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What Bank Is Behind Best Buy's Credit Card?

Sarah Edwards | April 04, 2023

Citibank is the bank behind Best Buy credit cards.

Summary: Citibank, N.A. administers the Best Buy credit card program. The company offers two cards: a retail store card and a Visa credit card. SoloSuit explains how the Best Buy credit card program works.

Best Buy is a popular megastore where you can find any electronics you need, including televisions, computers, smartphones, refrigerators, and fitness equipment. Many people go directly to Best Buy when they need a new device or electronic peripheral.

When making a purchase, customer service associates will ask if you’d like to sign up for a Best Buy credit card. Best Buy offers two credit cards issued by Citibank, N.A., and cardholders are eligible for special financing deals.

Best Buy has two credit card programs

People who want a Best Buy credit card can choose between a store card and a Visa credit card.

Consumers can use the store card in Best Buy retail stores or on the company’s website. Cardholders can opt for one of two benefits: 5% back on all purchases for every $100 spent and loyalty points for future purchases, or no-interest financing on purchases over a specific dollar amount.

The Best Buy Visa credit card has the same benefits as the retail card, but cardholders can use it anywhere that accepts Visa. Additional features of the Best Buy Visa card include 3% back in rewards points on gas purchases, 2% back on dining, takeout, and grocery purchases, and 1% back on other purchases. Cardholders can use their rewards points to purchase Best Buy merchandise.

Best Buy credit cards have high interest rates

Like most retail credit cards, Best Buy cards have high interest rates.

The current variable interest rate for a Best Buy store card ranges from 28.74% to 30.74% APR, and non-variable rates are between 9% and 24.34%.

Cardholders with the Best Buy Visa are subject to variable interest rates of 15.24% to 30.74% APR and non-variable interest rates of 9.99% to 20.24%.

It’s best not to use your Best Buy Visa credit card for balance transfers or cash advances since Citibank charges a minimum of $15 for balance transfers and $10 for cash advances.

People with less than stellar credit may incur an annual fee of up to $59 for their Best Buy cards.

Learn how to draft an Answer in a debt lawsuit with SoloSuit’s six helpful tips.

Citibank has an F rating with the BBB

Along with Best Buy, Citibank also administers the credit card programs of Home Depot, Costco Wholesale, and many other retail stores. The Better Business Bureau (BBB) has assigned its worst rating — an F — to Citibank.

According to the BBB, Citibank’s low rating is due to 88 unresolved consumer complaints.

The company has had nearly 7,000 customer complaints in the past three years. Many complaints concern various rewards programs. For instance, one customer had collected almost $1,000 in reward points, but Citibank closed their account without refunding them the rewards.

Another client disputed a missed payment charge from Citibank. They paid on time, but Citibank didn’t correctly apply it. The company reported the client as late to the credit reporting bureaus, and the consumer’s credit score dropped by over 100 points. The consumer fought with Citibank for several months before Citibank resolved the situation.

Sued for Best Buy card debt? Fight back and win

You must make timely payments if you have a Best Buy card from Citibank. Late payments can result in a fee, and you may lose your benefits, such as no-interest financing. Citibank may sue you for your outstanding balance if you stop making payments.

SoloSuit makes responding to a debt lawsuit simple. Our technology can help you draft and file an Answer to your case in a matter of minutes. Just respond to a series of questions about your case and SoloSuit’s software will automate a personalized response for you, including all the proper legal language and formatting.

Let’s look at an example.

Example: Tim has a Best Buy retail store card, which he uses to buy a new TV for $500. He qualifies for no-interest financing for 12 months and makes six monthly payments for $42 each. Unfortunately, Tim loses his job and stops making payments to Citibank. Citibank charges him interest on the unpaid balance and a missed payment fee. After a few more missed payments, Citibank sues Tim for his debt. He uses SoloSuit to respond to the case, giving himself time to work out a debt settlement plan. After taking a close look at his budget, Tim decides he can pay off half of the debt right now. He uses SoloSettle to send a settlement offer, and Citibank accepts. Tim pays off the half the debt and give himself a financial reset.

To avoid unexpected fees with Citibank, you’ll want to stay on top of your credit card payments.

Settle your debt with Citibank

Good news: you can settle your debt with Citibank even after being sued. Here’s how.

Debt settlement is the process in which a debtor offers a lump-sum payment, usually less than the original amount, to satisfy a debt once and for all. If you’ve been sued by Citibank over your Best Buy credit card debt, you can avoid going to court, and save money, by settling the debt. Just follow these three steps:

  1. Respond to the lawsuit with an Answer.
  2. Send a settlement offer to start the negotiation process.
  3. Get the agreement in writing.

SoloSettle can help with all these steps and more.

Watch this video to learn more about these three steps:

While signing up for a Best Buy credit card has some advantages, like access to no-interest financing and rewards points, it comes with a risk. You may lose your perks and incur extra costs if you miss your payment due date. Do your research and consider your financial circumstances before opening a Best Buy credit card. Use SoloSuit to respond to a Citibank lawsuit.

What is SoloSuit?

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SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

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