Best Buy Credit Card 2024: Review, Benefits, and Comparisons

Explore our in-depth 2024 review of the Best Buy Credit Card. Learn about its features, rewards, financing options, and how it stacks up against other cards. Find out if it's the right card for you.

Introduction

The Best Buy Credit Card is a popular choice for tech enthusiasts and frequent shoppers at Best Buy. In 2024, the card continues to offer a variety of benefits, including rewards on purchases, financing options, and exclusive discounts.

1. Overview of Best Buy Credit Card

The Best Buy Credit Card, issued by Citibank, comes in two versions: the Best Buy Store Card and the Best Buy Visa Card. Both cards offer rewards on Best Buy purchases, but the Visa version also provides rewards on everyday spending outside of Best Buy. Cardholders can choose between earning rewards points or opting for special financing on large purchases.

The My Best Buy Credit Cards at a Glance

My Best Buy® Visa® Card

• Main Benefits:
  • 5% back in rewards (6% for Elite Plus) on Best Buy purchases and flexible financing options
  • 3% back in rewards on gas purchases
  • 2% back in rewards on dining and grocery purchases
  • 1% back in rewards on everyday purchases
  • Limited-time rotating bonus categories (activation required)
• Annual Fee: $0 or $59, depending on the card tier
• APR: 25.24% (variable) unless opting for special financing
• Late Fee: Up to $40

My Best Buy Credit Card

• Main Benefits:
  • 5% back in rewards (6% for Elite Plus) on Best Buy purchases and flexible financing options
• Annual Fee: $0
• APR: 25.24% (variable) unless opting for special financing
• Late Fee: Up to $40

Best Buy has two tiers of consumer credit cards: the Visa cards and the standard card.

Visa cards

Visa cardholders can utilize their card anywhere Visa is accepted. This means that you have the opportunity to earn rewards on more spending, and you also have cash advance and balance transfer options. Additionally, the My Best Buy® Visa® Gold carries a $59 annual fee, while the other cards have no annual fee.

Standard card

Standard cardholders of the My Best Buy card can only utilize the card at Best Buy. This means that you only have the option of 5% or 6% back in rewards and do not qualify for cash advances or balance transfers.

Hot Tip: Shoppers can earn rewards in the form of My Best Buy points, which can only be redeemed at Best Buy shops and on BestBuy.com. Once they have accumulated enough points, they are given a Rewards Certificate.

So how do you know which card to apply for? Technically, you don’t have to — you just submit one application and Citibank decides for you. This can get a little confusing, so we’ll dig deeper in the next section.

Applying for a Best Buy Visa Card

Shoppers can apply for a Best Buy credit card in-store or online. If you choose to apply online, you’ll have to create a BestBuy.com account first.

When you apply for a Best Buy credit card, you simply fill out a single application. Citibank then considers all of your criteria and issues you an appropriate card based on your creditworthiness.

The fine print states you’re considered for these cards in the following order:

1. My Best Buy® Visa® Platinum
2. My Best Buy card
3. My Best Buy® Visa® Gold

So, what credit score do you need for a Best Buy credit card? In general, you’ll need a good credit score to be approved for the top Visa card (generally 700-749). Otherwise, you’ll likely need a fair credit score (generally 660-699) to qualify for the standard Best Buy version.

Upon application review, some people will be approved instantly. However, other applicants for this card may need further review, resulting in a waiting period of up to 7-10 days.

Also, it’s important to note that all applicants should be 18 years of age or older.

2. Key Features and Benefits

2.1 Rewards Program

The Best Buy Credit Card rewards program allows cardholders to earn points on their purchases. These points can be redeemed for Best Buy gift cards, allowing for future discounts on electronics, appliances, and other items available at Best Buy.

• Best Buy Store Card: Earn 5% back in rewards on Best Buy purchases.
• Best Buy Visa Card: Earn 5% back in rewards on Best Buy purchases, plus 3% on gas, 2% on dining and groceries, and 1% on all other purchases.

