The best buy credit card is issued by Citibank. The card is specifically designed to encourage spending for products offered by Best Buy in stores as well as online. For its specifications, it offers 5% back in rewards for regular Best Buy members and 6% back in rewards for Elite Plus members or 12-month financing on purchases of $399 and above that.
With no credit, it is difficult to get the best buy credit. The other three Best Buy credit cards namely the Platinum, Preferred, and Gold Visa, all require a minimum good credit score. Since the best buy card is not associated with any major financial card networks such as MasterCard, visa, etc., it is not accepted everywhere outside Best buy.
My best buy store credit cards have no general or annual fee however the Best Buy Visa version can charge you an annual fee of either $0 or $59 solely depending upon your creditworthiness.
How to increase the limit of the best buy credit card?
In case the limit of your credit card has a low score, it is possible that you were approved for a credit card with a very low credit limit. This basically means that you have a quite small borrowing power to make purchases, transfer balances or obtain cash advances.
If this low credit limit is being a hindrance in the kinds of purchases you want to make, you may want to request the credit card company to raise your credit limit as per your convenience. Here are the ways by which you can help increase your credit card’s limit:-
1. Improve your creditworthiness.
You deliberately should work on improving your creditworthiness because it directly links with showing the lenders what kind of credit you could turn out to be for them. It also reflects your trustworthiness and sense of responsibility for the lenders. The easiest way to build your creditworthiness, and also simultaneously raise the amount of your line of credit, is to put everything you buy on your credit card.
Do not save it for special uses since your company wants to see how capable you are of using the card. Therefore if you rarely use the card your company might question why you need a higher limit.
2. Wait for an automatic increase to take place.
The credit card companies often randomly scrutinize their customer’s account to know if they are worthy of a credit limit increase or not. If the company thinks in favor of the customer, the customer will see an increase in their next billing statement magically.
However, with the recent rash of uncollectible credit card debt running rampant, it is not really easy and profitable to sit and expect such an automatic increase to take place. Therefore the most preferable option is to increase one’s creditworthiness.
3. Try making timely payments on balances due.
Another way to increase your spending limit is to pay all outstanding balances on time. Try making an attempt to pay the entire amount, if not then at least monthly pay the balances. This way your credit card company will know that you’re striving to improve your credit rating.
4. Provision of income’s proof.
Some credit cards may require proof of income before granting you a higher credit limit. With others, you may find that their website has an online feature wherein you can request for a hike in the spending limit. If you use this feature judiciously, not more often than every four or five months, you may be able to increase your line of credit.
Other companies will automatically extend your credit limit if they see you are spending up to the current limit that has been set. Also, making payments on time adds up here as well.
Conclusion
If your credit card company raises your spending limit then you surely have proved your creditworthiness and hence proved to be a worthy person. No matter how many risks and burdens it brings, it brings a sense of how to use it wisely enough.
Also Read- 10 Tips on Managing Your Finances [The Best Guide]