There are a handful of circumstances that might make a shopper want to cancel a Best Buy credit card. The decision may be an offshoot of a resolution to cut down on debts, or the accompanying fees may just become unbearable. We reckon there’s a justifiable cause for the proposed Best Buy credit card cancellation.
However, if the cancellation is not done right, it may spell financial doom in the future. So, here’s a highlight of the appropriate steps to take when canceling a Best Buy credit card.
- Clear out all outstanding debts before the cancellation.
- Go over all recent statements to confirm no charges are unpaid.
- Contact Citibank to start the cancellation process.
- Maintain records of all communications with Citibank from the commencement of the cancellation process.
- Make sure Citibank acknowledges your notice of cancellation.
What is a Best Buy Credit Card?
A Best Buy credit card is a financial product facilitated by Citibank to help customers enjoy seamless shopping experiences. The cards can be used for shopping at Best Buy stores online or in-store. Besides having access to easy financing options, Best Buy credit card holders also enjoy special rewards.
While a credit card bankrolled by Citibank may seem like a blank check, the investment banker has provided online tools to help cardholders monitor their spending and overall credit status. However, failure to keep debt within a manageable range could make this kind of convenience the bane of your credit score.
One of the merits of getting a Best Buy credit card is that it charges a zero percent annual percentage rate (APR) at the onset. However, this waiver is only for a season, and it is advisable to consider this carefully before signing up. The interest charges may pile up if not acknowledged or monitored from the beginning once they kick in.
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Steps To Cancel Best Buy Credit Card
Reading this is probably an indication that the decision to cancel Best Buy’s credit card is already made. So, we shall provide a detailed breakdown of earlier highlighted steps to take for a card cancellation without complications.
1. Prepare All Necessary Documents and Information
Usually, customer service requests personal identification information before initiating the credit card cancellation. It is a precaution to ensure the individual requesting the cancellation is the actual owner of the account. So, endeavor to keep all such information handy, especially if you’ll be contacting customer service via call.
2. Clear Out Your Card Balance Before Proceeding
Canceling a Best Buy credit card is practically impossible without clearing all outstanding balances. Even a balance of $1 is enough to stall the cancellation process. So, check for any outstanding interest charges, membership fees, or unsettled purchases.
3. Reach Out to the Customer Service
Once the first two items are settled, it’s time to officially reach out to Best Buy, not Citbank, credit card customer service. If reaching out via phone is your preference, the number to call is 1-888-574-1301. Another route to follow is email communication. Credit card cancellation via email may take way longer than through a call. However, email communications make documentation easier for future reference.
4. Request for Confirmation of Card Cancellation
After initiating the process to cancel a Best Buy credit card, make sure customer service acknowledges the request. In addition, upon effecting the cancellation, make sure written correspondence confirming the cancellation is sent either to your email or mailing address.
5. Destroy the Credit Card and Monitor Credit Report
Once the cancellation is confirmed, destroy the card physically; that kind of financial product should not be left lying around. Likewise, continue monitoring your credit report even after the cancellation. The credit card cancellation may take time before going into full effect.
Also, some stray charges from the credit card may still stray into your credit report. In such instances, do well to call the attention of Best Buy customer service to such glitches early enough.
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Pros and Cons of Canceling
There are accompanying benefits and drawbacks when we cancel Best Buy credit cards. For one, a cancellation may cause your credit score to drop. The rule of thumb for any form of credit is that it is better maintained at a low balance than outright canceled out. Even if the credit card no longer fits your financial goals, consider how retaining the account would benefit your credit score.
Also, remember the added benefit of Best Buy cards being one of the best credit cards for groceries. So, while considering how to cancel a Best Buy account, do well to compare the benefits of retainment.
In addition, canceling a credit card now may translate to settling for cards tailored for low-credit-score customers in the future. The benefits of canceling a Best Buy credit card or any credit card, in fact, are no-brainers. For example, it helps cut back on overspending, enforces discipline on spontaneous purchases, and reduces credit card debt.
At this point, the question of how to cancel Best Buy credit card applications is no longer a problem. However, each individual may need to carefully weigh the pros and cons before canceling.