How the My Best Buy credit card works: benefits and rewards

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Best Buy (BBY) is a consumer electronics retail chain with more than 1,000 locations and approximately 100,000 employees across the United States and Canada. Best Buy offers a variety of products through its nationwide store network and online, including home appliances, computers, cell phones, gaming systems, audio systems, hardware, software, and entertainment products. Like many national retailers, Best Buy offers its customers credit financing options that include credit cards. Best Buy offers consumers an in-store credit card and a co-branded general-purpose Visa credit card that allows consumers to choose between earning rewards or receiving special financing terms.

How My Best Buy Credit Cards Work

My Best Buy credit cards are cards that can be purchased online or at a Best Buy store. While the Visa My Best Buy card can be used and earn rewards anywhere, the My Best Buy card can only be used in a Best Buy store or on BestBuy.com. Like many store cards, the My Best Buy card offers rewards and benefits such as promotional financing for purchases made through Best Buy. It offers the standard high annual percentage rate (APR) of most store credit cards and requires the issuance of fair credit or greater.

Key points to remember

  • The My Best Buy card is a card issued by Citibank that can be used online or in-store at Best Buy and its affiliates and earns 5-6% rewards at Best Buy.
  • The Visa My Best Buy card is a general purpose credit card issued by Citibank that can be used anywhere and earns 5% to 6% rewards on Best Buy purchases, 3% on gasoline purchases, 2% on grocery and restaurant purchases and 1% on everything else.
  • You need fair or better credit to get approved for a My Best Buy card. The better your credit, the more likely you are to be offered the Visa My Best Buy credit card.
  • As of November 2021, the annual percentage rate for the My Best Buy card was 25.24%.

Rewards and Benefits

The main benefit of the My Best Buy credit card is that it offers 5% cash back rewards to regular cardholders and 6% cash back to Elite Plus members on qualifying purchases.

The My Best Buy card also includes promotional deferred interest offers, which means you pay $ 0 interest if your balance is paid in full before the end of the promotional period. As of November 19, 2021, the following offers are in effect until December 26, 2021.

  • 12 months interest free on purchases of $ 299 or more
  • 18 months interest free on purchases of $ 499 or more

The terms and conditions published by the Citibank card issuer list other potential promotional financing that may be offered to you, including:

  • 24 months without interest (no minimum amount specified)
  • 36 months without interest (no minimum amount specified)
  • No interest if paid in full on a specific date. (no minimum amount specified)

If you’re interested in making a large purchase, you may be able to earn one of these longer, unannounced promotional deferred interest rates by talking to a Best Buy employee or manager.

Important

Rewards can only be redeemed in the form of a Rewards Certificate, which can only be used at Best Buy or one of its affiliates.

Alternatives to the My Best Buy credit card

If you are considering getting a My Best Buy card to fund a large purchase at Best Buy, there are other cards that offer 0% APR promotional interest rates for longer terms, as well as discount rates. 0% promotional interest with a cash back bonus.

U.S. Bank Visa Platinum offers 0% interest rate for 20 bill cycles (2 months longer than Best Buy’s longest advertised period),

The Chase Freedom Unlimited credit card also offers 0% APR for 15 months AND offers a $ 200 cash back bonus once you’ve spent $ 500 on purchases within the first 3 months of opening the account and 1.5% discount on everything. You can redeem your points through direct cashback or through the Chase Ultimate Rewards program.

The Capital One SavorOne Cash Rewards credit card offers 0% APR for 15 months AND a $ 200 cash back bonus once you’ve spent $ 500 on purchases within the first 3 months of account opening. And you earn 3% off restaurants, entertainment, groceries, and 1% off everything else.

My Best Buy card vs. Alternatives
Menu My best buy (funded) My best buy (unfunded) USB Platinum Unlimited freedom hunt Capital One SavourOne
Awards $ 0 $ 75 (rewards certificate redeemable only at Best Buy) $ 0 $ 222.50 (cash back or ultimate rewards) $ 215 (cash back)
APR 0% APR for 18 months 25.24% 0% APR for 20 billing cycles 0% APR for 15 months 0% APR for 15 months
For a $ 1,500 purchase made in a single day at Best Buy, these cards would earn rewards and charge interest, as shown here. The My Best Buy card does not offer a reward rate on anything that uses promotional financing, so both options are listed.

Best Buy Credit Card Terms and Conditions

Like any credit card, the Best Buy credit card has terms and conditions that should be carefully considered. The terms and conditions include the APR, late payment charges, penalties, and other useful information. The following information is updated for the Best Buy credit card in November 2021:

  • APR: 25.24%
  • Late payment fees: up to $ 40 for consumers who fail to make the minimum payment by the due date
  • Grace period: At least 25 days
  • Minimum interest charges: $ 2
  • Annual subscription: $ 0

Who should consider the My Best Buy credit card?

People looking to make a large purchase from Best Buy in one day to take advantage of the one-time 10% reward or 0% interest rate promotional finance options should consider a My Best Buy credit card. In addition, anyone who purchases from Best Buy frequently enough that the higher reward rate of a My Best Buy card (5% to 6%), as opposed to a standard cash back credit card, is 1-3%, worth the rewards. being issued only in the form of award certificates. Like many store credit cards, Best Buy issues rewards this way to keep customers coming back and spending money so they can redeem their certificates. People considering this credit card should carefully consider whether they will spend more than they think because of the reward certificate system.

Best Buy Credit Card FAQs

What are the prices for My Best Buy cards?

As of November 2021, My Best Buy cards carried annual percentage interest charges with variable rates ranging from 23.24% to 27.99% and fixed rates ranging from 9% to 24.34%. Visa My Best Buy cards were issued with variable rates from 10.74% to 27.99% and non-variable rates from 9.99% to 20.24%.

What is the difference between the My Best Buy card and the Visa My Best Buy card?

The Visa My Best Buy card can be used anywhere and earns rewards on purchases made anywhere. The My Best Buy card can only be used at Best Buy and only earns rewards on purchases made at Best Buy.

Where can someone get the My Best Buy credit card?

You can get the My Best Buy credit card in-store at Best Buy or online at BestBuy.com.

What type of credit is required for the My Best Buy credit card?

Fair credit or greater is required to obtain approval for a My Best Buy credit card. The better your credit, the better your chances of being approved for the Visa My Best Buy card.

The bottom line

The My Best Buy credit card and the My Best Buy Visa card have the same high interest rates as most other store credit cards. The rewards system is decent at 5%, but can only be used as a reward certificate at Best Buy, making it a less attractive card to the general consumer than a standard rewards system. The My Best Buy card is a good choice if you’re looking to finance a major purchase, like refurbishing your kitchen appliances, or if you’re someone who shops at Best Buy frequently enough that the 5% Back at Best Buy are worth the downside of the reward certificate system.


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