Best Buy Credit Card Review (BONUS: 3 Better Alternative Cards)

At electronics superstore Best Buy, credit cards from Visa, Discover, American Express and MasterCard are accepted for payment, in addition to the store’s own credit cards. They also have a Best Buy credit card. In fact, they offer two different Best Buy credit cards that offer bonus rewards to customers for shopping at their store.

 

In our analysis, carrying Best Buy credit cards would make sense for people who buy electronics items frequently or purchase products from Best Buy in bulk. If you are unsure about whether a Best Buy credit card is right for your wallet, read this comprehensive review.

 

Best Buy Credit Cards

Best Buy offers four credit cards. These include My Best Buy Visa Platinum, My Best Buy Visa Gold, My Best Buy Credit Card, My Best Buy Credit Card Preferred

 

My Best Buy Visa Platinum and My Best Visa Gold work where Visa is accepted while the two My Best Buy credit cards are only for purchases from Best Buy. Out of these, My Best Buy Visa Gold is the only one that comes with an annual fee, which is $59 per year. Interestingly, there isn’t a major difference between the two My Best Buy Credit cards.

 

When you apply for a Best Buy credit card, the store chooses which card to approve you for. First, you are considered for My Best Visa Platinum. If you fail to qualify, then they consider you for My Best Credit Card Preferred, My Best Buy Credit Card and then My Best Buy Visa Gold.

 

The downside of My Best Buy Visa Gold is that you’d have to spend $1,200 per year on purchases from Best Buy before the rewards of the card outweigh the annual fee.

 

Rewards

Each of the four credit cards earns 5 percent back on purchases from Best Buy and 6 percent back if you have reached the ‘Elite Plus’ status. To reach this status, you’ll need to spend a minimum of $3,500 per year by shopping from Best Buy. My Best Buy Visa cards can be used outside of the store and offer these rewards rates:

  • 2 percent on grocery purchase and dining
  • 1 percent on all the other purchases.

 

There are also limited time bonuses where you could earn greater rewards – typically 3 percent or 4 percent.

 

The minimum amount that can be redeemed is $5. You can manually redeem your rewards or set up automatic redemption.

best buy credit card review

 

Flexible Financing Program

Using the flexible financing program, customers can pay for their purchase of at least $199. Each My Best Buy credit card provides this option, but you won’t get any rewards on these purchases.

 

You’ll have six, twelve, eighteen or twenty-four months to pay off the purchase depending on the price and type of item. The minimum payment must be made every month. If you’re able to pay off everything within the allotted time, you won’t have to pay any interest.

 

But there’s a danger with these interest programs. If you’re not able to pay off the purchase in full by the end, then you’ll have to pay interest starting from the date of your purchase. The interest keeps accruing during the payment plan and it can only be avoided by paying off all the balance within the allotted period. APRs for My Best Buy credit cards are higher than average, which is why deferred interest could prove to be costly.

 

Unless the product is immediately required, it’s best to save for it and buy it without availing any finance options. Zero percent intro APR credit cards are better for financing a purchase since they don’t charge anything for deferred interest even if the customer isn’t able to pay their entire balance within the allotted time period.

 

Additional Perks

There are some additional perks you will get from My Best Buy credit cards if you join the My Best Buy program. Enrollment in My Best Buy Program may give you access to special offers and sales and free shipping on everything for online purchases (some exclusions apply).

 

The My Best Buy Visa cards may also provide you with the following benefits:

  • Roadside assistance
  • Emergency and travel assistance services
  • Cardholder inquiry services
  • Emergency card replacement
  • Auto-rental collision damage waiver

 

Drawbacks and Fees

Credit Card companies often only advertise the benefits of their cards, which may make it hard to see the downsides of their cards. So, we’ve laid down the fees and drawbacks of Best Buy credit cards for your satisfaction.

 

Annual Fee: 

There is no annual fee on My Best Buy Credit Card and My Best Buy Visa Platinum. On My Best Buy Visa Gold, you must a $59 annual fee.

 

Standard APR: 

The standard APR on all My Best credit cards is 26.24 percent (variable).

