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.

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 (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 like a normal credit card. After you apply, you’ll either be approved for the Gold version ($0 to $59, based on creditworthiness p.a.) or the Platinum version ($0 to $59, based on creditworthiness p.a.).

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 Gold — in that order. After the approval process, you’ll receive the card Citibank deems you best qualified for.

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 2.5 points per dollar spent; 3 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

With the My Best Buy Visa, 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 or a top travel card like the Barclaycard Arrival Plus.

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 Gold 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.

The Nuts and Bolts

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 2.5 points per dollar you spend on Best Buy purchases. If you’re a My Best Buy Elite Plus member, you’ll earn 3 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 Bonus Perk

• ADDITIONAL REWARDS: For purchases outside of Best Buy.
  Earn 1.5 points per dollar spent on home improvement, furniture and pet care purchases. Earn 1 point per dollar spent at restaurants, bars and grocery stores. And earn 1 point per two dollars spent on everything else.

What to watch out for

• High APR. The My Best Buy card comes with a high 26.74% variable 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 $.

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, which gives 2% cash back on everything you buy.

• You don’t shop often at Best Buy. You’ll get more value out of a card that rewards you in categories you really care about. Check out the best cards of 2017 here.

Applying for the Best Buy Credit Card

Always consider your options and your financial situation before you apply for a 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 Platinum card if you apply with a good to excellent credit score of 680 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 Best Buy Credit 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 Credit Card. Approval is decided by Citibank, not Best Buy.

I got the card — now what?

• Making payments. The My Best Buy 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 Credit Card 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 Card offers great rewards.

Frequently asked questions

• Will a late or returned payment fee always be $37?

  No. Your fee will be $27 if you haven’t been charged a fee within the previous six billing periods. Otherwise, you’ll pay $38.

• Why don’t I need an excellent credit score for the My Best Buy Credit Card?

  For store cards, most retailers will approve cardholders who have at least a fair credit score. They want to incentivize shopping at their stores, so they’re more lenient on extending credit. That’s why Citibank may offer you the My Best Buy Credit Card if you don’t qualify for the Platinum card.