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Best Buy Credit Card Review

Written by Mike Pearson
Updated June 11, 2023

The Best Buy Credit Card offers valuable rewards to its cardholders, making it an appealing option for those who frequently shop at the popular electronics store. With its unique reward system that provides gift certificates, this card is worth considering if you pay off your balance in full each month and have a penchant for shopping at Best Buy.

This card comes in different variations, such as Gold and Platinum, each with different annual fees and benefits. When applying, applicants are typically considered for the My Best Buy Visa Card. The rewards earned on this card can be as high as 2.5X points per $1 spent on Best Buy purchases, both in-store and online.

By opting for the Best Buy Credit Card, customers can benefit not only from the generous rewards on Best Buy purchases, but also from various financing options for large electronic purchases. This can be especially advantageous for those looking to make big-ticket buys and earn rewards on their everyday spending.

Best Buy Credit Card Overview

My Best Buy Credit Card

The My Best Buy Credit Card is a store card that offers rewards specifically for Best Buy purchases. This card is mainly targeted at frequent Best Buy customers who want to make the most of their shopping. The primary feature of this card is the ability to earn 5% back on Best Buy purchases in the form of Best Buy gift certificates. Primarily intended for use at Best Buy stores and, this card does not charge an annual fee.

Here are some key highlights of the My Best Buy Credit Card:

  • Earn 5% back on Best Buy purchases
  • Only for use at Best Buy stores and
  • No annual fee

My Best Buy Visa

The My Best Buy Visa is a co-branded credit card with Visa that offers a broader range of benefits and can be used anywhere Visa is accepted. This card comes in two versions: Visa Platinum and Visa Gold. Individuals with Good to Excellent credit scores may be approved for the Visa Platinum version, which has no annual fee. Meanwhile, the Visa Gold version has an annual fee of $0- $59 depending on the cardholder’s creditworthiness.

With the My Best Buy Visa, cardholders can earn additional rewards on purchases made outside of Best Buy. Here are the key highlights of the My Best Buy Visa card:

  • Use anywhere Visa is accepted
  • Earn 2.5X points per $1 spent at Best Buy (both in-store and online)
  • Earn additional rewards on purchases made outside of Best Buy
  • Visa Platinum version: no annual fee
  • Visa Gold version: $0 – $59 annual fee

By offering both store card and Visa versions, Best Buy provides credit card options that cater to different needs and preferences. Both cards reward loyal Best Buy customers with the potential for significant savings, while the My Best Buy Visa offers additional benefits and flexibility in a wider range of spending categories.

Benefits and Rewards

The Best Buy credit card has enticing benefits for its cardholders. In this section, we will discuss the various ways in which cardholders can earn points, gain rewards, and maximize their use of this card.

Earning Points

The points system for the Best Buy credit card is simple. For every dollar spent on Best Buy purchases, you can earn:

  • 5% back in rewards: Earn 2.5 points per $1 spent on Best Buy purchases
  • 3% back in rewards: Earn 1.5 points per $1 spent on grocery and furniture purchases
  • 2% back in rewards: Earn 1 point per $1 spent on dining and gas station purchases
  • 1% back in rewards: Earn 0.5 points per $1 spent on all other purchases

As a bonus, new cardholders can earn 10% back in rewards on their first Best Buy purchase.

Reward Certificates

As you accumulate My Best Buy points, you can redeem them for reward certificates. These certificates can be used on both in-store and online Best Buy purchases. For every 250 points earned, you will receive a $5 reward certificate.

With the available rewards system, Best Buy credit card users can easily earn cash back on their everyday purchases and redeem them towards their next big purchase at Best Buy. Remember, using the card responsibly and paying the balance in full every month is key to benefiting from these rewards without incurring high interest or carrying debt.

Financing Options

When it comes to financing options, the Best Buy credit card offers two prominent alternatives for customers looking to make large purchases and pay them off over time. These options are specifically designed to provide flexibility, allowing cardholders to choose the payment plan that best suits their needs without compromising on their financial goals.

0% Intro APR Financing

The 0% Intro APR financing option is an appealing feature for those who wish to avoid paying interest on their purchases for a limited time. This promotional APR period typically lasts for 12 to 24 months, depending on the specific offer at the time of application. During this time, cardholders can enjoy interest-free financing on their Best Buy purchases, allowing them to pay off their balance gradually without incurring additional costs.

It’s essential to keep in mind that to maintain the 0% Intro APR, cardholders must make all their monthly minimum payments on time. Failing to do so may result in the termination of the promotional APR period, and the standard APR will be applied to the remaining balance.

Deferred Interest Financing

Alternatively, the Best Buy credit card offers deferred interest financing on eligible purchases. This option allows cardholders to pay no interest if they succeed in paying off their entire balance in full within the specified promotional period. The promotional period can also range from 12 to 24 months, depending on the promotion and the purchase made.