2.2 Special Financing Options

One of the standout features of the Best Buy Credit Card is its special financing offers. Cardholders can choose from various financing options on qualifying purchases, such as:

• 6-month financing on purchases of $199 and up.
• 12-month financing on purchases of $399 and up.
• 18-month financing on purchases of $599 and up.
• 24-month financing on select purchases.

2.3 Exclusive Discounts and Offers

Cardholders receive exclusive access to special sales events, promotions, and discounts at Best Buy. These offers can provide significant savings on top of the rewards and financing benefits.

3. Rewards Program

The rewards program is one of the primary reasons to consider the Best Buy Credit Card. Points are accumulated based on spending and can be redeemed for Best Buy gift cards. Here's a closer look at how the rewards system works:

• Earning Points: Points are earned on every purchase. The rate varies depending on the type of card and the category of the purchase.
• Redeeming Points: Once enough points are accumulated, they can be redeemed for Best Buy gift cards in increments of $5 for every 250 points.
• Bonus Points: Occasionally, Best Buy offers bonus points promotions, allowing cardholders to earn additional points on certain products or during specific time periods.

4. Financing Options

The Best Buy Credit Card offers a variety of financing options, which can be particularly useful for large purchases. These financing plans allow cardholders to pay off their balance over time without incurring interest, provided they adhere to the terms and conditions. Here are the main financing options available:

• 6-Month Financing: Available on purchases of $199 and up.
• 12-Month Financing: Available on purchases of $399 and up.
• 18-Month Financing: Available on purchases of $599 and up.
• 24-Month Financing: Available on select items, such as major appliances and home theater systems.

It's important to note that if the balance is not paid in full by the end of the financing period, interest will be charged from the date of purchase.

5. Fees and Interest Rates

Understanding the fees and interest rates associated with the Best Buy Credit Card is crucial for making an informed decision. Here is a breakdown of the key fees and rates:

• Annual Fee: $0 for the Best Buy Store Card; $0 or $59 for the Best Buy Visa Card, depending on creditworthiness.
• APR for Purchases: Variable APR ranging from 26.24% to 28.99%, based on creditworthiness.
• Penalty APR: Up to 29.99% if a payment is missed or a credit limit is exceeded.
• Late Payment Fee: Up to $40.
• Returned Payment Fee: Up to $40.

6. Pros and Cons

Pros

• High Rewards Rate: Earn up to 5% back on Best Buy purchases.
• Flexible Financing Options: Multiple financing plans available for large purchases.
• Exclusive Discounts: Access to special sales and promotions.
• No Annual Fee: No annual fee for the Best Buy Store Card and potential for no fee on the Visa Card.

Cons

• High APR: The card has a relatively high interest rate, which can be costly if you carry a balance.
• Limited Reward Redemption: Rewards points can only be redeemed for Best Buy gift cards.
• Annual Fee for Some Visa Cardholders: Some applicants may be subject to a $59 annual fee.

7. Comparison with Other Credit Cards

When deciding whether the Best Buy Credit Card is right for you, it's helpful to compare it with other popular credit cards. Here are a few alternatives:

• Amazon Prime Rewards Visa Signature Card: Offers 5% back on Amazon.com and Whole Foods Market purchases, with additional rewards on other categories.
• Target REDcard: Provides 5% off on Target purchases, free shipping, and extended returns.
• Chase Freedom Unlimited: Earns 1.5% cash back on all purchases, with no annual fee and flexible redemption options.

8. Eligibility and Application Process

Applying for the Best Buy Credit Card is straightforward. Prospective cardholders can apply online or in-store. To be eligible, applicants must meet the following criteria:

• Minimum Age: 18 years old (21 in Puerto Rico).
• Credit Score: While there is no specific credit score requirement, a fair to good credit score (580-740) increases the likelihood of approval.
• Income Requirements: Applicants must demonstrate sufficient income to manage credit card payments.

9. Frequently Asked Questions

10. Conclusion

The Best Buy Credit Card is an excellent option for frequent Best Buy shoppers, offering substantial rewards, flexible financing options, and exclusive discounts. However, its high APR and limited reward redemption options may not suit everyone. By understanding its features, benefits, and potential drawbacks, you can make an informed decision about whether this card aligns with your spending habits and financial goals.