store only.) See inside back cover for details."


Oh well I'll still find a fun toy

EDIT 2: Well wait, Was mine offered by chase, does that mean for CHASE cards only valid in store??? I'm confused lol
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Old Aug 9, 2010, 04:26 AM   #2
ethical
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Best bet is to ring them, and keep a record of the call and everything they tell you. That way if you're told it's interest free for 18 months, and then 30 days down the line get a statement through the post with interest on it, you can go back with the evidence from the call.

Much safer than the opinion of anyone else who doesn't work there IMO.
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Old Aug 9, 2010, 12:05 PM   #3
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Plan B ... is that like what you can take if you think you just got knocked up? A child is similar to having a CC with a 27% APR. Who signs up for a card with a 27% APR anyway? Holy hellsacks. I know it's interest free for 18 months but make sure if you don't repay in 18 months does interest accure from the first day of purchase or after the 18th month.

Anyway, I think you can only use it in store, if you were looking for an actual credit card to use elsewhere you should have either increased your limit with the one you have or applied for another.
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Old Aug 9, 2010, 05:36 PM   #4
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For the love of god don't sign up for a credit card to give yourself an excuse to buy something. Good way to end up over your head in debt. If you don't have the cash, don't spend it.
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Old Aug 9, 2010, 06:11 PM   #5
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I used to work at best buy...

As long as you got the Best Buy store card (they also have a mastercard that can be used anywhere and you build up more rewardzone points EDIT: you do have the store card), the 18mo no interest option will show up for any eligible purchase (in this case anything over $249) when it is purchased at the register. The cashier should give you the payment options after you swipe your card. Don't worry... if it doesn't show up, you can still cancel the transaction.

EDIT: Make sure you pay it off within 18 months otherwise you will have to face the 28% interest!
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Old Aug 9, 2010, 11:51 PM   #6
iMJustAGuy
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Quote:
Originally Posted by callmemike20 View Post
EDIT: Make sure you pay it off within 18 months otherwise you will have to face the 28% interest!
Yeah! PLUS I think it accumulates during that 18 months and you have to pay for ALL 18 months worth if you don't pay it off by then! But I plan to have it paid off in 2 or 3 months... I'm just doing this to establish further credit, but I was surprised by my limit. My friend who has some (not much) credit established got her husband (who is an RN that makes decent money so I figured his credit to be good) to sign with her and they only got $750...


Quote:
Originally Posted by jknight8907 View Post
For the love of god don't sign up for a credit card to give yourself an excuse to buy something. Good way to end up over your head in debt. If you don't have the cash, don't spend it.
I, unlike most other 20 year olds, have a decent head on my shoulders and know my boundaries and finances. I think 1 or 2 credit cards is not a bad thing if you know what you are doing... I have this one now, and one with 1FBUSA (which is an AWESOME card because as long as I keep my balance under $500 it's 0% interest with only a $15 payment minimum on your balance!) Anyway, I hear a lot of people tell us "kids" that you should have 1 and ONLY use it in emergencies... I say use it for practical things such as gas just to keep a small balance on the card. I don't spend money if I don't have it... with my 1FBUSA card, if (for even numbers sake) I use my card to put $40 in my car and I have $2000 in checking, I "debit" my bank account in my head for that $40 and spend money and pay bills as if I only had $1960 therefore I will always have the money to pay my bill.

Last edited by iMJustAGuy; Aug 9, 2010 at 11:57 PM. Reason: To quote jknight8907
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Old Aug 10, 2010, 10:03 PM   #7
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^ Establishing or enhancing your credit should be done with low-interest credit cards. Not credit cards that mimic that of a hard money loan.
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Old Aug 10, 2010, 11:53 PM   #8
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I believe that all of the Best Buy cards are eligible for the no interest offers.

Like someone else said though make sure it is paid off early as you don't want to get hit with all that accumulated interest at the end.
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Old Aug 10, 2010, 11:59 PM   #9
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Originally Posted by jessica. View Post
^ Establishing or enhancing your credit should be done with low-interest credit cards. Not credit cards that mimic that of a hard money loan.
I established my good credit rating with the 22% card I've had for 3 years. Never carried a balance, paid in full each month. They kept upping my limit throughout the 'credit crunch', up to $3k.
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Old Aug 11, 2010, 12:50 AM   #10
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I got approved for the BestBuy card as well just like the OP. After paying it off several times in the first year, I applied for the BB Rewards MasterCard and got approved for that with a higher credit limit. I have a zero balance on both now and just prefer to but everything there in cash like my MBP. I just use the Rewards card just for the rewards and they can scan it just as if it weren't a credit card. Oh my interest rate on the rewards card is now 10%, it takes a while to get it lowered.
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Old Aug 12, 2010, 09:12 AM   #11
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these store credit cards actually HURT your credit rather than help it out like a "real" credit card can.

but now that you have it don't cancel it cause that will further hurt your credit.

have you looked at your credit score recently to see what it is? and i don't mean that BS freecreditreport.com crap..that isn't your real credit score, it is one they come up with in their own numbers, not what actually counts.

goto www.myfico.com and pay the 16 dollars to get your score. This is the REAL score used by creditors and banks, and it will also simulate your credit score in situations and tell you what you need to do to up it.
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Old Aug 12, 2010, 11:52 AM   #12
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^FALSE.

