The Best Buy Credit Card is a popular choice for consumers looking to make purchases at Best Buy and earn rewards in the process. Whether you're considering applying for the card, want to know how to make a payment, or are curious about the benefits it offers, this article will provide you with all the information you need. From advantages and disadvantages to credit score requirements and interest rates, we've got you covered. So, let's dive in and explore everything you need to know about the Best Buy Credit Card.
Advantages and Disadvantages of the Best Buy® Credit Card
Incentive of 10% cash back as an initial rewards bonusNo introductory Annual Percentage Rate (APR) for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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What is the process for making a payment on a Best Buy Credit Card?
Obtaining a 10% cash back as an initial rewards bonusNo introductory APR for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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How can I contact Best Buy Credit Card customer service?
Acquiring a 10% cash back as an initial rewards bonusNo introductory APR for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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How do I find the number for my Best Buy Credit Card?
Attaining a 10% cash back as an initial rewards bonusNo introductory APR for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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Where can I check the balance on my Best Buy Credit Card?
Earning a 10% cash back as an initial rewards bonusNo introductory APR for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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Where can I complete my application for a Best Buy credit card?
Gaining a 10% cash back as an initial rewards bonusNo introductory APR for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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What are the prerequisites for getting approved for a Best Buy Credit Card?
Receiving a 10% cash back as an initial rewards bonusNo introductory APR for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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What benefits does the Best Buy credit card offer?
Earning a 10% cash back as an initial rewards bonusNo introductory APR for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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What credit score is necessary to qualify for the Best Buy Credit Card?
Acquiring a 10% cash back as an initial rewards bonusNo introductory APR for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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How can I cancel my Best Buy Credit Card?
Obtaining a 10% cash back as an initial rewards bonusNo introductory APR for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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What is the interest rate for the Best Buy Credit Card?
Receiving a 10% cash back as an initial rewards bonusNo introductory APR for balance transfers
Requires good to excellent credit
Unable to locate the information you are seeking? Submit your question regarding the Best Buy® Credit Card to our community. Please note that the issuer of this card does not provide, review, or endorse the editorial or user-generated content.
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Two primary versions of the Best Buy credit card
You have the option to apply for a Best Buy credit card either in-store or online. However, the process of obtaining one is somewhat opaque, and you have no control over which specific version of the card you receive.There are two fundamental variations:
1. My Best Buy Credit Card: This is a "closed-loop" store card, meaning it is exclusively accepted at Best Buy and BestBuy.com. There are no annual fees associated with this card.
2. My Best Buy Visa: This is an "open-loop" credit card that is accepted anywhere that accepts Visa. The My Best Buy Visa card has two versions distinguished primarily by the presence or absence of an annual fee. Upon submitting your application, Best Buy will inform you which version you have been approved for:
- Gold: This version of the card includes an annual fee of $59.
- Platinum: This version does not have an annual fee.
According to Best Buy, when applying for a card, you will initially be considered for the My Best Buy Visa Platinum (open-loop, no annual fee). If you do not qualify, you will then be considered for the My Best Buy Credit Card (store card), and finally, the My Best Buy Visa Gold (with an annual fee) in that order. The determining factor for approval of a particular version, if any, is your creditworthiness, leading to a commonly asked question:
What credit score is required to be eligible for a Best Buy credit card? Best Buy does not specify a specific credit score range for eligibility. However, their offerings imply that you may qualify for at least one version of the card even with less-than-ideal credit. Generally speaking:
- If a card is available with and without an annual fee, the version with the fee is typically more accessible to individuals with average credit since the fee helps mitigate some of the risk.
Rewards rates are satisfactory, but redemption can be complicated
Having any of these credit cards entitles you to membership in the My Best Buy shopper loyalty program, where rewards are acquired as points. These points can then be converted into Best Buy rewards certificates, with 250 points being equivalent to a $5 reward certificate, establishing the points' effective value at 2 cents each. (A minimum of 250 points is required to redeem rewards.)For purchases made at Best Buy, the rewards offerings are the same for both versions of the card. These offerings include:
- 5% cash back on all purchases at Best Buy (equivalent to 2.5 points per $1 spent)
- Flexible financing options (more information below)
However, the Visa version of the card offers even more advantages. In addition to the above, the Visa card provides the following benefits:
- 3% cash back on gas purchases (equivalent to 1.5 points per $1 spent)
- 2% cash back on dining and grocery purchases (equivalent to 1 point per $1 spent)
- 1% cash back on other everyday purchases (equivalent to 1 point per $2 spent)
» MORE: NerdWallet's top cash-back credit cards
Deferred interest may be a possibility... but it comes with potential risks
The Best Buy credit cards promote occasional "no interest if paid in full" offers, also known as "deferred interest" offers, ranging from six to 36 months, which may sound appealing. However, it is crucial to understand what deferred interest entails.With this type of offer, interest is not waived as it would be with a genuine 0% introductory APR promotion. Instead, a deferred interest offer simply sets aside that interest for later.
