Best Buy Credit Card: What You Need to Know Before Applying in 2024

Before you apply for the Best Buy credit card, learn about the benefits, fees, and requirements to make an informed decision.

If you're a tech enthusiast or frequently shop at Best Buy, you may have come across the Best Buy credit card. But is it worth getting? In this article, we'll provide an in-depth review of the Best Buy credit card, including its benefits, drawbacks, fees, and rewards program. We'll also compare it to other credit cards in the market to help you decide whether the Best Buy credit card is good for you.

Overview of the Best Buy Credit Card

Before diving into the details, let's first understand what the Best Buy credit card is all about. The Best Buy credit card is a store card that's issued by Citibank and can only be used at Best Buy stores or online. There are two types of Best Buy credit cards: the My Best Buy credit card and the My Best Buy Visa card. The My Best Buy credit card is a store card, while the My Best Buy Visa card can be used anywhere that accepts Visa.

What are the benefits of the Best Buy Credit Card ?

If you're a frequent shopper at Best Buy, the Best Buy credit card can provide some significant benefits, such as:

Special Financing Offers

One of the main benefits of the Best Buy credit card is the special financing offers. Best Buy often provides promotional financing offers on purchases made with the Best Buy credit card. These offers may include no interest if paid in full within a specified period or reduced APR. For instance, if you make a purchase of $399 or more, you can get six months of special financing.

Rewards Program

The Best Buy credit card also has a rewards program that can earn you points on every purchase you make. You'll earn 5% back in rewards for every dollar spent at Best Buy or BestBuy.com. If you have the My Best Buy Visa card, you'll also earn 3% back in rewards on gas purchases, 2% back on dining and grocery purchases, and 1% back on all other purchases.

Free Shipping

Another benefit of the Best Buy credit card is free standard shipping on purchases made at Best Buy or BestBuy.com.

What are the drawbacks of the Best Buy Credit Card ?

While the Best Buy credit card has its benefits, it also has some drawbacks, such as:

High APR

The Best Buy credit card has a high APR of 25.24%, which can quickly add up if you carry a balance.

Limited Use

The Best Buy credit card can only be used at Best Buy stores or online, which may not be ideal if you're looking for a credit card that can be used at multiple retailers.

Late Fees

If you miss a payment or make a late payment, the Best Buy credit card charges a late fee of up to $40, which can be costly.

What are the fees of the Best Buy Credit Card ?

Like all credit cards, the Best Buy credit card has some fees that you should be aware of, such as:

Annual Fee

The annual fee for the My Best Buy credit card is $0, while the annual fee for the My Best Buy Visa card is $59.

Cash Advance Fee

The Best Buy credit card charges a cash advance fee of either $10 or 5% of the advance amount, whichever is greater.

Balance Transfer Fee

If you transfer a balance to the Best Buy credit card, you'll be charged a balance transfer fee of either $5 or 5% of the transfer amount, whichever is greater.

Is the Best Buy Credit Card Good?

Now that we've covered the benefits, drawbacks, and fees of the Best Buy credit card, let's answer the question: is the Best Buy credit card good? The answer depends on your needs and spending habits. If you're a frequent shopper at Best Buy and can take advantage of the special financing offers and rewards program, then the Best Buy credit card may be a good choice for you. However, if you're looking for a credit card that can be used at multiple retailers or has a lower APR, then the Best Buy credit card may not be the best option.

Overview of Best Buy Visa Credit Card

The Best Buy Visa credit card is a co-branded credit card that's issued by Citibank. It's designed specifically for Best Buy customers and can be used both in-store and online. Here are some key features of the card:

• Rewards program: Cardholders earn rewards points on all purchases made with the card. Points can be redeemed for Best Buy gift cards, free electronics, and other rewards.
• Special financing options: Cardholders can take advantage of special financing options on certain purchases. For example, you may be able to get 0% financing for 12 months on a new TV or appliance.
• No annual fee: The Best Buy Visa credit card doesn't charge an annual fee, so you won't have to worry about paying extra just to use the card.
• Interest rates: The interest rate on the card can vary depending on your credit score and other factors. It's important to read the terms and conditions carefully to understand what interest rate you'll be charged.

Benefits of Best Buy Visa Credit Card

Now that we've covered the basics of the Best Buy Visa credit card, let's take a closer look at some of the benefits that come with the card.

Rewards Program

The rewards program is one of the biggest benefits of the Best Buy Visa credit card. Cardholders earn 5% back in rewards on all Best Buy purchases (excluding gift card purchases). This can be a great way to earn points for future purchases at Best Buy. Plus, you can earn 2% back in rewards on dining and grocery purchases, and 1% back on all other purchases.

