5 Things to Know About the Best Buy Credit Card
5 Things to Know About the Best Buy Credit Card
The Best Buy Credit Card electronics superstore. Best Buy’s Citi co-branded store cards receive points for shopping. Considering how costly cellphones, HDTVs, and laptops are and how rapidly they become outdated, carrying one may make sense if you spend most of your electronics purchases there.
The cards provide deferred-interest financing and Best Buy-only rewards. True 0% intro APR offers are usually safer for specific purchases. Other credit cards provide more flexible benefits.
Best Buy credit card: 5 things to know
1. There are two basic Best Buy credit cards
You can apply for a Best Buy credit card in-store or online, but the procedure is opaque, and you have no influence over the card you obtain.
Best Buy card. This “closed-loop” card is only accepted at Best Buy and BestBuy.com. There is no yearly charge.
Mastercard Best Buy This is an “open-loop” Visa credit card. The only difference between these cards is the yearly charge. Best Buy will inform you which one you’re authorized for when you apply.
- Gold. $59 annually for this version.
- Platinum. This version is free.
When you apply, Best Buy considers you for the My Best Buy Visa Platinum (open-loop, no annual fee). If you don’t qualify, My Best Buy Credit Card (store card) and My Best Buy Visa Gold are next in line (with an annual fee).
Your creditworthiness determines which version you receive, if any, leading to a recurrent question:
What’s the Best Buy credit score requirement? Best Buy doesn’t list a minimum credit score. Its options show that even with bad credit, you can get at least one version. Typically:
When a card is provided with and without an annual charge, the cost reduces the risk for consumers with average credit.
2. Rewards rates are decent, but redemption is clunky
Carrying any of these credit cards implies joining the My Best Buy consumer loyalty program. Turn your points into Best Buy gift cards. Each point is worth 2 cents, so 250 points earn a $5 reward card. (Redeeming requires 250 points.)
Both cards give identical Best Buy benefits. Obtain:
5% return on all Best Buy purchases (2.5 points per dollar).
financial flexibility (more on that below).
But Visa goes far beyond. You’ll also get:
- 1.5 points every $1 on petrol purchases.
- point for every $1 spent on eating and groceries.
- point every $2 spent on other items.
- Every 250 points earns a $5 gift card. If you don’t modify this option, you’ll get a certificate every 250 points.
My Best Buy Elite Plus members get 6% back (3 points per $1 spent) with either card. Elite Plus is the highest level and costs $3,500 per year.
3. Deferred interest may be an option … but it comes with potential risk
Best Buy credit cards offer “no interest if paid in full” deals for six to 36 months, which may seem appealing. Deferred interest must be understood.
This deal does not waive interest like a 0% intro APR promotion would. A deferred-interest deal just delays the interest.
Pay off your purchase before the deferred-interest term ends. If you carry a balance beyond the end of the month, even a few dollars, you’ll be charged the card’s continuing interest rate on the whole transaction, back to the day you made it.
As of April 2022, Best Buy credit card interest rates are 25.49%.
If you want to avoid paying interest as much as possible, look into credit cards that offer 0% APR. Wells Fargo Reflect® Card: 0% initial APR on purchases and debt transfers for 21 months, then 16.74%-28.74% variable APR.
4. You’ll get an incentive for opening the card
Approved cardholders may get 10% back in Best Buy points on their first day of purchases. You’ll earn 10,000 points on your first $2,000 Best Buy credit card transaction. That’s $200 in Best Buy coupons. Unlike many credit cards, you don’t need to spend a set amount to get the bonus.
You may select flexible financing instead of 10% back (aka, deferred interest offers).
5. If you’re not a die-hard Best Buy shopper, you can do better
If you spend enough at Best Buy to attain an elite membership level, a credit card may make sense, particularly if you buy there often enough to cash in rewards.
My Best Buy Visa Gold’s $59 yearly charge is too much. Even as an Elite Plus member, you’d have to spend over $1,000 to recoup the yearly price. My Best Buy Credit Card (store card) or My Best Buy Visa Platinum are Best Buy credit cards.
You can’t choose which card you’re authorized to use.
Most people would benefit from having a rewards credit card that isn’t tied to a single store. The FM lists the best rewards credit cards.
The FM obtained My Best Buy Credit Card and My Best Buy Visa information without the issuer’s inspection or permission.
Frequently Asked Questions
Can I use my Best Buy Citi Credit Card anywhere?
Best Buy Citi Card has two variations. One card is accepted exclusively at Best Buy and BestBuy.com. The second card is “open-loop,” meaning it’s accepted anywhere Visa is.
How do I check my Best Buy Citi Credit Card balance?
Online or using the Citi app, you may check your Best Buy Citi Credit Card balance. You may also contact the card’s number to check your balance and pay.
What credit score do I need to get a Best Buy Citi Credit Card?
Best Buy doesn’t list a minimum credit score. Its closed-loop and open-loop products imply you may qualify with poor credit.