With deferred interest financing, it’s crucial to understand that if the balance is not paid in full by the end of the promotional period, the cardholder will then become responsible for paying the total accumulated interest charges from the initial purchase date at the card’s standard APR.

Both financing options provide cardholders with the flexibility to manage their Best Buy purchases strategically. Choosing the most suitable option depends on one’s ability to pay off the balance within the given timeframe and their preference for interest-free or deferred interest financing, keeping in mind the potential consequences and costs associated with each choice.

Fees and Interest Rates

The My Best Buy Credit Card comes with various fees and interest rates that you need to consider before deciding to apply for the card.

The card’s Annual Percentage Rate (APR) is quite high at 31.24% (V), which is variable and subject to change based on the Prime Rate. Keep in mind that the higher the APR, the more you’ll pay in interest for any outstanding balance.

This credit card does not have an annual fee, making it more attractive to those who prefer avoiding yearly charges. However, it comes with other fees you should be aware of:

  • Balance transfer fee: Best Buy Credit Card does not offer the option to transfer balances, therefore there is no balance transfer fee.
  • Cash advance fee: For those considering cash advances, be prepared to pay the greater of either $10 or 5% of the amount advanced.
  • Foreign transaction fee: One downside to the card is the fee for foreign transactions, which stands at 3% of the converted transaction amount.

When it comes to interest charges, it’s crucial to know that the card has a deferred interest clause in its financing plans. This means that if you’re taking advantage of special financing offers and fail to pay off the entire balance by the end of the promotional period, you’ll be charged interest for the full amount from the purchase date, rather than just on the remaining balance.

In summary, the My Best Buy Credit Card might be worth it for those who shop frequently at Best Buy and pay off their balance in full each month to avoid the high interest charges. However, be cautious of the deferred interest clause and foreign transaction fees if you plan to use the card for purchases outside the United States or financing larger purchases. Make sure to review the terms and conditions for full details on fees and interest rates.

Eligibility and Creditworthiness

When considering the Best Buy credit card, one of the main factors to evaluate is your eligibility and creditworthiness. To open an account, you need to have a strong credit history and score. Most cardholders should have good to excellent credit, with a credit score in the range of 670 or higher.

Creditworthiness is essential when applying for a credit card, as it determines your chances of approval and the terms and conditions associated with the card. In the case of the Best Buy credit card, applicants with good to excellent credit scores tend to have a higher chance of approval.

It is also worth noting that there are two basic types of Best Buy credit cards: the standard store card and the My Best Buy Visa card. While both cards require a minimum of fair credit, the My Best Buy Visa card has slightly stricter credit requirements as it can be used anywhere Visa is accepted, unlike the standard store card, which is honored only at Best Buy stores.

Your account opening process, whether completed in-store or online, plays a vital role in determining the version of the card offered to you. You will not have control over which card you receive, as this decision will be based on your creditworthiness.

When it comes to maintaining good credit, it’s crucial to pay your balance in full every month and regularly monitor your credit score and report to ensure accurate information. This responsible approach will help increase your credit score and make you a more attractive candidate for future credit applications.

In conclusion, to be eligible for the Best Buy credit card, it is essential to have a good credit history and creditworthiness. Meeting these requirements will improve your chances of receiving favorable card terms and conditions, making it a beneficial financial tool for regular shoppers at Best Buy.

Using Your Best Buy Credit Card

Best Buy credit cards can provide many benefits to consumers and make shopping both rewarding and convenient. This section will cover the various ways to use your card and how to maximize its potential, focusing on In-Store and Online Purchases, as well as Additional Categories.

In-Store and Online Purchases

Using your Best Buy credit card for purchases at their locations or online can earn you up to 2.5X points per $1 spent depending on your My Best Buy membership status. Some purchases that can earn points include:

  • Electronics
  • Appliances
  • Home theater items
  • Unlocked phones
  • Select exercise equipment

When shopping in-store, simply present your Best Buy credit card at the checkout counter. For online purchases, simply use your card as the payment method during the checkout process.

Additional Categories

Beyond Best Buy purchases, cardholders can also earn rewards for using their card in other common spending categories such as:

  • Restaurants
  • Grocery stores
  • Gas stations

Each category may have different earning rates, so it is crucial to consult the card’s terms and conditions to ensure you are maximizing your rewards. However, balance transfers and payments made at certain bars and dining establishments may not qualify for rewards.

Remember to take advantage of the different reward-earning opportunities and enjoy the many perks that come with using your Best Buy credit card.

Managing Your Account

Managing your Best Buy credit card account is simple and can be done through various methods such as mobile app, online banking, phone, and mail.

