What Bank Issues Best Buy’s Credit Card? (Citibank Details)

Citibank, N.A. administers the Best Buy credit card program. The company offers two distinct cards with different benefits and usage options.

Best Buy is a leading electronics retailer for televisions, computers, smartphones, and appliances. When you check out, associates often pitch their branded credit cards.

Understanding who backs these cards matters. You need to know your rights if payment problems arise.

Best Buy Offers Two Credit Card Options

Best Buy provides two credit cards issued by Citibank, N.A. You can choose the option that fits your spending habits.

The Store Card

The retail store card works only at Best Buy locations and their website. Cardholders choose between two benefit structures:

• 5% back in rewards for every $100 spent with loyalty points
• No-interest financing on purchases above specific dollar amounts

The Best Buy Visa Card

The Best Buy Visa credit card includes all store card benefits. You can use it anywhere Visa is accepted.

Additional rewards include:

• 3% back on gas station purchases
• 2% back on dining, takeout, and groceries
• 1% back on all other purchases

You can redeem rewards points for Best Buy merchandise.

High Interest Rates Come Standard

Best Buy credit cards carry steep interest rates. Retail cards typically charge more than traditional credit cards.

Current store card rates range from 28.74% to 30.74% APR for variable rates. Non-variable rates fall between 9% and 24.34%.

Best Buy Visa cardholders face variable rates of 15.24% to 30.74% APR. Non-variable rates range from 9.99% to 20.24%.

Avoid balance transfers and cash advances on your Best Buy Visa. Citibank charges a minimum $15 fee for balance transfers. Cash advances cost at least $10.

Cardholders with lower credit scores may pay an annual fee up to $59.

How to Make Best Buy Credit Card Payments

You can make payments by phone or online. Call 1-888-574-1301 to pay by phone.

The online portal allows you to manage your account digitally. You can connect your BestBuy.com and Citi accounts. Pay your bill and track your rewards points online.

Citibank Has a Poor Consumer Rating

Citibank manages credit card programs for Best Buy, Home Depot, and Costco Wholesale. The Better Business Bureau assigns Citibank an F rating.

The New York Attorney General sued Citibank for failing to protect customers from fraud. The lawsuit alleges the bank refused to reimburse fraud victims. Weak online security caused substantial customer losses.

Nearly 7,000 customer complaints have been filed against Citibank in three years. Many complaints involve rewards programs and payment processing errors.

One customer lost almost $1,000 in reward points after Citibank closed their account. Another customer’s credit score dropped over 100 points due to a misapplied payment. Citibank eventually fixed the error after months of disputes.

What Happens If You Miss Payments

Timely payments protect your account benefits and credit score. Late payments trigger fees and penalty interest rates.

You may lose no-interest financing if you miss payment deadlines. Interest charges apply retroactively to your entire purchase balance.

Citibank may sue you if you stop making payments entirely. Debt collectors can pursue legal action to recover outstanding balances.

Responding to a Citibank Lawsuit

You have legal rights when sued over credit card debt. Ignoring a lawsuit guarantees you lose by default judgment.

Fighting back starts with filing an Answer to the lawsuit. Our partner Solo helps you respond to debt lawsuits in minutes. The software generates a personalized Answer with proper legal formatting.

Your Answer must address each claim in the complaint. You can raise affirmative defenses that challenge the creditor’s case.

Filing an Answer buys you time to negotiate a settlement. You avoid immediate judgment and wage garnishment.

Real World Example

Tim bought a $500 TV using his Best Buy store card. He qualified for 12 months of no-interest financing.

After six monthly payments of $42, Tim lost his job. He stopped making payments to Citibank.

Citibank charged interest on the unpaid balance plus late fees. The company sued Tim after several missed payments.

Tim used our partner Solo to file an Answer to the lawsuit. He gained time to review his finances and explore settlement options.

Tim determined he could pay half the debt immediately. He sent a settlement offer through Solo’s platform.

Citibank accepted the offer. Tim paid half the debt and resolved the lawsuit.

Settling Debt With Citibank

You can settle credit card debt even after being sued. Debt settlement saves you money and avoids court.

Debt settlement involves offering a lump-sum payment below the full balance. Creditors often accept reduced amounts to close accounts quickly.

Follow these three steps to settle with Citibank:

1. File an Answer to the lawsuit to protect your legal rights
2. Send a settlement offer to start negotiations
3. Get the final agreement in writing before paying

Our partner Solo handles all settlement steps through an automated platform. You can negotiate directly with Citibank without phone calls or legal fees.

Should You Get a Best Buy Credit Card?

Best Buy credit cards offer benefits like no-interest financing and rewards points. However, high interest rates and fees create financial risk.

Consider your payment reliability before applying. Missing one payment can eliminate all promotional benefits.

Review your budget and existing debts. Adding another credit card increases your monthly obligations.

If you already have a Best Buy card, stay on top of payment deadlines. Automatic payments prevent missed due dates.

Being sued by Citibank doesn’t mean automatic defeat. You can respond to the lawsuit and negotiate favorable terms. Our partner Solo makes the entire process simple and affordable.