Can a Best Buy Hardship Program Help With Credit Card Payments?
A Best Buy hardship program or other payment-assistance option may be worth exploring when financial circumstances make it difficult to keep up with your My Best Buy Credit Card payment. Best Buy directs existing cardmembers to Citibank for account servicing, payments and account-specific assistance.
Because hardship options can depend on your individual account and financial situation, there is not one guaranteed payment, interest rate or program length that applies to every Best Buy cardholder.
If your Best Buy credit card debt is only one part of a larger debt problem, nonprofit credit counseling can also help you review your other credit cards, monthly payments and household budget.
Nonprofit Credit Counseling Since 2001
How to Ask About a Best Buy Credit Card Hardship Program
Best Buy directs existing My Best Buy Credit Card cardmembers to Citibank for account management. Therefore, if you are having difficulty making the minimum payment, start by contacting Citi and asking whether Best Buy credit card payment assistance is available for your account.
The Consumer Financial Protection Bureau recommends contacting your credit card company as soon as you believe you may be unable to make the required payment. Before calling, determine how much you can realistically afford each month.
Best Buy lists this Citibank number for My Best Buy Credit Card account information and payments.
You can also use the customer-service information printed on your Best Buy credit card or monthly statement.
Existing cardmembers can review balances, statements and payments through Citibank's online account-management tools.
How Does a Best Buy Hardship Program Work?
Best Buy does not publicly advertise one universal hardship plan with identical terms for every My Best Buy Credit Card account. Because Citibank services the cards, cardholders experiencing financial difficulty should contact Citi to ask what account-specific assistance may currently be available.
Citi's consumer education explains that credit card hardship programs may, depending on the lender and circumstances, involve options such as a lower minimum payment, reduced interest rate, waived late fees or a temporary payment pause. However, those examples do not guarantee that the same concessions will be available for your Best Buy account.
Consequently, ask Citi to explain the exact payment, interest rate, program length, fees and account restrictions before agreeing to a Best Buy credit card payment plan.
Important: Best Buy promotional financing and financial hardship assistance are different. A deferred-interest promotion is a financing feature attached to a qualifying purchase. If the promotional balance is not paid in full before the promotion expires, accrued interest may become due according to the promotional terms.
3 Questions to Ask About Best Buy Credit Card Payment Assistance
A payment arrangement may create breathing room, but the complete terms matter. Ask how an offer affects both your immediate payment and the longer-term cost of your Best Buy credit card debt.
What Will My New Payment Be?
Confirm the required monthly amount, when the new payment begins and whether it changes again later.
Will My Interest Rate or Fees Change?
Ask whether Citi can change your APR, late fees or other account charges and whether any adjustment is temporary.
What Happens to My Card and Promotions?
Find out whether the card remains available for purchases and how an arrangement could affect any existing promotional financing balances.
A Best Buy Hardship Program and Other Ways to Address Credit Card Debt
Your next step may depend on your Best Buy balance, interest rate, household budget and whether this card is your only major debt or one of several high-interest accounts.
Work Directly With Citibank
If your Best Buy card is the primary problem, ask Citi whether your account qualifies for hardship assistance or another account-specific payment option.
Continue Paying on Your Own
If your budget allows larger payments, calculate whether increasing your payment could repay the Best Buy credit card balance within a reasonable period.
Review a Debt Management Program
When several high-interest credit cards are straining your budget, nonprofit credit counseling may help you review whether eligible accounts could benefit from a Debt Management Program.
When a Best Buy Hardship Program May Not Be Enough
A Best Buy credit card hardship program may help with one account without solving a larger monthly cash-flow problem. For example, you may also have balances with several other credit card companies.
In that situation, nonprofit credit counseling can help you review multiple accounts together instead of addressing each payment independently.
Best Buy Hardship Program or a Debt Management Program?
If account-specific Best Buy credit card payment assistance does not address your complete financial situation, nonprofit credit counseling provides another option to explore.
Through a Debt Management Program, participating creditors may provide reduced interest rates, lower required payments or other concessions on eligible accounts. Qualifying clients generally make one scheduled program payment, and the counseling agency distributes funds to the participating creditors.
A traditional DMP is not another debt-consolidation loan. Instead, eligible balances are repaid through a structured program without borrowing additional money.
A Best Buy credit card debt management program option depends on the specific account and Citibank's current creditor guidelines. Therefore, DebtWave should review the account before representing any particular payment or interest rate as available.
DebtWave's Experience Helping Consumers Repay Credit Card Debt
DebtWave has provided nonprofit credit counseling and Debt Management Programs since 2001. The figures below describe DebtWave's broader historical program results and are not Best Buy-specific results.
*Historical completion data is based on DebtWave clients enrolled from 2016 through 2020. Of 14,670 enrolled clients, 10,038 successfully completed their program. These are DebtWave-wide statistics and are not specific to Best Buy or Citibank accounts. Historical results do not guarantee future outcomes. Creditor terms and eligibility vary.
Best Buy Hardship Program vs. a Debt Management Program
A Citi Best Buy hardship program and a Debt Management Program may both address payment pressure, but they work differently. One focuses on your individual Best Buy account, while the other can provide a coordinated strategy for multiple eligible creditors.
| Feature | Best Buy / Citi Assistance | Debt Management Program |
|---|---|---|
| Who provides it? | Citibank, which services the Best Buy credit card | Nonprofit credit counseling agency |
| Accounts addressed | Individual Best Buy credit card account | Multiple eligible participating creditors may be included |
| New loan required? | No | No |
| Payment or APR changes? | Depends on the account-specific assistance Citi offers | Depends on participating-creditor guidelines |
| Budget and debt review? | Not the primary purpose | Included in the credit counseling process |
| Multiple creditors? | Generally focuses on the Best Buy account | Multiple qualifying accounts may be coordinated |
Estimate Your Best Buy DMP Payment and APR
Use DebtWave's Debt Management Plan Calculator to compare your current credit card balances, monthly payments and APRs with estimated program terms.
