Best Buy (BBY) is a consumer electronics retail chain with more than 1,000 locations and approximately 100,000 employees located throughout the United States and Canada. Best Buy provides a variety of products through its national store network and online, including appliances, computers, cell phones, gaming systems, sound systems, hardware, software, and entertainment products.
Like many national retailers, Best Buy provides credit financing options for their customers that include credit cards. Best Buy offers both a store credit card and a co-branded, general-use Visa credit card to consumers that allow the choice of earning rewards or receiving special financing terms.
- The My Best Buy Credit store card is issued by Citibank and can be used online or in store at Best Buy and its subsidiaries and gets 5% rewards at Best Buy.
- The My Best Buy Visa card is a general-use credit card issued by Citibank that can be used anywhere and gets 5%–6% rewards on Best Buy purchases, 3% on gas purchases, 2% on grocery and dining purchases, and 1% on everything else.
- You need fair credit or better to get approved for a My Best Buy store card. The better your credit, the more likely you are to be offered the My Best Buy Visa credit card.
- As of November 2022, the annual percentage rate for the My Best Buy card was 29.99%.
How the My Best Buy Credit Cards Work
The My Best Buy credit cards can be applied for online or in a Best Buy store. While the My Best Buy Visa card can be used and earn rewards anywhere, the My Best Buy Credit store card can be used only in a Best Buy store or at BestBuy.com.
Like many store cards, the My Best Buy card offers rewards and benefits like promotional financing for purchases made through Best Buy. It offers the standard high annual percentage rate (APR) of most store credit cards and requires fair or better credit to be issued. The co-branded Visa version of the card also carries high interest rates unless promotional financing is used for larger purchases.
Rewards and Benefits
The main advantage of the My Best Buy credit card is that it offers 5% back in rewards to its cardholders.
The My Best Buy credit card also includes deferred interest promotional offers, meaning that you pay $0 in interest if your balance is paid in full by the end of the promotional period. However, if promotional financing is used, no rewards are earned on the amount financed.
Purchases of $299 and up are eligible for 12 months of no interest, provided that the item is paid in full within those 12 months. If it is not paid in full, interest is compounded from the date of purchase.
The terms and conditions published by the card’s issuer, Citibank, list other promotional financing, including:
- 24 months of no interest (no specified minimum amount)
- 36 months of no interest (no specified minimum amount)
- No interest if paid in full by a specified date (no specified minimum amount)
If you are interested in making a large purchase, it may be possible to get one of these longer, unadvertised promotional deferred interest rates by speaking to a Best Buy employee or manager.
Rewards can only be redeemed in the form of a rewards certificate, which can only be used at Best Buy or one of its subsidiaries.
Alternatives to the My Best Buy Credit Card
If you are considering getting a My Best Buy credit card to finance a large purchase at Best Buy, there are other cards that offer 0% APR promotional interest rates for longer terms, as well as 0% promotional interest rates with a cash-back bonus.
The U.S. Bank Visa Platinum offers a rate of 0% interest for 20 billing cycles (two months longer than Best Buy’s longest advertised period).
The Chase Freedom Unlimited credit card offers 0% APR for 15 months, $200 in cash-back bonus once you spend $500 in purchases within the first three months after account opening, and 1.5% cash back on everything. You can redeem your points through straight cash back or through the Chase Ultimate Rewards program.
The Capital One SavorOne Rewards credit card offers 0% APR for 15 months and a $200 cash-back bonus once you spend $500 in purchases within the first three months after account opening. And you earn 3% cash back on dining, entertainment, and grocery stores and 1% back on everything else.
|My Best Buy Card vs. Alternatives|
|Card||My Best Buy (financed)||My Best Buy (not financed)||U.S. Bank Platinum||Chase Freedom Unlimited||Capital One SavorOne|
|Rewards||$0||$75 (rewards certificate redeemable only at Best Buy)||$0||$222.50 (cash back or Ultimate Rewards)||$215 (cash back)|
|APR||0% APR for 18 months||29.99%||0% APR for 20 billing cycles||0% APR for 15 months||0% APR for 15 months|
Terms and Conditions of the My Best Buy Credit Card
Like any credit card, the My Best Buy credit card features terms and conditions that should be reviewed thoroughly. The terms and conditions include the APR, late payment fees, penalties, and other useful information. The following is updated information for the My Best Buy credit card as of July 2022:
- APR: 29.99%
- Late Payment Fee: up to $41 for consumers who fail to make the minimum payment by the due date
- Grace Period: At least 25 days
- Minimum Interest Charge: $2
- Annual Fee: $0
Who Should Consider the My Best Buy Credit Card?
Individuals looking to make a significantly large purchase at Best Buy in a single day, to take advantage of the one-time 10% reward or the promotional 0% interest rate financing options, should consider a My Best Buy credit card. So should anyone who shops at Best Buy frequently enough that the higher rewards rate of a My Best Buy credit card (5%–6%), as opposed to a standard cash-back credit card of 1%–3%, is worth the hassle of rewards only being issued in the form of rewards certificates.
Like many store credit cards, Best Buy issues rewards this way to keep customers coming back in and spending money so that they can use their certificates. Individuals considering this credit card should carefully consider whether they will spend more than they mean to as a result of the rewards certificate system.
What Are the My Best Buy Cards' Rates?
As of July 2022, the My Best Buy Credit store cards carried annual percentage rate (APR) interest charges with variable rates from 23.24% to 27.99% and fixed rates from 9% to 24.34%. My Best Buy Visa cards were issued with variable rates of 10.74% to 27.99% and non-variable rates from 9.99% to 20.24%.
What Is the Difference Between the My Best Buy Visa card and the My Best Buy Credit Store Card?
The My Best Buy Visa card can be used anywhere and earns rewards on purchases made anywhere. The My Best Buy Credit store card can be used only at Best Buy and only earns rewards on purchases made at Best Buy.
Where Can I Get the My Best Buy Credit Store Card?
You can get the My Best Buy Credit store card in store at Best Buy or online at BestBuy.com.
What Kind of Credit is Required for the My Best Buy Cards?
Fair or better credit is required to get approved for a My Best Buy Credit store card. The better your credit, the greater your odds of being approved for the My Best Buy Visa card.
The Bottom Line
The My Best Buy Credit store card and the My Best Buy Visa card have the same high interest rates that most other store credit cards have. The rewards system is decent at 5% back but can be redeemed only as a rewards certificate at Best Buy, which makes it a less attractive card for the general consumer than a standard cash-back rewards system.
The My Best Buy card is a good choice if you are looking to finance a large purchase, such as redoing the appliances in your living room, or are someone who shops at Best Buy frequently enough that the 5% back at Best Buy is worth the inconvenience of the rewards certificate system.
Best Buy Corporate News and Information. “About Best Buy.”
Best Buy. “My Best Buy® Credit Cards.”
Best Buy. “Storewide Financing Details.”
Citibank. “Terms and Conditions of Offer.”
Best Buy. “My Best Buy® Terms.”
U.S. Bank. “U.S. Bank Visa® Platinum Card.”
JPMorgan Chase & Co., Chase Credit Cards. “Chase Freedom Unlimited® Credit Card.”
Capital One. “SavorOne Rewards from Capital One.”