How the My Best Buy Credit Card Works: Benefits and Rewards

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.

How the My Best Buy Credit Cards Work

The My Best Buy Credit cards are cards that 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 store card can only be used 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.

Key Takeaways

  • The My Best Buy Card is a card issued by Citibank that can be used online or in-store at Best Buy and its subsidiaries and gets 5%-6% 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 card. The better your credit, the more likely you are to be offered the My Best Buy Visa credit card.
  • As of November 2021, the annual percentage rate for the My Best Buy Card was 25.24%.

Rewards and Benefits

The main advantage of the My Best Buy credit card is that it offers 5% back in rewards to its regular cardholders and 6% back to Elite Plus members on qualifying purchases.

The My Best Buy 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.

  • 12 months of no interest on purchases $299 & up
  • 18 months of no interest on purchases $499 & up

The Terms and Conditions published by the card's issuer Citibank list other potential promotional financing you may be offered 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.

Important

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 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 cashback bonus as well.

The U.S. Bank Visa Platinum offers a rate of 0% interest for 20 billing cycles (2 months longer than Best Buy's longest advertised period),

The Chase Freedom Unlimited credit card also offers 0% APR for 15 months AND offers $200 in cashback bonus once you spend $500 in purchases within the first 3 months after account opening and 1.5% cashback on everything. You can redeem your points through straight cashback or through the Chase Ultimate Rewards program.

The Capital One SavorOne Cash Rewards credit card offers 0% APR for 15 months AND a $200 cashback bonus once you spend $500 in purchases within the first 3 months after account opening. And you earn 3% cashback on dining, entertainment, grocery stores and 1% back on everything else.

My Best Buy Card Vs. Alternatives
Card My Best Buy (financed) My Best Buy (not financed) USB Platinum Chase Freedom Unlimited Capital One SavorOne
Rewards  $0  $75 (rewards certificate only redeemable at Best Buy)  $0  $222.50 (cash back, or Ultimate Rewards)  $215 (cash back)
APR 0% APR for 18 months   25.24%  0% APR for 20 billing cycles 0% APR for 15 months   0% APR for 15 months
For a $1500 purchase made in a single day at Best Buy, these cards would earn rewards and charge interest as shown here. The My Best Buy card does not offer a rewards rate on anything using promotional financing, so both options are listed.

Terms and Conditions of the Best Buy Credit Card 

Like any credit card, the 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 Best Buy credit card as of November 2021:

  • APR: 25.24%
  • Late Payment Fee: up to $40 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 either take advantage of the one-time 10% reward, or the promotional 0% interest rate financing options should consider a My Best Buy Credit card. Additionally, anyone who shops at Best Buy frequently enough that the higher rewards rate of a My Best Buy Card (5%-6%), as opposed to a standard cashback 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 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 November 2021, the My Best Buy cards carried annual percentage rate interest charges with variable rates between 23.24% and 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 card and the My Best Buy Visa card?

The My Best Buy Visa card can be used anywhere and earns rewards on purchases made anywhere. The My Best Buy card can only be used at Best Buy and only earns rewards on purchases made at Best Buy.

Where Can Someone Get the My Best Buy Credit Card?

You can get the My Best Buy Credit card in-store at Best Buy or online at BestBuy.com.

What Kind of Credit Is Required for the My Best Buy Credit Card?

Fair or better credit is required to get approved for a My Best Buy credit 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 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 only be redeemed as a rewards certificate at Best Buy, which makes it a less attractive card for the general consumer than a standard cashback 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 kitchen, or if you 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.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Best Buy. "About Best Buy." Accessed Nov. 30, 2021.

  2. Best Buy. "My Best Buy Credit Cards." Accessed Nov. 30, 2021.

  3. Best Buy. "Storewide Financing Details." Accessed Nov. 30, 2021.

  4. Citibank. "Terms and Conditions of Offer." Accessed Nov. 30, 2021.

  5. Best Buy. "My Best Buy Terms." Accessed Nov. 30, 2021.

  6. U.S. Bank. "U.S. Bank Visa Platinum Card." Accessed Nov. 30, 2021.

  7. JPMorgan Chase & Co. "Chase Freedom Unlimited® Credit Card." Accessed Nov. 30, 2021.

  8. Capital One. "SavorOne Rewards from Capital One." Accessed Nov. 30, 2021.