Calculator results are estimates. Actual Best Buy account eligibility, payments, interest rates and creditor concessions depend on Citibank's current guidelines and the individual account.
Why Consider DebtWave for Best Buy Credit Card Debt Relief?
DebtWave Credit Counseling, Inc. is a 501(c)(3) nonprofit organization that has provided credit counseling, financial education and Debt Management Programs since 2001.
In addition, DebtWave is a member of the National Foundation for Credit Counseling. Speaking with DebtWave does not require you to enroll in a Debt Management Program.
Instead, a counselor can first review your Citibank Best Buy credit card balance together with your other credit cards, interest rates, monthly payments, household income and expenses.
NFCC Member Agency
DebtWave is listed in the National Foundation for Credit Counseling member-agency directory.
Best Buy Hardship Program FAQs
Does Best Buy have a hardship program for credit card debt?
Best Buy does not publicly advertise one guaranteed hardship program with standard terms for every cardholder. Existing My Best Buy Credit Card accounts are serviced through Citibank. Citi discusses credit card hardship programs in its consumer education, so contact Citi to ask what assistance may be available for your particular Best Buy account.
What is the Best Buy credit card hardship phone number?
Best Buy currently lists 1-888-574-1301 for My Best Buy Credit Card account servicing through Citibank. You can also review the number printed on the back of your card or your latest statement.
Who issues the My Best Buy Credit Card?
My Best Buy Credit Cards are issued by Citibank, N.A. Best Buy directs existing cardmembers to Citibank for online account management, payments and phone servicing.
Can Citi lower my Best Buy credit card payment?
Citi's consumer education explains that hardship programs may sometimes involve a reduced minimum payment or other payment assistance. However, a specific reduction is not guaranteed for a Best Buy card, so ask Citi what is available for your account.
Can Citi lower the interest rate on my Best Buy credit card?
A reduced interest rate can be one feature of some credit card hardship arrangements. Nevertheless, Citi does not publish one guaranteed Best Buy credit card lower interest rate that applies to every cardholder. Confirm any rate and its duration before accepting an arrangement.
What if I cannot make my Best Buy credit card minimum payment?
Contact Citibank as soon as possible and explain why you cannot make the minimum payment, how much you can afford and whether you expect the financial difficulty to be temporary or ongoing. The CFPB recommends contacting a card issuer immediately when you anticipate payment difficulty.
Is Best Buy promotional financing a hardship program?
No. Best Buy promotional financing is a purchase-financing feature, while hardship assistance addresses difficulty repaying an existing credit card balance. With deferred-interest financing, interest may become due if the promotional balance is not paid in full before the promotional period ends.
What happens to deferred-interest financing if I need hardship assistance?
Do not assume a hardship arrangement leaves promotional financing unchanged. Ask Citibank specifically how any payment arrangement would affect your promotional balance, deferred interest, payment allocation and promotional expiration date.
Can a Best Buy credit card be included in a Debt Management Program?
Some eligible Citibank-serviced accounts may be able to participate in a Debt Management Program. However, creditor participation and concessions depend on current guidelines and the specific account. DebtWave can review your Best Buy account before you decide whether to enroll.
Will my Best Buy card be closed if I enroll it in a DMP?
Credit card accounts included in a Debt Management Program are generally closed or restricted from additional purchases. Specific treatment can depend on the creditor and account.
Does a Best Buy hardship program forgive credit card debt?
A hardship program generally focuses on making repayment more manageable rather than eliminating the balance. Citi notes that credit card debt forgiveness is rare. Likewise, a traditional Debt Management Program generally focuses on repaying enrolled balances rather than settling them for less than the amount owed.
What if I have Best Buy plus several other credit cards?
A nonprofit credit counseling session can review multiple creditors together. That may be especially useful when your Best Buy payment represents only one part of a larger monthly debt burden.
Is a Debt Management Program another consolidation loan?
No. A traditional Debt Management Program does not replace your balances with a new loan. Instead, qualifying debts are repaid through a structured program administered by a credit counseling organization.
How can I estimate my Best Buy credit card payoff time?
Use DebtWave's Credit Card Payoff Calculator to compare your balance, APR and monthly payment and estimate how long repayment may take.
How can I estimate Debt Management Program terms?
Use DebtWave's Debt Management Plan Calculator to compare your current credit card terms with estimated DMP terms. Final Best Buy/Citibank eligibility and creditor terms may differ from the calculator estimate.
Compare Your Best Buy Credit Card Debt Relief Options
If your Best Buy credit card payment has become difficult to manage, start by asking Citibank about account-specific payment assistance. However, when several credit cards are putting pressure on your budget, reviewing your complete financial situation may provide a clearer path forward.
DebtWave can provide a free financial review and help you compare paying the debt yourself, creditor hardship assistance and a Debt Management Program.
DebtWave Credit Counseling, Inc. is not affiliated with or endorsed by Best Buy Co., Inc., Citibank, N.A. or their affiliates. Best Buy, My Best Buy, Citi and related trademarks belong to their respective owners. Best Buy/Citibank hardship assistance, eligibility, promotional financing terms and account terms may change. Debt Management Program eligibility, creditor participation, interest rates, payments and concessions vary by creditor and individual account. Historical DebtWave results are not Best Buy-specific unless expressly identified otherwise and do not guarantee future outcomes. DebtWave is a 501(c)(3) nonprofit organization and does not lend money.