The Best Buy credit card is issued by Citibank. The card is designed to encourage spending for products offered by Best Buy in stores and online. It offers 5% back in rewards for regular Best Buy members and 6% back in rewards for Elite Plus members or 12-month financing on purchases of $399 and up. The card can be used only to pay for goods and services offered by Best Buy.

Best Buy Credit Card

In addition to a reward bonus, the Best Buy credit card offers special financing terms on purchases over a certain dollar amount. At the time of purchase using a Best Buy credit card, a cardholder can choose either a reward option or a special financing option, which allows him to pay off his balance in fixed monthly installments over a promotional time period. During the promotional period, no interest is charged as long as the cardholder makes timely payments and remains in good standing. Additionally, Best Buy credit card offers its holders 10% back in rewards on their first purchases.

Best Buy Credit Card Fees

The annual fees for Best Buy ranges from $0-$59 depending on credit worthiness. It also charges a penalty fee of up to $37 for late payments and returned payments. Citibank charges interest on overdue balances. The interest rate on a Best Buy credit card is equal to the current prime rate published by the Wall Street Journal plus 21.99%. Given a prime rate of 5.50% in 2019, the variable APR for a Best Buy credit card stands at 27.49%. Citibank has a minimum interest charge of $2.

Best Buy Credit Card Quick Facts

  • 5% back in rewards for regular Best Buy members
  • 6% back in rewards for Elite Plus members or 12-month financing on purchases of $399+
  • 10% back in rewards on their first purchases
  • Offers special financing on purchases over a certain dollar amount
  • Annual fees of $0-$59 based on credit worthiness
  • Penalty fees of upto $37 for late and returned payments
  • Variable APR of 27.49%