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Best Buy Card review
Pay 0% interest for a fixed term when you apply for a Best Buy Card and finance your in-store purchases.
Get this card if you regularly shop at Best Buy and don’t have the money upfront for a large purchase
$0.
Annual Fee
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Rewards
Looking to finance your next purchase at Best Buy? The Best Buy Card is a financing program that’s offered by Best Buy in partnership with Fairstone. It lets you finance a purchase and make monthly payments on it over the course of 3 to 24 months with 0% interest. However, you’ll still need to pay an admin fee to get started. You’ll also have to pay interest on your purchase if you miss payments or don’t pay your purchase off by the end of your term.
30-second take
- Get this card if you regularly shop at Best Buy and don’t have the money upfront for a large purchase.
- Choose something else if you’re not interested in financing a large purchase or you want more rewards and benefits with your card.
- There’s no minimum annual income to qualify for this card listed on the website.
What is the Best Buy card?
The Best Buy Card is a financing program that’s offered by Best Buy in partnership with Fairstone, a reputable Canadian lender. This card lets you finance large in-store purchases easily. From there, you’ll make monthly payments to pay off your purchase with 0% interest down until your term runs out.
Extended financing can be arranged in terms from 3 to 24 months, depending on the cost of your purchase. You’ll pay an admin fee to set up each plan, but you’ll only have to pay interest on your plan if you don’t pay your purchase off by the end of your term.
Which plans are available with the Best Buy Card?
The Best Buy Card offers three main financing options:
All of these financing plans are offered by Fairstone. When you sign up for a plan, you’ll be responsible for making your payments back to this lender.
How does it work?
Let’s say that you’re a university student and your laptop dies. You won’t have a lump sum of cash until the summer, but you can’t do your schoolwork without a computer. You decide to apply for a Best Buy Card so that you can finance a laptop at no-interest for 12 months. While you’ll still have to make monthly payments to pay off your balance, the benefit is your payments will be smaller and they will go towards your principal instead of interest.
How is this different from a normal credit card? With a typical card, you might pay around $112 in interest on a $1,000 purchase over the course of the year. With a Best Buy Card, you don’t pay any interest on your purchase until your term is up. Just be aware that you'll have to pay an admin fee of around $69.99 for a one-year term (or whatever fee applies to the term you sign up for).
In this scenario, you pay less with Best Buy financing than you would with a regular credit card. The caveat is that you’ll have to pay an admin fee plus 31.99% in interest on your purchase if you don’t pay your Best Buy Card off in full by the end of your term. This is much more than you would pay with a regular credit card.
The perks
- Easy to qualify. You can find out if you qualify for the Best Buy Card in a matter of minutes when you apply online.
- Flexible term lengths. You’ll be able to apply for the term length that best meets your needs (with terms ranging from six months to two years).
- No interest on purchases. You won’t accrue any interest on your purchases unless you don’t pay them off in full by the time your terms ends.
- Consistent monthly payments. It’s easy to budget for your payments since they’ll stay the same for the duration of your term.
- Cheaper than a credit card. You’ll pay less with the Best Buy Card than you would with a regular credit card as long as you pay your purchase off in full by the due date.
What to watch out for
- Exclusive to Best Buy. You can only use your Best Buy Card to make purchases in-store at Best Buy.
- No online account. You’ll only be able to access your account details on a paper statement that gets mailed to you monthly or by calling Fairstone directly.
- High admin fee. You’ll pay a high admin fee to set up each financing term.
- No insurance. This card doesn’t offer fraud protection, purchase insurance or extended warranty coverage.
- Zero rewards. You won’t earn cashback or rewards on any of your purchases.
- Different plans in Quebec. You may not have access to all of the Best Buy Card financing options if you live in Quebec.
What should I know before I apply
Eligibility requirements
To apply for a Best Buy Card you need to:
- Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces).
- In Quebec, you'll need to pay a $35 annual fee.
Required documents and information:
- Your name, residential status and contact information.
- Your social insurance number and date of birth.
- Your email address and phone number.
- Two valid pieces of ID in-store (or verify your ID online by signing in with your bank)
How to apply
It takes as little as five minutes to apply for this card online. All you need to do is follow the steps below to get started:
- Visit the main site for the Best Buy Card and click on the blue button that says “Start your application.”
- This will open a new page with Fairstone, where you can click “Start” and then agree to the privacy terms and conditions.
- On the next page, you’ll be asked to sign in with your banking partner. If you don’t feel comfortable doing this, you can indicate that you don’t see your financial institution listed. This will let you apply for financing and then activate it in-store by showing two pieces of ID.
- Enter personal information such as your full name, residential address, residency status, birth date and email address.
- Input additional information such as your income, whether you rent or own your home and how much your monthly outstanding debts are.
- Consent to a credit check and wait to see if you get approved for financing.
- Make your monthly payments as scheduled until your term runs out.
Compare other credit cards
Bottom line
The Best Buy Card makes the most sense for customers who want to make a large purchase but don’t have the money to pay for it upfront. The card lets you make monthly payments with zero interest over a set term. Just be aware that you’ll end up paying high interest rates if you miss payments or don’t pay your purchase off by its due date.
