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Best Buy Credit Card Review: Rewards, Deals and Discounts

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By Kanu Chadha - Digital Content Editor May 21 2020 Share this blog

Let’s be honest electronics shopping is an expensive affair! Be it buying the latest smartphone, computer, camera, gaming accessories, exclusive appliances etc. It is enough to burn a big hole in your pocket and make your head spin! 

What if you were told there is a way to save your hard-earned money whilst you enjoy shopping at Best Buy? Well, yes you can save big time on Best Buy with the help of Best Buy Credit Card. The Best Buy Credit Card offers a host of benefits, cashback, reward points and lots more exciting stuff. So, today we are going to look deeply into the details of Best Buy Credit Review and also have a look at the pros and cons along with financing options and other information related to the Best Buy Credit Card. 

Best Buy Credit Card Types

best buy credit card

Best Buy Credit Card is just like any other credit card loaded with benefits for shoppers who make purchases every month from Best Buy. They offer two types of credit cards:

  • Best Buy Standard Cards

  • Best Buy Visa Cards

Both the types of credit cards offer a host of benefits like reward points that can be redeemed on future purchases. The cards have been explained in detail below for your better understanding. 

1. Best Buy Standard Cards

  • Best Buy Credit Card

  • Best Buy Credit Card Preferred

This card is issued by CitiBank. Anyone interested in applying for this card can either directly apply on the Best Buy website by filling out the application form or directly contact CitiBank. Also, there is not much information available on the differences between Best Buy Credit Card and Best Buy Card Preferred. 

Validity

The Best Buy Credit Card or The Best Buy Credit Card Preferred are in-store cards i.e. they can be used across Best Buy stores only. 

2. Best Buy Visa Cards

  • Best Buy Visa Platinum

  • Best Buy Visa Gold 

Validity

The Visa cards can be used beyond Best Buy stores also. This means that they are valid anywhere in the world where Visa is accepted along with the Best Buy stores. 

Eligibility To Apply For the Best Buy Credit Card

best buy credit card review

Just like all the other credit cards require a good credit score, Best Buy Credit Card is no different. In order to become eligible to apply for Best Buy Credit Card, users need to have a 670 or more credit score. Once the application has been filled, it takes about a time period of 7-10 days for further processing i.e. review and approval of the application. 

Also, from time to time Best Buy offers Sign-up Bonuses for new applicants. 

Note: Applicants must be of 18 years age or older

Best Buy Credit Card/Best Buy Visa Card - Rewards, Prices, Interest etc

best buy credit card review

When shoppers apply for the Best Buy Credit Card, they are indirectly enrolling themselves for the My Best Buy Program (managed by Best-Buy and not CitiBank). We have curated a list of prices, rewards, interest along with other benefits for both the card types for your perusal below:


Best Buy Credit Card

Best Buy Visa Platinum Card


Best Buy Visa Gold Card

Annual Fee

$0

$0

$59

Penalty Fees (Late Payment)

Up to $40

Up to $40

Up to $40

APR

25.24%

25.24%

25.24%

Minimum Interest

$2 

$1

$1

Flexible Financing

Yes

Yes

Yes

Limited Time Bonus Reward

No

Yes

Yes

5% Back-In Rewards

Yes

Yes

Yes

6% Back-In Rewards (Elite Members)

Yes

Yes

Yes

1% Back-In Rewards (Visa)

No

Yes

Yes

2% Back-In Rewards (Dining)

No

Yes

Yes

3% Back-In Rewards (Gas Purchase - limited time)

No

Yes

Yes

Reward Points: How Things Work?

You must’ve seen that Best Buy card holders are entitled to certain reward points, so here a break down of how things are:

best buy credit card review

1. Best Buy Credit Cardholders

Eligible for 5% back in rewards or flexible financing on all Best Buy purchases. 

Get 2.5 points for every $1 spent or 5% back in rewards on qualifying Best Buy purchases on choosing “Standard Credit” with your Best Buy Card. 

2. Best Buy Visa Cardholders

The Best-Buy Visa Cardholders are eligible for mainly two types of reward points as stated below:

2% back on dining - Get 1 point on every $1 spent or 2% back in reward points on net purchases at restaurants and bars. 


  • 1% back at all places where Visa is accepted - Earn 1 point for every $2 spent or 1% back in reward points on net purchases done outside Best-But all places where Visa is accepted i.e. anywhere in the world! 

  • Limited Time Bonuses - Every now and then, Best Buy comes up with 2 or 3 categories on which cardholders can earn bonus % back in rewards. Like for now they are offering 3% bonus points on gas purchases i.e. users earn 1.5 points for every $1 spent or 3% back in rewards on gas bookings. 

3. Elite Members

In order to become an Elite Member, users need to shop or spend a minimum of $3500 on Best-Buy stores or using their Best-Buy Visa Card in a single calendar year. Shoppers can qualify themselves as an Elite member under the My Best Buy Program and earn exciting reward points. Have a look at the table curated below for a better understanding. 


Purchase

Points

Reward Certification Value

Core and Elite Card Members

5% Back in Rewards

$500

1.250

$25

Elite Plus Card Members

6% Back in Rewards

$500

1,500

$30

  • 5% back for core and elite members - Earn 2.5 points for every $1 spent or 5% back in rewards on qualifying Best Buy purchases on choosing “Standard Credit” with your Best Buy Card. 

  • 6% back for elite plus members - Earn 3 points bonus for every $1 spent or an additional 1% back in rewards (making for a total of 6%) on choosing “Standard Credit” with your Best Buy Card. 

best buy credit card review

What are Reward Certifications?

Once a shopper collects 250 points, they receive a rewards certificate worth $5. These reward certificates can be redeemed only at Best Buy stores. 