 

Balance Transfer Fee & Balance Transfer APR: 

There is no balance transfer fee and balance transfer APR on My Best Buy Credit Card. On My Best Buy Visa, you must pay a balance transfer fee 5 percent or 15 percent of the each transfer’s amount —whichever is greater. The balance transfer APR on My Best Buy Visa credit card is 26.24 percent (variable). 

 

Cash Advance Fee & Cash Advance APR:

There is no cash advance fee and cash advance APR on My Best Buy credit card. On My Best Buy Visa, the cash advance fee is 5 percent or 10 percent of the amount of each advance — whichever is greater. Cash advance APR on this card is 28.99 percent (variable).

 

Late Fees, Returned Payment Fees, & Foreign Transaction fees:

Late fee and returned payment fee on both My Best Buy Credit Card and My Best Buy Visa is up to $38. They don’t charge any foreign transaction fee.

 

We’ve already pointed out that the APR is high. This can add a decent amount to your purchase if you finance it and don’t pay for it in full within the allotted time period. Additionally, you’ll have to pay a late fee if you aren’t able to make payments on time.

 

The major drawback of My Best Buy credit cards is that they aren’t true cash back cards. Since percentage is earned back in the form of “Best Buy Rewards Certificate”, you are only able to spend them at the Best Buy store. You can’t spend rewards anywhere else.

best buy credit cards

 

My Best Buy Credit Card Login Information

No matter which My Best Buy Credit Card you’re using, you can log in to your account through the Best Buy/Citibank portal and manage your credit card account online. Some of the tasks you can perform online include:

  • View statement
  • Monitor your account activity
  • Pay bill
  • Set up alerts
  • Get exclusive offers

 

An Alternative

If you are looking for a credit card that offers actual cash back, then you might want to consider Chase Freedom Unlimited.  

Chase Freedom Unlimited

With Chase Freedom Unlimited, you can earn a $150 bonus. Moreover, you can earn unlimited 1.5 percent cash back on each purchase. The annual fee is $0 and there is an introductory APR offer.

 

Last Thoughts on the Best Buy Credit Card

Best Buy credit cards are perhaps not the best choice for the average consumer. But, if you’re a gamer or tech enthusiast who shops at Best Buy all the time, then it could be great for you. Consider applying for a My Best Buy credit card if you spend an average of $200 per month on shopping at Best Buy. The My Best Buy Visa Platinum requires good credit, but the requirements of other Best Buy credit cards aren’t that strict.

 

 

The 3 Best Alternative Credit Cards to Consider

Maybe you can do better than this credit card. If you have good credit, you should consider a few other options that will give you better benefits. The credit cards below are a few of our favorites, especially if you’re interested in traveling more. A few of these cards have signup bonuses that are big enough to redeem for multiple round trip flights. My wife and I used our Chase Sapphire Preferred signup bonus to book round trip flights for the both of us to Hawaii! It was well worth researching and getting the best credit card.

 

 Cash Back AlternativeCash Back AlternativeTravel Rewards Alternative
Chase Freedom
Chase Freedom Unlimited
Sapphire Preferred
Signup Bonus$150 (15,000 pts)Earn 3X on all purchases in the first year (up to $20,000 in purchases)60,000
Bonus Spending Categories5X on select rotating quarterly categories1.5X on all purchases (after year 1)2X on travel and dining
Annual Fee$0$0$95
Extra PerksBaggage insurance, trip insurance, rental car insurance
Best for People Who...Want no annual fee

Also have a Sapphire card

Want to earn bonus points on spend
Want no annual fee

Also have a Sapphire card

Want simple 1.5 bonus
points on every purchase you make
Want a large introductory bonus

Like to Travel
Learn More >>Learn More >>Learn More >>

 

Decision Time: Which Credit Card is Really the Best for You?

Here at Travel Freedom, we like to travel, which is why we always prefer travel credit cards for ourselves. You might be the same as us or maybe you’d rather use your points as cashback. Either way, all of these cards earn Ultimate Rewards that can be used for either travel or as cash back.

 

We think that any four of these cards are a better option than the above-reviewed credit card. They earn points that are both valuable and very versatile. You can redeem them for an assortment of things including our favorite, TRAVEL!

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