Mobile App: Best Buy offers a mobile app that allows cardholders to manage their account on the go. With the app, you can view your balance, transaction history, and make payments. Additionally, you can set up customized account alerts to stay informed about important notifications. The app is available for both iOS and Android devices.

Online Banking: By creating an online account on the Best Buy website, cardholders can access their account 24/7. The online portal offers several features such as viewing statements, making payments, and setting up autopay. You can also track your rewards and update your personal information when necessary.

Phone: For those who prefer to manage their account over the phone, Best Buy provides customer service support. By calling the number on the back of your card, you can speak with a representative to make payments, discuss account information, or address any questions or concerns. Automated phone services are also available 24/7 for basic account management.

Mail: Cardholders can make payments by mailing a check or money order to the address mentioned on their billing statement. Ensure to send the payment in advance to avoid late fees as mail can take some time to be processed.

In conclusion, managing your Best Buy credit card account is convenient with the multiple options provided. Choose the method that best suits your needs and enjoy the benefits of your card.

Additional Information and User Reviews

The Best Buy® Credit Card offers a variety of rewards and benefits to cardholders. It has several types, including the My Best Buy® Visa® Card and the Best Buy® Store Card. The My Best Buy® Visa® Card is an open-loop card, which means it can be used anywhere that accepts Visa, while the Best Buy® Store Card is a closed-loop card and can only be used for purchases at Best Buy.

Cardholders can earn reward points on eligible purchases made with their My Best Buy® Visa® Card or Best Buy® Store Card. For every $1 spent on Best Buy purchases, users can earn 5% back in the form of Best Buy gift certificates, which can be redeemed for various products and services. Elite Plus members can earn even more, receiving 6% back on their Best Buy purchases.

My Best Buy® Credit Card has no annual fee, making it an attractive option for frequent shoppers at Best Buy. The interest rates for these cards can be on the higher side, with a regular APR of around 31.24% variable for the Visa card. However, if you pay your balance in full each month, you can avoid paying interest altogether.

Deferred interest details are an important aspect to consider when using the Best Buy® Credit Card. Deferred interest is applied to certain purchases, such as promotional financing offers, meaning that if you don’t pay off the balance within a specified time period, you could end up being charged interest on the whole amount retroactively. It is essential to be aware of any deferred interest promotions and pay off the balance accordingly to avoid additional charges.

Customers also appreciate the rewards offered by the My Best Buy® Credit Cards. Cardholders can receive an initial rewards bonus on their first day of using the card, along with various discounts and promotional offers based on merchandise type. These incentives make the card particularly beneficial for those who frequently purchase electronics and other items from Best Buy.

In terms of user reviews, the Best Buy Credit Card has received a rating of 4.0 out of 5 on WalletHub. It is considered a good card for those who pay their bill in full every month and regularly shop at Best Buy. Besides, it offers a grace period, enabling cardholders to pay off their balance without accruing interest.

However, potential cardholders should be aware of certain fees, such as cash advance fees, associated with the credit card. Additionally, not all purchases qualify for rewards, as some items are excluded, like tax and net purchases. Overall, it is essential to evaluate the Best Buy® Credit Card based on your shopping habits and financial needs to determine if it’s a good fit for you.

Frequently Asked Questions

Average credit score needed?

The Best Buy credit card typically requires a good to excellent credit score for approval. This generally means a credit score of 670 or higher.

Builds credit?

Yes, using the Best Buy credit card responsibly can help you build credit. Just like any other credit card, if you make your payments on time and keep your credit utilization low, it will contribute positively to your credit history and help improve your credit score.

Impact on credit score?

The impact of the Best Buy credit card on your credit score depends on how you manage your account. Making timely payments and maintaining low balances relative to your credit limit will positively affect your credit score. On the other hand, late payments, high balances, or maxing out your card can have a negative effect on your credit score.

Approval ease?

While the exact approval standards for the Best Buy credit card are not publicly accessible, having a good to excellent credit score will increase your chances of getting approved. Keep in mind that the approval process also takes other factors into account, such as your income, employment status, and current debt levels.

Application process?

You can apply for a Best Buy credit card either in-store or online. The application process includes providing personal information such as your name, address, Social Security number, income, and employment details. After submitting your application, you may receive an immediate decision or be asked to provide additional information.

Where can it be used?

The My Best Buy Visa credit card can be used at Best Buy stores,, and anywhere Visa is accepted. This provides greater flexibility compared to the store-only version, which can only be used for Best Buy purchases.

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Mike Pearson

Mike is a recognized credit expert and founder of Credit Takeoff. His credit advice has been featured in Investopedia,, Bankrate, Huffpost, The Simple Dollar, Reader's Digest, LendingTree, and Quickbooks. Read more.