If you're looking to finance your next purchase from Best Buy, you may want to consider one of the brand's two credit card options. Both cards offer a generous rewards system and promotional financing that can help you keep more of your hard-earned cash in your pocket.
My Best Buy Credit Card
My Best Buy Credit Card is a store branded card that can be used at the brand's brick-and-mortar locations, as well as online at BestBuy.com. It cannot be used to make purchases anywhere else.
Cardholders earn 5 percent back on qualifying Best Buy purchases. This is equivalent to 2.5 points for every $1 spent. If you spend $3,500 or more, you automatically become an Elite Plus member and your earning potential increases to 6 percent.
Upon approval, you will also earn 10 percent in rewards on your first purchase. Points can be redeemed for a $5 rewards certificate once the balance reaches 250.
Unfortunately, the standard APR is a whopping 25.90 percent. However, interest-free financing is available on select purchases of $199 or more. These include:
Storewide purchases: No interest for 6 or 18 months on purchases of at least $199 or $479, respectively
Major appliances: No interest for 18 months on purchases of $479 or more
Store theater purchases: No interest for 24 months on purchases of $799 or more
A word of caution: the promotional financing offers can be costly if you fail to pay the balance in full before the interest-free period ends. Therefore, make arrangements to pay off the card or you will spend more in the long-run.
My Best Buy Visa
My Best Buy Visa can be used at Best Buy and any other business where Visa is accepted. You should also be aware that there are two variations of the Visa Card: My Best Buy Visa Gold and My Best Buy Visa Platinum. Both cards offer the same benefits, but the latter is reserved for applicants with good credit.
Unlike the store branded credit card, cardholders also earn rewards on purchases made outside of Best Buy. The tiered reward system is as follows:
5 percent or 2.5 points for every $1 spent on qualifying Best Buy purchases (6 percent for Elite Plus members)
2 percent or 1 point for every $1 spent on qualifying dining and grocery purchases
1 percent or 1 point for every $2 spent on all other purchases (excluding Pacific Sales Kitchen & Home Stores)
The 10 percent rewards bonus on your first purchase is also available to My Best Buy Visa cardholders.
Interest and Fees
My Best Buy Visa Cards are also accompanied by an exorbitant APR of 25.90 percent, but the promotional financing program discussed earlier is available to cardholders. The cash advance APR is 28.24 percent. An annual fee of $59 applies to My Best Buy Visa Gold accounts. Platinum cardholders do not pay an annual fee.
Compare Your Options
|My Best Buy Credit Card||My Best Buy Visa Card|
*Promotional Financing Available
28.24% (cash advances)
*Promotional Financing Available
|Rewards|| || |
|Annual Fee||$0|| |
How to Apply
To apply online for a store branded or VISA Best Buy credit card, visit BestBuy.com and click 'Apply Online.' You will have to set up an account using your email address and a password of your choice, then log in to enter details that will be used to determine if you qualify. Alternately, you can call 1-888-237-8289 to apply by phone.
Upon approval, you will be offered the option that you are most qualified for, which is determined by creditworthiness. If you don't receive an immediate response, you can check your application status online by logging in with your email address and previously selected password.
Is A Best Buy Credit Card Right for You?
The rewards system on both the store card and the Visa card can be a lucrative benefit for customers who regularly shop at Best Buy. Even better, Best Buy offers bonus rewards categories throughout the year to help consumers earn even more points. However, the card can be quite expensive for those who carry a balance beyond the interest-free financing options due to the high interest rate.
You may want to consider other credit card options if you only shop at Best Buy on occasion since there are an assortment of credit cards on the market that will likely be more beneficial to you. Consider credit cards with no annual fee, extended introductory offers, and generous rewards or cash back earning potential.