Tag Archives: Target credit card

Best Buy & Target Terminating Your Credit Card?

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f you have a Best Buy Visa card – you need to pay attention. Best Buy (that includes Future Shop as they own them) has announced that they’re cutting long time ties with Chase for their Reward Zone Visa. They’re switching their credit cards to Desjardins, a Quebec based credit union, in April joining the Source, Rona, Staples and others…

Because they’re switching carriers, Best Buy announced their credit card will be deactivated the end of February. You’re not automatically getting a Desjardin Visa card because they’re different companies. You’d have to apply all over again if you want the new card.

That will drop your credit score and credit rating! The card will now go to a zero limit since it’s deactivated. THE biggest part of your credit score is the percentage of limits versus balances! Your total credit card balances need to be below 30% of your total limits or your score starts dropping. If you owe more than 50% of your limits, it’ll plummet. If that applies to you, you HAVE to apply for any other Visa or MasterCard BEFORE the end of February – before your credit score drops. You should have two or three major credit cards owing less than 30% of your limits! Do the math and email me if you don’t understand the math or the trouble that could be coming your way thanks to Best Buy.

The same thing applies to bankrupt Target in Canada. Their Visa is through Royal Bank. No more Target means no more Target Visa. Before it’s terminated on you and the corresponding credit limit removed, you’ll need to replace that limit. If you choose to stay with the Royal, call them and it’ll be a simple swap to another card. If not, you need to apply somewhere else online.

Do remember that you need to get or keep your percentage owing to less than 30% of your limits. If you regularly pay off, or pay down, your cards, and already have two major credit cards –  you don’t need to worry!

What’s Your Bank Balance, Gift Cards & Target

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What’s the balance in your checking account? In February 2013, the finance minister of Zimbabwe admitted that the entire public accounts of the country had a balance of $217. Yikes…one of the best examples of a country becoming a basket case because of politics way more than economics.

Target is coming! Many people are pretty excited about the Target launch in Canada. If you’ve shopped at their stores in the U.S. you’ll be very disappointed. Sure, the stores will look the same, but you’re dealing with Canadian duty and prices. Don’t look for the cool US-type deals and prices. They will have the Target debit card and MasterCard. Both will give you 5% off right at the store register. The applications are on the Royal Bank site now. If you think you’ll shop there a lot, it may be worth getting. The rate is 20% like every other regular card but no annual fee.

Gift card heads up: Criminals are now able to get your code number from a gift card. Investigators don’t know how they do it, but it’s happening. You get a gift card and go to the retailer to purchase something only to find out at the register that the card has already been used up. All you’ll get told is that, sorry, nothing they can do – not their problem. Pursue it, report it, and don’t give up. If you’re giving a gift, make it cash. If you have any gift cards, use them up as soon as possible. Better safe than sorry.