Last week, I wrote about my plan for a price match and how it didn’t quite go the way I wanted it to. Today, I want to let you know about my experience with a new credit card.
A couple of weeks ago, I applied for the Best Buy credit card to play around with the gift card churning opportunity. I was hoping to also grab some good offers like my buddy @ Personal Finance Digest. He’s got quite a few links regarding extra opportunities using the Best Buy credit card that are a must read.
When I signed up for the card, they wanted me to call them to verify my personal identifiable information. After completing the call, I was approved with a $4,000 credit limit. I thought this was perfect. After hearing $4,000 limit, I didn’t think much of it. A couple days later I received a letter stating I was not approved for the Best Buy MasterCard! Instead, I was approved for a Best Buy only store card.
So apparently, the four reasons they declined me were:
- Ratio of balance to high credit / limit
- Too many credit bureau inquiries in the last year
- Your credit report shows your balances are too high in relation to your credit lines
- Length of time since last bankcard account has been opened
Oops on the first and third bullet. I let a statement close very close to utilizing the entire credit limit, which was completely paid off. I did not let the next statement close to have it reported to the credit bureau’s.
While I wanted the Best Buy MasterCard, I’m actually glad I wasn’t approved for the MasterCards if they didn’t think my creditworthiness was good. This isn’t your normal US Bank lower product which the sign up offer is lessor or Bank of America Alaska Airlines 5,000 miles offer.
The My Best Buy Credit Card could have a $59 annual fee!
If I’m going to pay $59 for an annual fee, it sure as heck isn’t going to be a Best Buy credit card! The good thing about this credit card is it virtually is the same as a MasterCard in terms of its benefits. I’ll be testing it further and seeing if its worth while. Another good thing about the credit card, it’s issued by CitiBank, if I don’t like it enough, I hope there’s the ability to product change it into a Dividend card.