Best Buy Credit Card review | finder.com

Is the Best Buy Credit Card worth applying for?

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My Best Buy® Visa® Card

A store credit card with great rewards for the loyal Best Buy shopper

  • Get this card if… you’re a frequent Best Buy shopper.
  • Pick something else if… you don’t shop often at Best Buy.
  • The My Best Buy Credit Card does one thing really well: get you rewards that you can later spend at Best Buy. If you find yourself returning to the store again and again, keeping track of the latest Best Buy promo codes and coupons, then this card might be for you.
Product NameMy Best Buy® Visa® Card
Card TypeVisa
Store card
Annual FeeUp to $59
APR (Annual Percentage Rate) for Purchases27.24% variable
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $38
Additional Cardholder Fee$0
Minimum Age18 years of age
Welcome Offer10% back in rewards on your first day of purchases, or choose flexible financing, when approved for a My Best Buy® Credit Card.
Reward Value per Dollar1% cash back
Rewards Points ExpiryNever

Alternative card for shopping - Earn 1.5% on all purchases: American Express Cash Magnet™ Card

  • Earn up to $250 back. Here’s how: Earn a $150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership.
  • Plus, earn an additional $100 statement credit after you spend an additional $6,500 in purchases within your first 12 months.
  • Unlimited 1.5% cash back on your purchases.
  • Cash back is received in the form of reward dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
  • Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 14.99% to 25.99%.
  • With Plan ItSM, you can set up a monthly payment plan for large purchases with a fixed monthly fee and no interest charges, all with the same rewards and protections you expect from American Express.
  • Over 1.5 million more places in the US started accepting American Express® Cards in 2017.
  • No Annual Fee.
  • Terms Apply.
  • See Rates & Fees
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The Basics

There are two types of My Best Buy credit cards: the My Best Buy Credit Card (which includes the Basic and Preferred versions), and the My Best Buy® Visa® Card (which includes the Gold and Platinum versions).

  • The My Best Buy Credit Card is a store card, so you can only use it at Best Buy.
  • You can use the My Best Buy® Visa® Card like a normal credit card. After you apply, you’ll either be approved for the Gold version ($59) annual fee or the Platinum version ($0) annual fee.

Though there are two main cards, you don’t choose which one to apply for. You’ll simply submit a general application, then Citibank (the issuing bank) will consider you for the My Best Buy Platinum, My Best Buy Credit Card Preferred, My Best Buy Credit Card or My Best Buy® Visa® Card — in that order. After the approval process, you’ll receive the card Citibank deems you best qualified for.

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Best Buy Credit Card rewards programs

When you’re approved for a My Best Buy card, you can choose between two rewards programs:

  • Accrue points that you can redeem for Best Buy rewards certificates (normally 5% per dollar spent; 6% if you’re an Elite Plus member).
  • No interest on purchases $399 or more if you pay in full within 12 months.

To attain Elite Plus status, you need to spend $3,500 at Best Buy or BestBuy.com in a calendar year.

Additional rewards for the My Best Buy® Visa® Card

With the My Best Buy® Visa® Card, you’ll get additional points on purchases outside of Best Buy, including home improvement stores, restaurants and grocery stores.

What’s the verdict?

If you’re not a regular Best Buy shopper, consider passing on the My Best Buy card. Instead, go for a good cash back card like the Citi® Double Cash Card or a top travel card like the Barclaycard Arrival® Plus World Elite Mastercard®.

The My Best Buy card is a good choice if you’d spend your extra money at Best Buy anyway. You’ll get 2.5 My Best Buy points per dollar you spend there. You can trade 250 points for a $5 rewards certificate, so you’re getting 5% back on your Best Buy spending. Those rewards add up to 6% back if you’re an Elite Plus member, as you’ll earn 3 points per dollar you spend. Overall, the math says My Best Buy points are worth $0.02 apiece — a good deal as long as you regularly spend at Best Buy.

If you don’t want points, you can choose another rewards path: paying no interest on purchases $399 or more as long as you pay them off within 12 months. Just remember that this is deferred interest, not zero interest. If you don’t pay off your purchase within 12 months, you’ll be charged interest starting from the day you swiped your card.

Neither the My Best Buy Credit Card nor the My Best Buy Visa Platinum comes with an annual fee. However, the My Best Buy® Visa® Card charges a $59 annual fee — a steep price to pay just for enhanced Best Buy point earnings. As a basic member, you’d have to spend $1,180 at Best Buy just to break even with the rewards you’ll earn. Unless you spend more than that amount, you may want to look for a different credit card.

Compare Best Buy Credit Cards

Product nameMy Best Buy Credit Card Preferred and My Best Buy Credit CardMy Best Buy Visa PlatinumMy Best Buy® Visa® Card
Issuing bankCitibankCitibankCitibank
Annual feeNoneNone$59
Signup bonus10% back in rewards on your first purchase10% back in rewards on your first purchase10% back in rewards on your first purchase
Intro purchase APRNoneNoneNone
Intro balance transfer APRNoneNoneNone
Balance transfer feeN/Awhichever is greater, $15 or 5whichever is greater, or
Foreign transaction feeN/ANoneNone
Cash advance rateN/A29.74% variable29.74% variable
Cash advance feeN/A$10 or 5% of the amount of each cash advance, whichever is greater$10 or 5% of the amount of each cash advance, whichever is greater
Penalty APRN/ANoneNone
Late payment feeUp to $38Up to $38Up to $38
Overlimit feeNoneNoneNone
Maximum credit limitNoneNoneNone
Minimum interest charge$2$1$2

The Perks

  • SPECIAL APR: Reduced interest on eligible purchases.

