Best Buy Credit Card 2024 Review: The My Best Buy® Credit Card and My Best Buy Visa® Card are co-branded store cards designed to reward frequent shoppers at Best Buy stores and online at BestBuy.com. The Visa version offers additional rewards on categories such as gas, dining, and groceries. However, both cards only allow redemptions at Best Buy, making them suitable for loyal customers of the retailer.
It’s worth noting that there are two versions of the My Best Buy Visa Card — Gold and Platinum. If Citi doesn’t approve you for the no-annual-fee Platinum version, you may be approved for the Gold version, which carries a $59 annual fee.
Card Highlights
Here’s a breakdown of the benefits:
- Welcome offer: Receive 10% back on your first day of purchase upon card approval.
- Earn 5% back in rewards on Best Buy purchases, or opt for flexible financing options.
- Exclusive to Visa cardholders: Earn 3% back in rewards on gas purchases, 2% back on dining and grocery purchases, and 1% back on everyday purchases.
- Enjoy limited-time bonus reward categories.
- No foreign transaction fees.
- No annual fee.
Sign-Up Bonus
Sign-up bonuses typically entail meeting specific spending requirements within a designated period after opening the card. The My Best Buy® Visa Card differs in that it doesn’t offer a traditional sign-up bonus. Instead, new cardholders receive a one-time bonus upon approval:
- Earn 10% back in rewards on your first day of purchases when you’re approved for the card.
- This offer is valid for your initial day of purchases using standard credit within the first 14 days of account opening.
Given that the 10% back offer is a one-time bonus and expires within two weeks of account approval, applying for this card is ideal when you have significant upcoming purchases or intend to make purchases at Best Buy.
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Earning Rewards
The My Best Buy Credit Card offers 5% back on all Best Buy purchases or the option for flexible financing, which may include deferred interest on purchases.
On the other hand, with the My Best Buy Visa Card, you can earn rewards not only on Best Buy purchases but also on select purchases outside the retailer:
- 5% back in rewards on Best Buy purchases or flexible financing options
- 3% back in rewards on gas purchases
- 2% back in rewards on dining and grocery purchases
- 1% back in rewards on everyday purchases
Additionally, our partner, Citi, may introduce additional limited-time bonus spending categories (activation required) at their discretion.
Redeeming Rewards
You earn rewards at a rate of 2.5 points for every $1 spent.
For every 250 points accumulated, you can redeem a $5 rewards certificate. (This translates to a $5 certificate for every $100 spent).
Similar to many store cards, rewards can only be redeemed for purchases at Best Buy and BestBuy.com or with select Best Buy partners. These rewards are issued in the form of certificates, which can be used towards store purchases.
Rewards certificates function like coupons, reducing the cost of your Best Buy purchases. They hold no cash value, meaning you won’t receive cash back for purchases totaling less than the certificate amount.
It’s important to note that rewards certificates expire at the end of the expiration date indicated on the certificate.
Card Benefits and Perks
The My Best Buy Visa card offers several benefits beyond its rewards program. Here’s what you can expect with the card:
- High rewards rate on Best Buy purchases: Enjoy a generous 5% back on all your Best Buy purchases. If you’re a frequent shopper at Best Buy and seek great deals, this feature allows you to effortlessly accumulate rewards for future purchases.
- Flexible financing: Cardholders have the option to finance Best Buy purchases instead of earning rewards. The card provides various financing options, including deferred interest, regardless of the purchase amount.
- Deferred interest offers: Benefit from special limited-time deferred interest offers on select card purchases.
- Exclusive offers: Gain access to exclusive and time-limited Best Buy offers as a cardholder. These offers require activation, which can be done under the “My Offers” tab within your online account.
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Drawbacks
Similar to most store credit cards, the My Best Buy Visa Card primarily benefits customers within the retailer’s ecosystem. While it offers rewards for spending outside of Best Buy, its rewards and perks are predominantly tailored to the Best Buy environment. Before deciding if this card suits your needs, it’s important to consider some significant drawbacks:
- Rewards redemption limited to Best Buy: Rewards can only be redeemed as Best Buy reward certificates, usable towards future purchases at Best Buy stores or online at BestBuy.com.
- High APR: The card carries a relatively high APR. Carrying a balance may result in costly interest charges unless you utilize special financing offers.
- Unconventional bonus offer: The card’s sign-up bonus is a limited one-time offer. Unlike traditional sign-up bonuses, where the terms are clear-cut, the value of the My Best Buy Visa’s bonus offer depends on your spending on the first day of purchases. If you don’t spend a substantial amount at the store or miss the offer’s short deadline, the bonus may not hold much value.
Annual Fee
Both the My Best Buy Credit Card and the Visa Platinum come with no annual fee. However, approval for the Visa Gold incurs a $59 annual fee. Eligibility for these cards is determined by Citi based on creditworthiness. If you don’t meet the requirements for the Platinum no-annual-fee version, Citi may approve you for the Gold version instead.
APRs
The Best Buy credit cards feature a variable APR of 31.49% on purchases, determined by your creditworthiness. There’s no introductory 0% APR offer associated with the card.
Other Fees
The My Best Buy Visa Card doesn’t impose foreign transaction fees, allowing you to make purchases outside the U.S. without incurring additional charges. If you don’t possess a dedicated travel credit card, your Best Buy Visa Card can function as one during your travels abroad.
However, like with other credit cards, you’ll still be subject to fees for late payments, cash advances, and balance transfers.
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Recommended Credit Score
Citi does not publicly disclose the specific credit and other requirements necessary to qualify for the My Best Buy Visa Card. Store credit cards generally may have more lenient credit requirements compared to standard rewards credit cards. However, since the My Best Buy Visa is accepted beyond Best Buy, it may necessitate a higher credit score. Generally, a good to excellent credit score, typically defined as a FICO® Score of 670 or higher, is likely needed to qualify, particularly if you aim to avoid paying an annual fee.
Is the Best Buy Credit Card Worth It?
The My Best Buy Credit Card or Visa Card is a valuable choice for frequent Best Buy shoppers or individuals planning significant purchases with the retailer. If you’re in need of a new appliance or shopping for tech gadgets, you can earn rewards on everyday spending and apply them towards your next purchase. One of the appealing aspects of Best Buy is its price matching policy, ensuring competitive pricing compared to other major retailers, including Amazon.
Conversely, the Best Buy credit cards may not be suitable for those seeking flexible rewards redeemable outside of Best Buy, such as travel or cash-back rewards.