How is a store card any different than a "real" credit card?

Both show up on your credit report and are treated the same.
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Old Aug 12, 2010, 01:42 PM   #13
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^+1; as long as you actively manage it, pay off as needed, ONLY purchase items you know you have the cash for, etc. everything should be all good and you get some positive points on your FICO. Win for you...
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Old Aug 12, 2010, 02:45 PM   #14
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Enjoy being harassed by HSBC telemarketers, I signed up for a BB ccard just to see if it'd get approved - I did and a card came, but I never activated it so I figured they wouldn't open the account. Well, it did, and I got multiple calls a day from Indian telemarketers trying to sell me account protection. I called HSBC and canceled the account because they pissed me off so much.

PS: BB ccard = HSBC, in case you didn't get that.
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Old Aug 12, 2010, 03:43 PM   #15
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Originally Posted by Teh Don Ditty View Post
^FALSE.

How is a store card any different than a "real" credit card?

Both show up on your credit report and are treated the same.
thats what i was told.
It is mainly for the cards that can only be used at that specific store. The "instant credit" ones. I think places like lowes and menards for example...their credit card can only be used at lowes or menards, it is not a "visa" or what have you.

I was told that accepting this "instant" credit at the checkout line hurts your credit more than anything...maybe the best buy card is not like this. Also having credit that has just been open hurts your credit score. "new" credit cards are the worst because you do not have credit history with those cards. All you need is one credit card for good credit history. Also having TOO much credit avaliable too you hurts your credit as well.
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Old Aug 15, 2010, 10:39 AM   #16
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^ I don't understand how you are telling me that this BB CC will hurt me. I intend on paying it off in a few months well before the 18 months are over and I don't ever plan on making a late payment. How could this possibly affect me in a negative way?


Oh: And to my fellow threaders, I figured out that the "18 months no interest" or whatever deals they may be offering is not a deal set to the card itself, it is (as others have stated) just a deal that the store offers at that time if you pay with any BB CC.
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Old Aug 17, 2010, 08:46 PM   #17
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Originally Posted by iMJustAGuy View Post
^ I don't understand how you are telling me that this BB CC will hurt me. I intend on paying it off in a few months well before the 18 months are over and I don't ever plan on making a late payment. How could this possibly affect me in a negative way?


Oh: And to my fellow threaders, I figured out that the "18 months no interest" or whatever deals they may be offering is not a deal set to the card itself, it is (as others have stated) just a deal that the store offers at that time if you pay with any BB CC.
not the BB card, but the "instant" credit cards at stores that are not visa, mastercard etc..the credit cards issued from stores that can only be used at those stores is what i'm talking about
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Old Aug 17, 2010, 08:57 PM   #18
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It's not going to hurt your credit just because it's a store card if you use it properly. Credit is credit. I don't think lenders really care where the credit is coming from, as long as you're paying your bills and aren't in massive amounts of debt.
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Old Aug 17, 2010, 09:09 PM   #19
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Whether it is a BB card to be used only at BB or a Mastercard, accepted most anywhere, it is all revolving credit. Revolving credit means you don't really have a "set" payment but you have a limit on what you can "borrow". The payment correlates to the amount owed. Unlike say an auto loan where the payment is set for a specific number of months.

A BB store card, a Target card, etc is not going to hurt your credit any more than any other revolving credit card. The best thing you can do is not listen to anyone dishing you bullshat on some nerd forum (me included). Seek advice from a qualified professional who is versed in these topics. Armchair financial advisors on a Mac forum are about as useful as flash on the iPhone.
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Old Aug 17, 2010, 10:41 PM   #20
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Quote:
Originally Posted by yg17 View Post
It's not going to hurt your credit just because it's a store card if you use it properly. Credit is credit. I don't think lenders really care where the credit is coming from, as long as you're paying your bills and aren't in massive amounts of debt.
American express actually cares what types of cards you have. They are pretty anal and don't approve people who have a whole bunch of store cards and very few regular credit cards.
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Old Aug 17, 2010, 10:47 PM   #21
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Quote:
Originally Posted by iMJustAGuy View Post
^ I don't understand how you are telling me that this BB CC will hurt me. I intend on paying it off in a few months well before the 18 months are over and I don't ever plan on making a late payment. How could this possibly affect me in a negative way?


Oh: And to my fellow threaders, I figured out that the "18 months no interest" or whatever deals they may be offering is not a deal set to the card itself, it is (as others have stated) just a deal that the store offers at that time if you pay with any BB CC.
The best buy card is pretty cool. I actually have the store card and the Reward Zone mastercard. It's pretty handy especially if your a premier silver customer. Anyway the card won't really hurt you.

The one factor that can hurt though is utilization and that's the amount of credit that you have used Versus the amount that you have available. So for example if your limit is 1000 dollars and you use 500 dollars then you would be at 50 Percent of your utilization. And while that won't damage your credit it would impact your ability to get another credit card depending on the bank.

Because to a bank someone who uses half of their limit could be deemed a risk. Anyways i veered way off topic here Must be Martini's!
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