The Best Buy credit card is a form of in-store credit and so can only be used in Best Buy stores and when making purchases online through the Best Buy website. Outside of Best Buy, the card is not accepted, since it is not associated with any major financial card networks such as MasterCard, Visa, American Express or Discover. However, Best Buy also offers the Best Buy Mastercard or Visa credit card that can be used anywhere MasterCard-branded cards are accepted.

Best Buy Credit Card

The Best Buy credit card is issued by Citibank, and it is designed to benefit customers who can use this card exclusively at Best Buy stores and its website. Therefore, it is not a general credit card that can be used elsewhere, such as on Amazon or WalMart.

The main advantage of the card is that it offers 5% back in rewards to its regular cardholders and 6% back to Elite Plus members. In the past, Best Buy has offered special six-month financing for purchases in excess of $199; 12-month financing for purchases in excess of $399; 18-month financing for major appliance purchases totaling $599 or up; and 24-month financing on home theater purchases totaling $799 and up. During the promotional period for the special financing offer, Best Buy credit cardholders do not have to pay interest if they make their fixed monthly payments on time and pay off their balances at the end of the promotion period. Additionally, in 2017, Best Buy began promoting its credit card with offers to its holders of 10% back in rewards on their first purchases.

Best Buy offers additional rewards to its Elite Plus customers. Cardholders can qualify to be Elite Plus members after spending $3,500 at Best Buy or an affiliated store in one calendar year. After earning the Elite Plus status, cardholders then earn 6% cash back on all Best Buy purchases.

Key Takeaways

  • The Best Buy credit card can only be used at Best Buy stores and websites, offering cardholders incentives like 5% cash back and zero-interest financing on purchases.
  • Like many other store credit programs, the card cannot be used to make purchases elsewhere, such as on Amazon.
  • Best Buy does, however, offer a branded Visa or Mastercard which can be used anywhere in the world.

Best Buy Credit Card Terms

Besides its promotional financing, the Best Buy credit card charges its customers an interest rate that is equal to the prime rate plus 21.99%. The card also has a late payment penalty of up to $38. Citibank charges a minimum interest of $2.

In addition to the Best Buy store card, Best Buy does partner with Mastercard and Visa to issue a mainstream branded credit card that can be used anywhere, however this card does not come with all of the Best Buy-related perks that are incentivized through the store card. Both types of card will still offer Best Buy shoppers 5% cash back. The Best Buy Visa/Mastercard usually offers cardholders 2% cash back on groceries and at restaurants and 1% cash back on everything else. Occasionally, the card will offer additional cash back in categories that change throughout the year. Special financing offers do not earn cash-back rewards.