Thinking about applying for the Best Buy Credit Card? If you’re someone who shops at Best Buy quite frequently, this card might seem like a no-brainer. But before you hit that “Apply Now” button, there are a few things you should know. Let’s break it all down so you can decide if it’s the right fit for your wallet.
Table of Contents
1. There Are Two Versions of the Best Buy Credit Card
Before you apply, it’s important to know that Best Buy offers two different credit cards:
- My Best Buy Credit Card: Can only be used at Best Buy.
- My Best Buy Visa Card: Can be used anywhere Visa is accepted.
Which one you get depends on your creditworthiness. If you qualify for the Visa version, you’ll have more flexibility when making purchases outside of Best Buy.
Pro Tip: If you’re hoping for the Visa version, make sure your credit score is in good shape before applying.
2. The Rewards Program Can Be Valuable (But Read the Fine Print)
With a Best Buy Credit Card, you can earn rewards on your purchases:
- 5% back in rewards (2.5 points per $1 spent at Best Buy)
- Limited-time promotional financing options
- Bonus reward categories (for Visa cardholders on eligible spending like gas and dining)
However, keep in mind:
- If your My Best Buy account is inactive for 12 months, your points will be converted into reward certificates down to the $5 level, and any leftover points will be forfeited.
- Rewards are issued as Best Buy certificates, meaning you can’t redeem them for cash, only Best Buy purchases.
Is it worth it? If you’re into tech and regularly shop at Best Buy, the rewards can add up. But if you prefer cashback or travel rewards, there are plenty of other cards that might be a better fit.
3. Beware of the High Interest Rate
One major downside? The Best Buy Credit Card has a high APR, often well above 29%. If you carry a balance, the interest can quickly outweigh any rewards you earn.
Additionally, Best Buy frequently offers deferred interest financing, which sounds great, but comes with a catch. If you don’t pay off your balance in full by the end of the promotional period, you’ll be charged interest retroactively from the original purchase date.
Tip: Only use the financing option if you’re 100% sure you can pay off the balance before the promotion ends.
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Start Building Credit4. Approval Odds Depend on Your Credit Score
Like most store credit cards, the Best Buy Credit Card is easier to qualify for than premium rewards cards. However, your credit score still plays a role:
- 620+ (Fair credit): You may qualify for the store card version.
- 700+ (Good to excellent credit): You’re more likely to get approved for the Visa version.
If your credit score is on the lower side, you might receive a lower credit limit or a higher interest rate.
5. It’s Best for Loyal Best Buy Shoppers
The Best Buy Credit Card can be a great tool if you regularly shop at Best Buy and can take advantage of the rewards and financing options. However, if you’re looking for a card with flexible rewards, a general cashback or travel rewards card is usually a better choice.
Bottom Line: If you shop at Best Buy often and always pay your balance in full, this card could be worth it. If not, you might be better off with a different rewards credit card.
Conclusion
Before applying for the Best Buy Credit Card, you should consider your shopping habits, ability to pay off balances, and whether or not you will truly benefit from the rewards. If you’re a tech lover who frequently shops at Best Buy, it could make a good addition to your wallet; just watch out for the high APR and financing traps.
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Subscribe NowBest Buy Credit Card FAQs
1. Can I use my Best Buy credit card anywhere?
The Best Buy Credit Card can be used for purchases at Best Buy stores, online at BestBuy.com, and for financing eligible purchases at Best Buy. However, it is a store-branded card, so it does not function like a general-purpose credit card that can be used everywhere. If you want more versatility, you might consider the My Best Buy® Visa® Card, which can be used anywhere Visa is accepted.
2. How do I check my Best Buy credit card balance?
You can check your Best Buy Credit Card balance online by logging into your account on Citi’s website or mobile app. Alternatively, you can call the customer service number on the back of your card or check your balance through paper statements.
3. How can I apply for the Best Buy credit card?
You can apply for the Best Buy Credit Card online through Best Buy’s and Citi’s website or at a Best Buy store. The application process involves filling out personal details and agreeing to terms and conditions. Approval is usually based on creditworthiness.
4. How can I close my Best Buy credit card?
To close your Best Buy Credit Card, contact Citi’s customer service either through the phone number on the back of your card or via their online support. Ensure that any outstanding balance is paid off before closing the account, as failure to do so could negatively affect your credit score. It’s also a good idea to request written confirmation once the card is closed.
