Best Buy Credit Card

If you are a frequent shopper at Best Buy, you might be interested in getting a Best Buy credit card to enjoy some benefits and rewards. But before you apply for one, you should know how the card works, what are the pros and cons, and how to use it wisely. In this article, we will explain everything you need to know about the Best Buy credit card and give you some tips on how to maximize your savings and rewards.

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What Is the Best Buy Credit Card?

The Best Buy credit card is a store card that can only be used at Best Buy and its subsidiaries, such as Geek Squad and Magnolia. It is issued by Citibank and offers two main benefits: 5% back in rewards or flexible financing options on eligible purchases. The card has no annual fee and requires fair or better credit to be approved.

There is also a co-branded version of the card called the My Best Buy Visa card, which can be used anywhere Visa is accepted. This card offers the same benefits as the store card, plus additional rewards on gas, dining, grocery, and other purchases. The Visa card also has no annual fee, but it may charge a foreign transaction fee of 3% on purchases made outside the U.S.

How Does the Best Buy Credit Card Work?

The Best Buy credit card works like any other store card. You can apply for it online or in a store, and if you are approved, you can start using it right away. You will receive a physical card in the mail within 7 to 14 days. You can manage your account online or through the Best Buy app, where you can check your balance, make payments, view your rewards, and access your exclusive offers.

The main advantage of the Best Buy credit card is that it offers 5% back in rewards on every purchase you make at Best Buy or BestBuy.com. You can choose to receive your rewards as a $5 certificate for every $100 spent, or you can bank your points until you are ready to redeem them. You can use your rewards to pay for future purchases at Best Buy or donate them to charity.

Alternatively, you can choose to get flexible financing options on purchases of $299 or more. This means that you can pay no interest if you pay off your balance in full within the promotional period, which can range from 12 to 48 months depending on the purchase amount and category. However, if you choose financing, you will not earn any rewards on that purchase.

The Best Buy Visa card works similarly to the store card, but it also gives you rewards on purchases made outside of Best Buy. You can earn 3% back in rewards on gas purchases, 2% back in rewards on dining and takeout purchases, 2% back in rewards on grocery purchases, and 1% back in rewards on other purchases. You can also get limited-time bonus reward categories throughout the year.

What Are the Pros and Cons of the Best Buy Credit Card?

The Best Buy credit card has some pros and cons that you should consider before applying for it. Here are some of them:

Pros:

You can get 5% back in rewards or flexible financing options on eligible purchases at Best Buy or BestBuy.com.
You can get exclusive offers and discounts throughout the year as a cardmember.
You can apply today and shop today with instant approval.
You can access your account online or through the app anytime.
You can donate your rewards to charity if you wish.
You can get additional benefits if you join the My Best Buy Memberships program, such as free shipping, extended returns, price match guarantee, and more.

Cons:

The interest rate is very high (31.49% as of August 2023) if you do not pay off your balance in full every month or within the promotional period.
The deferred interest feature means that if you do not pay off your balance in full by the end of the promotional period, you will be charged interest from the date of purchase.
The rewards expire after 12 months if you do not use them or redeem them.
The financing options are not available for all purchases or categories.
The Visa card charges a foreign transaction fee of 3% on purchases made outside of the U.S.

How to Use Your Best Buy Credit Card Wisely?

The Best Buy credit card can be a great way to save money and earn rewards on your purchases at Best Buy or elsewhere if you use it wisely. Here are some tips on how to do that:

Choose rewards or financing depending on your needs and preferences. If you want to earn rewards and pay off your balance every month, choose rewards. If you want to spread out your payments over time without paying interest, choose financing. But remember that you cannot have both at the same time.
Pay off your balance in full every month or within the promotional period. This will help you avoid paying high interest and fees, and also keep your credit score healthy.
Redeem your rewards before they expire. You can use your rewards to pay for future purchases at Best Buy or donate them to charity. You can also save them for a big purchase or a special occasion, but make sure you use them within 12 months of earning them.
Take advantage of your exclusive offers and discounts. As a cardmember, you will receive special offers and deals throughout the year that can help you save more money and earn more rewards. Check your account online or through the app regularly to see what is available for you.
Join the My Best Buy Memberships program. If you are a frequent shopper at Best Buy, you can get more benefits and perks by joining the My Best Buy Memberships program. There are three tiers: Core, Elite, and Elite Plus. Depending on your tier, you can get free shipping, extended returns, price match guarantee, dedicated customer service, and more. You can also earn more rewards: 6% back in rewards for Elite and Elite Plus members.

What are the requirements to apply for a Best Buy credit card?

To apply for a Best Buy credit card, you need to meet the following requirements ¹ ² ³:

You must be at least 18 years old in the United States (or 21 years old in Puerto Rico).
You must have a Social Security Number and a driver’s license or government-issued photo ID.
You must have a fair or better credit score to qualify for the store card or the Visa Platinum card, or a good or excellent credit score to qualify for the Visa Gold card.

You can apply for the card online or in a store, but you cannot choose which version of the card you get. Best Buy will consider your creditworthiness and offer you the best card you are eligible for.

How long does it take to get approved for a Best Buy credit card?

According to the Best Buy website ¹, you can apply for a Best Buy credit card online or in-store, and you will receive an instant decision on your application. However, some applications may require further review, which can take up to 7 to 10 days. If you are approved, you can start using your card right away for online or in-store purchases. You will also receive a physical card in the mail within 7 to 14 days.

The Best Buy credit card is a store card that offers 5% back in rewards or flexible financing options on eligible purchases at Best Buy or BestBuy.com. It also has a co-branded Visa version that offers additional rewards on other purchases. The card has no annual fee, but it has a high interest rate and a deferred interest feature that can be costly if you do not pay off your balance in time. The card also has some exclusive offers and discounts for cardmembers, as well as additional benefits for My Best Buy Memberships members.