Best Buy No Longer Store Credit Card?
01-07-02, 05:47 PM
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Best Buy No Longer Store Credit Card?
Today I received a notification from GE Capital Card services that my Best Buy store credit card would cease to function after 2/12/2002. I was wondering if others received the same notice. The notification said that the Best Buy credit card would be discontinued in favor of a full-fledged credit card with the Best Buy logo on it. Does this mean the end of such deals as 18-month no-interest financing? I have always been good with my Best Buy card (paying everything what is due in the allotted time for no-interest), but fear I will have problems applying and getting accepted for the full-fledged credit-card. Logically, you would think GE would have simply carried current Best Buy store card customers over to the new credit card. I'm bummed.. ya know it puts a mark on your credit score if you were to apply for the card and then not get accepted. It seems all my credit card benefits on any credit card I own have gone to hell lately. Too bad best Buy decided to join them. 
01-07-02, 08:39 PM
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No it doesn't. Household Retail Services will now carry all of BB's private label business. Gecapital will no longer service the acct.
Best Buy and Household Extend Relationship with Exclusive Credit Card Alliance
November 19, 2001 09:04:00 AM ET
MINNEAPOLIS & PROSPECT HEIGHTS, Ill.--(BUSINESS WIRE)--Nov. 19, 2001-- Household Becomes Sole Provider of Best Buy Card for More Than Six Million Accounts
Household International HI, the $105 billion (managed assets) consumer lender, announced today that its retail services business has signed a seven-year, exclusive private-label credit card agreement with Best Buy Co., Inc. BBY, the nation's number one specialty retailer of technology and entertainment products. The agreement extends and strengthens Household's long-term relationship with Best Buy.
Early in 2002, Household will become the sole provider of private-label credit cards to all Best Buy stores nationwide and BestBuy.com. As a result, Household will manage Best Buy's six million accounts that represent more than $2 billion in receivables.
"The extension of our agreement with Best Buy is a tribute to the success of our nine-year relationship with this retail leader," said Sandy Derickson, managing director and CEO of Household's retail services business. "Strong relationships with world-class companies like Best Buy position Household at the forefront of the private-label credit card industry."
Household has managed part of Best Buy's branded retail credit card program for nearly eight years. In addition, Household provides Best Buy customers with a number of complementary credit management services. Household manages the financing portion of the BestBuy.com site, where customers can apply for the Best Buy card and immediately make purchases using the card. A program introduced last year allows customers to apply for the Best Buy card and a Household Bank MasterCard simultaneously.
"Over the past nine years, Household has helped Best Buy serve our customers quickly and effectively through its flexible financing programs," said Chris Steele, vice president of Finance Shared Services, Best Buy. "Through our partnership with Household, we will continue to offer a variety of credit products that deliver value to our customers and make shopping easier."
The Best Buy card is administered through Household's retail services business. With more than 220 merchants at 48,000 retail locations in the U.S., U.K. and Canada, and more than 3.6 billion transactions processed annually, Household is one of the nation's largest private-label credit card providers. In addition to Best Buy, Household offers private-label credit cards and sales finance products for a number of retailers and merchants in a wide range of industries including furniture, department store, consumer electronics, specialty discount and apparel. Household also provides financing for dealers in motorcycles, ATVs, personal watercrafts and snowmobiles.
About Best Buy Co., Inc.
Minneapolis-based Best Buy Co., Inc. BBY is the number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances in the U.S. The Company operates retail stores and commercial web sites under the names: Best Buy (BestBuy.com), Magnolia Hi-Fi (MagnoliaHiFi.com), Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,800 retail stores nationwide, in Puerto Rico and in the U.S. Virgin Islands.
About Household
Household's businesses are leading providers of consumer loan, credit card, auto finance and credit insurance products in the United States, United Kingdom and Canada. In the United States, Household's largest business, founded in 1878, operates under the two oldest and most widely recognized names in consumer finance- HFC and Beneficial. Household is also one of the nation's largest issuers of private-label and general-purpose credit cards, including the GM Card and the AFL-CIO's Union Plus card. For more information, visit the company's Web site at http://www.household.com.
Contact Information:
Best Buy Co., Inc., Minneapolis
Laurie Bauer, 952/947-2450
or
Household
Kathleen Morrison, 847/564-6111
© 2001 BusinessWire
Back to Recent News
Best Buy and Household Extend Relationship with Exclusive Credit Card Alliance
November 19, 2001 09:04:00 AM ET
MINNEAPOLIS & PROSPECT HEIGHTS, Ill.--(BUSINESS WIRE)--Nov. 19, 2001-- Household Becomes Sole Provider of Best Buy Card for More Than Six Million Accounts
Household International HI, the $105 billion (managed assets) consumer lender, announced today that its retail services business has signed a seven-year, exclusive private-label credit card agreement with Best Buy Co., Inc. BBY, the nation's number one specialty retailer of technology and entertainment products. The agreement extends and strengthens Household's long-term relationship with Best Buy.
Early in 2002, Household will become the sole provider of private-label credit cards to all Best Buy stores nationwide and BestBuy.com. As a result, Household will manage Best Buy's six million accounts that represent more than $2 billion in receivables.
"The extension of our agreement with Best Buy is a tribute to the success of our nine-year relationship with this retail leader," said Sandy Derickson, managing director and CEO of Household's retail services business. "Strong relationships with world-class companies like Best Buy position Household at the forefront of the private-label credit card industry."
Household has managed part of Best Buy's branded retail credit card program for nearly eight years. In addition, Household provides Best Buy customers with a number of complementary credit management services. Household manages the financing portion of the BestBuy.com site, where customers can apply for the Best Buy card and immediately make purchases using the card. A program introduced last year allows customers to apply for the Best Buy card and a Household Bank MasterCard simultaneously.
"Over the past nine years, Household has helped Best Buy serve our customers quickly and effectively through its flexible financing programs," said Chris Steele, vice president of Finance Shared Services, Best Buy. "Through our partnership with Household, we will continue to offer a variety of credit products that deliver value to our customers and make shopping easier."
The Best Buy card is administered through Household's retail services business. With more than 220 merchants at 48,000 retail locations in the U.S., U.K. and Canada, and more than 3.6 billion transactions processed annually, Household is one of the nation's largest private-label credit card providers. In addition to Best Buy, Household offers private-label credit cards and sales finance products for a number of retailers and merchants in a wide range of industries including furniture, department store, consumer electronics, specialty discount and apparel. Household also provides financing for dealers in motorcycles, ATVs, personal watercrafts and snowmobiles.
About Best Buy Co., Inc.
Minneapolis-based Best Buy Co., Inc. BBY is the number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances in the U.S. The Company operates retail stores and commercial web sites under the names: Best Buy (BestBuy.com), Magnolia Hi-Fi (MagnoliaHiFi.com), Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,800 retail stores nationwide, in Puerto Rico and in the U.S. Virgin Islands.
About Household
Household's businesses are leading providers of consumer loan, credit card, auto finance and credit insurance products in the United States, United Kingdom and Canada. In the United States, Household's largest business, founded in 1878, operates under the two oldest and most widely recognized names in consumer finance- HFC and Beneficial. Household is also one of the nation's largest issuers of private-label and general-purpose credit cards, including the GM Card and the AFL-CIO's Union Plus card. For more information, visit the company's Web site at http://www.household.com.
Contact Information:
Best Buy Co., Inc., Minneapolis
Laurie Bauer, 952/947-2450
or
Household
Kathleen Morrison, 847/564-6111
© 2001 BusinessWire
Back to Recent News
Last edited by BMF; 01-07-02 at 08:47 PM.