Also, Best Buy is offering a special introductory offer for first-time cardholders. They can either earn 10% back in rewards on the first day of purchase or opt for flexible financing. 

Best-Buy Flexible Financing

best buy credit card review

What is Flexible Financing?

To put it simply, flexible financing means when you make any purchase at Best Buy instead of paying the full amount in one go you are opting to pay smaller amounts every month for a pre-decided period of time i.e monthly payments. 

What are the various Flexible Financing options?

Best Buy offers three types of flexible financing options. Have a look at them below:

  • 6-month financing: No interest is charged on minimum purchases of $199 if the balance is paid in full within six months.

  • 12-month financing: No interest is charged on minimum purchases of $399 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. 

How does Flexible Financing works at Best Buy?

With the Best Buy Credit Cards, you can opt for different financing options available at that given time. Once you have chosen a flexible financing option, you need to pay the full purchase amount before the end of the financing period. If not, you will have to pay the interest charged on every month’s balance at the APR (annual percentage rate) for regular purchases. 

How To Apply For Best Buy Credit Card?

Best Buy offers two different ways for all the shoppers to apply for the Best Buy Credit Card. The only thing to keep in mind is, the applicant must be of 18 years of age (US residents) or 21 years of age (Puerto Rico) and must hold a government-issued photo ID or a social security number. Give a look at both the application methods below:

I. Online Application

1. Check eligibility

If you meet the above mentioned age requirement, there is nothing more that you need to worry about! 

2. SIgn-up at Best Buy

If you already don’t have an account at Best Buy, you may create one over here by choosing a password and entering basic details like: 

  • First and last name

  • Email address

  • Phone number 

  • My Best-Buy Id (if you have one)

best buy credit card review

3. Fill out the application

You can either apply at the CitiBank page for the credit card application or click here.

This form requires you to enter your personal, financial, and security details for verification and eligibility purposes as listed below - 

  • Full name

  • Email address

  • Home address 

  • Phone number

  • Annual income

  • Monthly mortgage or rent payment

  • Date of birth

  • Social security number

  • Driver's license number or a government issued photo identification

  • Expiration date of the photo id

4. Select the card type

You will be asked to select the card of your choice only after your application has been approved. While both cards offer nearly the same benefits on the BestBuy Deals, BestBuy Visa Credit Card offers rewards on other services as well. You may have a look at our comparison in the aforementioned table to determine which card is perfect for you.

5. Agreement of fees and interest rates

Once you have filled all the information in the application form and selected the desired Best Buy Card, you then need to agree to the Best Buy charges, interest rates and fees. The APR (Annual Percentage Rate) mentioned at the time of purchases may vary according to the market rate, but mostly stay around 25%. Minimum interest charged is $2. 

  • Interest is charged on overdue payments. The due date for payment is at least 25 days after the end of each billing cycle. 

  • Up to $37 is the late fees charged and fees for returned payments

6. Wait for the card to arrive

Online approval is blazing-fast. Sometimes as quick as a couple of minutes! After that, it’s the usual 7 to 14 days of waiting period for the card to arrive via mail. 

II. In-store Application

1. Visit the nearest Best Buy Store

Don’t know the location of your nearest store? Go to the upper right corner of the bestbuy.com webpage and click on the store locator tab. Enter our Zipcode and state, and you’ll be shown a list of Bestbuy stores nearest to your location.

2. Fill the application form

Simply enter your name, contact no, address, basic financial information for the store to qualify your application. Since the store would have to manually enter your data and cross-check with online reports, this may take a little longer when compared to an application filled online.

3. Choose the card type

While the rewards offered are the same on both the cards, one is a VISA and the other isn’t. Before you go to the store, make sure you know what type of card you want since you’ll have to enter the same in the application. You may have a look at our comparison above to decide what card may suit you the best.

4. Wait for the card to arrive

All’s done and all you have to do now is, wait, i.e if your application was approved. It takes somewhere bet 7-14 days for the card to arrive via mail. 

Bill Payment Modes 

best buy credit card review

1. Online Payment 

To make the payment online, you need to login to your Best Buy account using a valid ID-password. Now the website will guide you through a step by step process. If you are making the payment the first time, you will need to register your Best Buy Credit Card. 

2. Payment by Mail

If you are opting to make the payment via mail, you need to send your payment along with the account number on the address mentioned below:

P.O Box 9001007, Louisville, KY 40290-1007

3. Payment by Phone

You can also opt to make the payment for Best Buy Credit Card via their automated system i.e. phone. All you need to do is, call 1-888-574-1301. Keep your account information and a cheque from your bank handy to quickly process the payment. Also, there is no extra fee charged on making the bill payment through the phone or their automated system. 

Benefits of Best Buy Program

best buy credit card benefits

When you opt for Best Buy Credit Card, you are choosing for the Best Buy Program indirectly. To know about the added benefits of this program go through the listed pointers below:

  • Enjoy free shipping on all orders

  • Earn reward points on eligible Best Buy purchases

  • Get hands-on exclusive deals especially for members 

  • Get early access to some of the biggest sales

Best Best Customer Care Service

If you are facing any problem regarding your Best Buy Credit or Visa Card or you want to check your account balance, solve any query or for any other reason you can simply contact the Best Buy customer service on this number - 1-888-574-1301 (they are facing a huge increase in call volume) or also go to their Help Centre to get your query solved. 

Final Word

The Best Buy Credit Card is the one for you if you’re a regular buyer at Best Buy or spend a good amount of money whenever you shop at Best Buy. If either is the case with you, you can right away apply for the credit card but, also keep in mind that the Best Buy Credit Card comes with a responsibility along with enticing perks, rewards and benefits. 

So, if you think you can make the payments on time and will be safe from the extremely high APR, you are good to go!