As long as you pay off your purchase by the end of the deferred interest period, you will not be charged any additional interest. However, if you carry any remaining balance past the end of the period, even just a few dollars, you will be charged the card's full ongoing interest rate for the entire purchase, dating back to the day you made it. It is worth noting that the interest rate on Best Buy credit cards is high, standing at 30.74% as of February 2023.
If you need to finance a large purchase and your primary goal is to avoid paying interest, you should consider credit cards that offer a genuine 0% APR promotion. For instance, the Wells Fargo Reflect Card provides the following benefits: 0% introductory APR on purchases and balance transfers for 21 months, followed by an ongoing APR of 17.99%-29.99% variable APR.
Best Buy Credit Card Options and Rewards
Best Buy presents two credit card options, both of which are issued by Citibank: a retail version exclusively valid at Best Buy stores and a Visa-branded Best Buy credit card that is accepted wherever Visa is accepted. Both the My Best Buy credit card and the My Best Buy Visa card enable you to earn Best Buy Rewards, such as 5% cash back on qualifying purchases, and offer flexible financing options.When it comes time to make a payment on your My Best Buy credit card, you have multiple options available, including online, in-store, phone, text, or mail. Here are the details for each payment method.
How To Make a Best Buy Credit Card Payment Online
To pay your bill online, you will need to utilize your My Best Buy credit card login.Making an Online Payment
How To Make a Best Buy Credit Card Payment In-Store
To make a payment on your Best Buy credit card in-store, simply visit the customer service desk, where an employee will assist you. Make sure to have your account number and preferred method of payment on hand.How To Make a Best Buy Credit Card Payment by Phone
You can conveniently make a payment on your Best Buy credit card account through Citi's free, automated system by phone at 888-574-1301. You will be required to provide your checking account and bank routing numbers, so having a valid check available will help complete the payment process.How To Make a Best Buy Credit Card Payment by Text
An alternative payment option is paying by text, although it is important to note that your cellphone provider may charge you for sending and receiving texts. Here's how you can make a payment via text:How To Make a Best Buy Credit Card Payment by Mail
If you prefer to pay your Best Buy credit card bill by mail, you will need to send a check or money order along with your account number. The mailing address depends on the type of card you possess.For payments toward a My Best Buy credit card account, the payment should be addressed to:
My Best Buy Credit Card Payments
P.O. Box 9001007
Louisville, KY 40290-1007
OR
My Best Buy Credit Card Payments
PO Box 70601
Philadelphia, PA 19176-0601
For payments toward a My Best Buy Visa bill, the payment should be addressed to:
My Best Buy Visa Card Payments
P.O. Box 78009
Phoenix, AZ 85062-8009
OR
My Best Buy Visa Card Payments
PO Box 70601
Philadelphia, PA 19176-0601
If you need to make a late bill payment and wish for it to arrive the next day, please use the following address:
Attn: Consumer Payment Dept.
6716 Grade Lane
Building 9, Suite 910
Louisville, KY 40213
For My Best Buy credit card payments, address the envelope to My Best Buy Credit Card Overnight Delivery/Express Payment. For the Visa-branded account, address your payment to My Best Buy Visa Credit Card Overnight Delivery/Express Payments.
What Are the Interest Rates for the My Best Buy Cards?
As of February 2023, the My Best Buy Credit store cards charge annual percentage rate (APR) interest fees ranging from 28.74% to 30.74% variable rates, as well as fixed rates spanning from 9% to 26.34%. The My Best Buy Visa cards come with variable rates of 15.24% to 30.74% and non-variable rates from 9.99% to 20.24%.What Sets Apart the My Best Buy Visa Card and the My Best Buy Credit Store Card?
The My Best Buy Visa card can be utilized anywhere and earns rewards for purchases made anywhere. On the other hand, the My Best Buy Credit store card can only be used at Best Buy and solely provides rewards for purchases made at Best Buy.Where Can I Obtain the My Best Buy Credit Store Card?
You can obtain the My Best Buy Credit store card either in-store at Best Buy or online at BestBuy.com.
In conclusion, the Best Buy Credit Card offers several advantages and rewards for customers. With features such as a 10% initial rewards bonus, no introductory APR for balance transfers, and the requirement of good to excellent credit, this card provides enticing benefits. Whether you need assistance with making a payment, contacting customer service, or checking your balance, Best Buy provides various convenient options for managing your credit card. Furthermore, the two versions of the Best Buy credit card offer different benefits, including the option for a no-annual-fee card. As with any credit card, it's important to understand the interest rates and terms associated with the Best Buy Credit Card. Overall, this card can be a valuable tool for customers looking to enhance their shopping experiences and earn rewards.
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