    On some purchases, you’ll get an 11.90% APR on Best Buy’s 48-month credit plan.

  • REWARDS: Get points for qualifying purchases.

    Earn 5 points per dollar you spend on Best Buy purchases. If you’re a My Best Buy Elite Plus member, you’ll earn 6 points per dollar spent.

  • SPECIAL FINANCING: Access to deferred-interest promotions.

    Best Buy will occasionally send you deferred-interest offers. On these purchases, you can use your card and accrue no interest if you pay in full within a specified time period.

My Best Buy® Visa® Card Bonus Perk

  • ADDITIONAL REWARDS: For purchases outside of Best Buy.

    Earn 4% points per dollar spent on entertainment. Earn 2% point per dollar spent at restaurants, bars and grocery stores. And earn 1% point per dollar spent on everything else.

What to watch out for

  • High APR.

    The My Best Buy card comes with a high 27.24% APR, so consider paying off your card balance each month.

  • Fees for late and returned payments.

    For each late or returned payment, you’ll pay a fee of up to $38.

Consider other cards if…

  • You want cash back.

    The My Best Buy card only gives you rewards that can be spent at Best Buy. If you want cash back, consider a card like the Citi® Double Cash Card, which gives 1% cash back on everything you buy.

Applying for the Best Buy Credit Card

To apply for the My Best Buy card, you must be at least 18 years old.

What credit score do I need?

You’ll have a better chance of being approved for the My Best Buy® Visa® Card if you apply with a good to excellent credit score of 670 or higher. You’ll likely be approved for the My Best Buy Credit Card with a fair credit score of at least 620.

How to apply for the My Best Buy® Visa® Card

1. On the Best Buy website, click the Apply Now button.

2. Create an account or sign in to your My Best Buy account.

3. Fill out the application form. Provide information like your contact information, total annual income and Social Security number.

How long will it take to be approved?

It can take up to 14 days to receive approval for the My Best Buy® Visa® Card. Approval is decided by Citibank, not Best Buy.

I got the card — now what?

  • Making payments. The My Best Buy® Visa® Card is distributed by Citibank. You can pay your bills online by signing into Citibank’s online portal.
  • Avoiding interest payments. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
  • Avoiding fees. Late and returned payments come with hefty fees of up to $38.
  • Customer service. If you have questions about your account, you can contact Citibank support at 1-888-574-1301.

Bottom Line

You should pass on the My Best Buy® Visa® Card and compare other store credit cards if you’re only an occasional Best Buy shopper. But if you come back to the store again and again, you’ll find that the My Best Buy® Visa® Card offers great rewards.

Frequently asked questions

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8 Responses

  1. Default Gravatar
    UrsulaNovember 25, 2018

    Hi, I have a credit score of 630. How likely am I to be approved for the credit card and do you have a BestBuy pre-approval link?

    • finder Customer Care
      JoshuaNovember 25, 2018Staff

      Hi Ursula,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      You’ll have a better chance of being approved for this card if you have a credit score of 670 or higher. However, if you have a credit score of 630, there’s still a chance for you to get approved.

      Please make sure though to read the eligibility criteria, features and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.

      As for the pre-approval link, we currently don’t have a program with Best Buy. You would need to directly get in touch with them. Of course, an alternative card would be American Express Cash Magnet™ Card. Check out this card found above this page and click on the “Go to site” green button to learn more.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    RedOctober 27, 2018

    Hi, I just turned 18 and don’t have any credit and I applied for a Best Buy rewards card. Am I likely to be approved? If not, what I can do that will help me? If so, how long does it usually take?

    • finder Customer Care
      JhezelynNovember 6, 2018Staff

      Hello Red,

      Thank you for your comment.

      Please note that your application is being assessed and they may consider some factors. For as long as you meet the eligibility criteria, you’re more likely to be approved. It can take up to 14 days to receive approval which is decided by Citibank, not Best Buy.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  3. Default Gravatar
    FernandoOctober 9, 2018

    Okay I have a few questions.
    -I’m almost 18 so can I use my mom to apply and get the credit card from Best Buy?
    -If I apply for the card and recieve it can I buy an expensive gaming computer and pay it off with 12 or 6 month plan with no down payment?

    • finder Customer Care
      JoshuaOctober 13, 2018Staff

      Hi Fernando,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      It would be impossible for you to get a credit card if you’re under 18 years old even if you ask your mom’s help. You have to wait until your 18th birthday. However, one option would be to serve as an authorized user on someone else’s card account. You’re not technically on the hook for making payments — that responsibility lies with the primary cardholder. Please note that even if you are already 18 years old, you still need to prove to the bank that you are responsible enough and you have the ability to make repayments.

      Regarding your second question, yes, it is possible to buy a gaming computer using a credit card and not having to provide a downpayment. Please check with your provider and see what else you need to provide to accomplish this.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  4. Default Gravatar
    SyedSeptember 23, 2017

    I have very short Credit History.
    1) Can I get a Secured BestBuy Credit Card? If not, what should I do to get BestBuy Credit Card?

    Your early reply would be highly appreciated.

    • finder Customer Care
      AnndySeptember 24, 2017Staff

      Hi Syed,

      Thanks for your question.

      In the terms and conditions of this card, they only specifically listed the age requirement for applicants. However, the card issuer may check your credit score and other personal information for their overall assessment of your eligibility. You may directly contact Citibank (issuer of this card) to confirm if you are eligible given your short credit history.

      Kindly refer to our guide above under the heading “How to apply for the Best Buy Credit Card” for the step by step procedure.

      Cheers,
      Anndy

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