Special Financing Options

Another benefit of the Best Buy Visa credit card is the special financing options that are available. Depending on the purchase, you may be able to get 0% financing for 12 months or longer. This can be a great way to make a large purchase, such as a new TV or appliance, without having to pay interest for a year or more.

No Annual Fee

The fact that the Best Buy Visa credit card doesn't charge an annual fee is also a big plus. This means that you won't have to worry about paying extra just to use the card. Plus, the rewards and special financing options can help offset the cost of any interest charges you may incur.

Drawbacks of Best Buy Visa Credit Card

While the Best Buy Visa credit card has many benefits, there are also some drawbacks to consider before applying for the card.

High-Interest Rates

The interest rate on the Best Buy Visa credit card can be quite high, especially if you have a lower credit score. This means that if you don't pay off your balance in full each month, you could end up paying a lot in interest charges over time. It's important to read the terms and conditions carefully and make sure you understand what interest rate you'll be charged.

Limited Rewards Redemption Options

While the rewards program can be a great way to earn points for future purchases, the redemption options are somewhat limited. You can only redeem rewards points for Best Buy gift cards or select merchandise. This means that if you're looking for more flexibility in how you use your rewards points, this may not be the best card for you.

Lack of Benefits for Non-Best Buy Purchases

While the rewards program is generous for Best Buy purchases, the rewards for other purchases are less impressive. You only earn 2% back in rewards on dining and grocery purchases, and 1% back on all other purchases. If you're looking for a credit card that offers more rewards for non-Best Buy purchases, you may want to consider a different card.

Is the Best Buy Visa Credit Card Worth It?

So, is the Best Buy Visa credit card worth getting? It depends on your spending habits and priorities. If you're a frequent shopper at Best Buy and want to take advantage of the rewards program and special financing options, this card could be a good choice for you. However, if you're looking for a credit card with more flexible rewards redemption options or better rewards for non-Best Buy purchases, you may want to look elsewhere.

Comparison to Other Credit Cards

To help you make a more informed decision, let's compare the Best Buy credit card to other credit cards in the market.

Best Buy Credit Card vs. Chase Freedom Unlimited

The Chase Freedom Unlimited is a popular cashback credit card that offers unlimited 1.5% cash back on all purchases. It also has a 0% intro APR for the first 15 months on purchases and balance transfers. While the Best Buy credit card offers 5% back in rewards on purchases made at Best Buy or BestBuy.com, the Chase Freedom Unlimited can be used at any retailer and offers a more competitive cashback rate on all purchases.

Best Buy Credit Card vs. Citi Double Cash

The Citi Double Cash is another cashback credit card that offers 2% cash back on all purchases - 1% when you make a purchase and 1% when you pay it off. It also has a 0% intro APR for the first 18 months on balance transfers. While the Best Buy credit card offers 5% back in rewards on purchases made at Best Buy or BestBuy.com, the Citi Double Cash offers a higher cashback rate on all purchases and a longer intro APR period for balance transfers.

How to Apply for a Best Buy Credit Card ?

Now that you know the benefits and types of Best Buy Credit Card, let's move on to the application process.

Step 1: Check Your Eligibility

Before applying for a Best Buy Credit Card, you should make sure that you meet the eligibility requirements.

• You must be 18 years or older
• You must have a valid Social Security number
• You must have a valid government-issued photo ID
• You must have a U.S. mailing address

Step 2: Fill Out the Application Form

To apply for a Best Buy Credit Card, you can either visit a Best Buy store or apply online. The online application process is quick and easy.

• Go to Best Buy's website and click on "Credit Cards" at the bottom of the page.
• Select the type of card you want to apply for.
• Fill out the application form with your personal information, including your name, address, phone number, and Social Security number.
• Read and accept the terms and conditions.
• Submit your application.

Step 3: Wait for Approval

After submitting your application, you will receive a decision within minutes. If you are approved, you will receive your card in the mail within 7-14 business days.

Best Buy Credit Card

Conclusion

In conclusion, the Best Buy credit card can be a good choice for frequent shoppers at Best Buy who can take advantage of the special financing offers and rewards program. However, if you're looking for a credit card that can be used at multiple retailers or has a lower APR, then there may be better options in the market. Be sure to weigh the benefits and drawbacks of the Best Buy credit card and compare it to other credit cards before making a decision.

FAQs about Best Buy Credit Cards

Read our ultimate guide to Credit Cards: The Ultimate Guide to Financial Freedom 2023