Best Buy Credit Card: Best buy (BBY) is a consumer electronics retail chain with over 1,000 locations and approximately 100,000 employees across the United States and Canada. Best Buy offers a variety of products through its nationwide network of stores and online, including home appliances, computers, cell phones, gaming systems, audio systems, hardware, software and entertainment products.
Like many national retailers, Best Buy offers customers credit financing options that include credit cards. Best Buy offers both a store credit card and a co-branded general purpose Visa credit card to consumers that allow the choice of earning rewards or taking advantage of special financing terms.
Key points to remember
- The My Best Buy Credit store card is issued by Citibank and can be used online or in-store at Best Buy and its affiliates and earns 5% rewards at Best Buy.
- The My Best Buy Visa Card is a general purpose credit card issued by Citibank that can be used anywhere and offers 5-6% rewards on Best Buy purchases, 3% on gas purchases, 2 % on grocery and restaurant purchases, and 1% on everything else.
- You need fair or better credit to be approved for a My Best Buy store card. The better your credit, the more likely you are to be offered the My Best Buy Visa credit card.
- In July 2022, the annual percentage of the My Best Buy card was 28.49%.
How My Best Buy Credit Cards Work
My Best Buy credit cards can be applied for online or at a Best Buy store. While the My Best Buy Visa card can be used and earn rewards anywhere, the My Best Buy Credit store card can only be used at a Best Buy store or on BestBuy.com.
Like many store cards, the My Best Buy card offers rewards and benefits like promotional financing for purchases made through Best Buy. It offers the high standard annual percentage rate of charge (APR) of most store credit cards and requires the issuance of fair or better credit. The Visa co-branded version of the card also carries high interest rates, unless promotional financing is used for larger purchases.
Rewards and Benefits
The main advantage of the My Best Buy credit card is that it offers 5% back in rewards to its cardholders.
The My Best Buy credit card also includes deferred interest promotional offers, which means that you pay no interest if your balance is paid in full before the end of the promotional period. However, if promotional funding is used, no rewards are earned on the funded amount.
Purchases of $299 or more are eligible for 12 months interest free, provided the item is paid for in full within those 12 months. If not paid in full, interest is compounded from the date of purchase.
The terms and conditions published by the card issuer, Citibank, list other promotional financing, including:
- 24 months interest free (no minimum amount specified)
- 36 months interest free (no minimum amount specified)
- No interest if paid in full by a specified date (no minimum amount specified)
If you are interested in making a large purchase, it may be possible to obtain one of these longer, unadvertised, promotional deferred interest rates by speaking with a Best Buy employee or manager.
Rewards can only be redeemed in the form of a Rewards Certificate, which can only be used at Best Buy or one of its affiliates.
My Best Buy Credit Card Alternatives
If you’re considering getting a My Best Buy credit card to finance a major purchase at Best Buy, there are other cards that offer 0% APR promotional interest rates for longer terms, plus promotional 0% interest rates with a cashback bonus.
US Bank Visa Platinum offers 0% interest for 20 billing cycles (two months longer than Best Buy’s longest advertised period).
The Chase unlimited freedom The credit card offers 0% APR for 15 months, $200 cashback bonus once you spend $500 in purchases within the first three months of account opening, and 1.5% cash back on everything. You can redeem your points for direct cash back or through the Chase the Ultimate Rewards program.
The Capital One SavorOne Rewards credit card offers 0% APR for 15 months and a $200 cash back bonus once you spend $500 on purchases within the first three months of account opening. And you earn 3% cash back on dining, entertainment and groceries and 1% on everything else.
|My best shopping card compared to alternatives|
|Map||My Best Buy (Funded)||My best buy (unfunded)||American bank platinum||Chase unlimited freedom||CapitalOne|
|Awards||$0||$75 (rewards certificate redeemable only at Best Buy)||$0||$222.50 (cash back or ultimate rewards)||$215 (cash back)|
|APR||0% APR for 18 months||28.49%||0% APR for 20 billing cycles||0% APR for 15 months||0% APR for 15 months|
My Best Buy Credit Card Terms and Conditions
Like any credit card, the My Best Buy credit card includes terms and conditions that should be thoroughly reviewed. Terms and conditions include APR, late payment fees, penalties, and other useful information. The following information is updated for the My Best Buy credit card as of July 2022:
- APR: 28.49%
- Late payment fees: up to $41 for consumers who do not make the minimum payment by the due date
- Grace period: At least 25 days
- Minimum interest charges: $2
- Annual fees: $0
Who should consider the My Best Buy credit card?
People looking to make a large purchase at Best Buy in a single day, to take advantage of the one-time 10% reward or 0% promotional interest rate financing options, should consider a My Best Buy credit card. So anyone who shop at Best Buy frequently enough for the higher rewards rate of a My Best Buy credit card (5% to 6%) as opposed to a standard 1% cash back credit card % to 3%, is worth it. hassle of rewards issued only in the form of rewards certificates.
Like many store credit cards, Best Buy issues rewards this way to keep customers coming back and spending money so they can use their certificates. People considering this credit card should carefully consider whether they will spend more than expected due to the rewards certificate system.
What are the prices for my Best Buy cards?
As of July 2022, My Best Buy Credit store cards carried interest charges at the annual percentage rate of charge (APR) with variable rates from 23.24% to 27.99% and fixed rates from 9% to 24, 34%. My Best Buy Visa cards were issued with variable rates from 10.74% to 27.99% and non-variable rates from 9.99% to 20.24%.
What is the difference between the My Best Buy Visa card and the My Best Buy Credit Store card?
The My Best Buy Visa card can be used anywhere and provides rewards on purchases made anywhere. The My Best Buy Credit store card can only be used at Best Buy and only earns rewards on purchases made at Best Buy.
Where can I get the My Best Buy store credit card?
You can get the My Best Buy credit card in-store at Best Buy or online at BestBuy.com.
What type of credit is required for My Best Buy cards?
Fair or better credit is required to be approved for a My Best Buy Credit store card. The higher your credit, the more likely you are to be approved for the My Best Buy Visa card.
My Best Buy Credit Card and My Best Buy Visa Card have the same high interest rates as most others store credit cards have. The rewards system is decent at 5% back but can only be redeemed as a rewards certificate at Best Buy, making it a less attractive card to the general consumer than a standard cash rewards system.
The My Best Buy card is a good choice if you’re looking to finance a big purchase, like redoing appliances in your living room, or if you’re someone who shops at Best Buy often enough that the 5% cashback at Best Buy is worth it. disadvantage of the rewards certificate system.