After cutting its ties with Chase Bank, Best Buy recently announced that its private-label credit card portfolios will now be managed by Desjardins Group. The move also applies to Future Shop, a subsidiary of Best Buy.
The Chase-managed Best Buy Reward Zone Visa will be deactivated at the end of February and the new Best Buy-Desjardins partnership will take effect on April 15.
No New Rewards Offerings
The new Best Buy and Future Shop private label cards will not offer reward programs. “Their main purpose is to offer financing options on purchases,” says Philip Ward, managing director of commercial business development for Desjardins Card and Payment Services. Ward says the benefit to customers using the cards is unique.
“Customers shopping at these stores will be able to take advantage of Desjardins’ Accord D financing solution,” Ward explains. “Accord D financing is a second credit limit, that does not affect the current one, that carries a different interest rate on a Desjardins card. Customers will be able to benefit from various promotions, like 0 per cent interest financing with equal monthly payments or deferred financing.”
Ward provided a few other card details:
- Competitive interest rates as low as 19.9 per cent for regular purchases
- Additional card free of charge
- Principal payments allowed at any time without penalty
The two cards will not carry Desjardins branding but will be offered on its website, in addition to Best Buy and Future Shop sites and retail locations.