Credit cards are a great way to establish and improve your credit. But you may find it hard to get one from a traditional bank—especially when lending restrictions are fairly tight. So what do you do when you need access to some quick credit? Try a retail store credit card.

Almost every major retailer offers its own credit card these days. They're a great way to help build up your credit while giving you some valuable rewards at the same time. That's because they're meant for people who frequently shop at a particular retailer. From Target to Walmart, these cards do come with some other good perks. While they do bear the retailer's name, they aren't actually financed by the store. So who does? This article looks at the Best Buy credit card, the financial institution that finances it, along with the terms and conditions.

Key Takeaways

  • Best Buy offers two different credit cards financed by Citibank.
  • The in-store My Best Buy Credit Card offers cardholders 5% back in rewards for regular Best Buy members and 6% back for Elite Plus members.
  • Best Buy Visa cardholders also receive tiered rewards based on purchases made where Visa is accepted.
  • The My Best Buy Credit Card also offers flexible financing offers for up to 18 months with no interest.

Best Buy Credit Card

Best Buy offers its customers two different types of credit cards. The first one is the My Best Buy Credit Card. This option is an in-store card, which means it can only be used in Best Buy stores. The other option is the Best Buy Visa, which can be used anywhere Visa cards are accepted. This means someone with a Best Buy Visa can use the card at any Best Buy store along with other retailers that accept Visa.

The Best Buy credit card is issued by Citibank. Anyone interested in applying can do so by going online and filling out the application form or by contacting Citibank directly.

Rewards and Financing

Best Buy offers two different reward tiers depending on the cardholder's account status. Regular Best Buy members receive 5% back in rewards while Elite Plus members get 6% back in rewards. Rewards are extended to people who hold the Best Buy Visa based on where they make their purchases. Cardholders earn 3% in rewards on gas purchases, 2% on dining and grocery purchases, and 1% in rewards for all other purchases.

Rewards can be used for future Best Buy purchases. Regular members who earn 5% back receive 1,250 points for $500 in purchases, giving them a total reward of $25. Elite members who spend $500, on the other hand, receive 1,500 points or a $30 reward certificate. Best Buy also offers a special introductory offer for first-time cardholders—either 10% back in rewards on the first day of purchases or flexible financing.

There are three different flexible financing offers:

  • Six-month financing: No interest is charged on purchases of $199 or more if the balance is paid in full within six months.
  • 12-month financing: No interest is charged on purchases of $399 or more if the balance is paid in full within 12 months.
  • 18-month financing: No interest is charged on appliance purchases of $599 or more if the balance is paid in full within 18 months.

Financing is offered through the My Best Buy Credit Card through Citibank. Cardholders must make a monthly payment on the card, and the balance must be paid in full by the end of the financing period. If there is a balance remaining, the cardholder is charged interest from the time of purchase at the regular annual percentage rate (APR).

In order to avoid interest, the cardholder must make equal payments to clear off the balance by the end of the financing term. This amount may be more than the minimum payment on the bill. For example, a cardholder would pay $50 a month using the six-month financing for a $300 television. There is no interest incurred provided they make payments on time every month.

Make regular monthly payments and pay off the balance in full to avoid paying interest on Best Buy's flexible financing program.


Like many retail store credit cards, the Best Buy credit card options come with a much higher interest rate than other credit cards. Both cards have an APR of 26.74% for purchases. Late payment fees are $40. The Visa card charges 26.74% for balance transfers and an additional $15 or 5% of the balance—whichever is greater. Cash advances are charged 29.49% APR plus $10 or 5% of the amount of the cash advance—whichever is greater. There is no annual fee for either card.