Best Buy Credit Cards: Options, Rewards, and Payment Methods
Discover the convenience and benefits of Best Buy credit cards. Whether you're a frequent shopper at Best Buy or prefer to use Visa-branded cards, Best Buy has you covered. Get rewarded with 5% cash back on qualifying purchases and enjoy flexible financing options. In this article, we'll guide you through the various payment methods available for your Best Buy credit card, including online, in-store, phone, text, and mail payments. Learn how to make hassle-free payments and explore the different types of Best Buy credit cards and their rewards rates. Plus, we'll explain deferred interest offers and potential risks to watch out for. Don't miss out on maximizing your Best Buy shopping experience – read on to find out more!
Options and Rewards for Best Buy Credit Cards
Best Buy provides customers with two credit card options, both issued by Citi®. The first is a retail card exclusively for use at Best Buy stores, while the second is a Visa-branded card that is accepted at any location that accepts Visa. Both the My Best Buy credit card and the My Best Buy Visa card offer rewards, such as 5% cash back on qualifying purchases, and flexible financing options.
When it comes time to make a payment on your My Best Buy credit card, there are several methods available. You can choose to pay online, in-store, by phone, via text, or by mail. Here are the details for each payment method.
How to Make an Online Payment for your Best Buy Credit Card
To pay your bill online, you will need to log in to your My Best Buy credit card account.
Online Payment Process
How to Make an In-Store Payment for your Best Buy Credit Card
To make a payment on your Best Buy credit card in-store, simply visit the customer service desk, and an employee will assist you. Make sure to have your account number and method of payment ready.
How to Make a Payment by Phone for your Best Buy Credit Card
Citi provides a free, automated system at 888-574-1301 that allows you to make payments on your Best Buy credit card account over the phone. You will need to provide your checking account and bank routing numbers and have a valid check on hand to complete the payment.
How to Make a Payment by Text for your Best Buy Credit Card
Alternatively, you can make a payment by text. Please note that your cell phone provider may charge fees for text messaging. Here's how to do it:
How to Make a Payment by Mail for your Best Buy Credit Card
To make a payment on your Best Buy credit card by mail, send a check or money order along with your account number to the appropriate address based on your card type:
- For My Best Buy credit card payments:
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 My Best Buy Visa card payments:
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 payment and want it to arrive the next day, 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 the payment to My Best Buy Visa Credit Card Overnight Delivery/Express Payments.
Two Types of Best Buy Credit Cards
Customers have the option to apply for a Best Buy credit card either in-store or online. However, the specific version of the card you receive is determined by Best Buy and cannot be controlled by the applicant.
There are two main types of Best Buy credit cards:
- My Best Buy Credit Card: This is a store card exclusive to Best Buy and BestBuy.com. It does not come with an annual fee.
- My Best Buy Visa: This is a Visa-branded credit card that can be used anywhere that accepts Visa. There are two versions of this card available, distinguished by their annual fees:
- Gold: This version has an annual fee of $59.
- Platinum: This version does not have an annual fee.
When you apply for a Best Buy credit card, you will first be considered for the My Best Buy Visa Platinum (no annual fee). If you do not qualify for that card, you will then be considered for the My Best Buy Credit Card (store card), and finally the My Best Buy Visa Gold (with annual fee). Your creditworthiness is the determining factor in which version of the card, if any, you will be approved for. This often leads to the commonly asked question: "What credit score do I need to get a Best Buy credit card?" While Best Buy does not specify a specific credit score range for eligibility, its offerings suggest that individuals with less-than-great credit may still qualify for at least one version of the card. As a general rule:
- If a card is available with and without an annual fee, the version with the fee is often easier to obtain for individuals with average credit since the fee helps mitigate some of the risk.
Rewards Rates and Redemption Process
Both versions of the Best Buy credit card allow cardholders to join the My Best Buy shopper loyalty program and earn rewards points. These points can be converted into Best Buy rewards certificates, with every 250 points earning a $5 reward certificate. This translates to an effective value of 2 cents per point (with a minimum redemption requirement of 250 points).
When shopping at Best Buy, both versions of the card offer the same rewards rates:
- 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 additional cash back percentages on specific categories:
- 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).
Deferred Interest Options and Potential Risk
Best Buy credit cards advertise "no interest if paid in full" offers, also known as deferred interest offers, which range from six to 36 months. While these offers may seem appealing, it is crucial to understand the concept of deferred interest.
With deferred interest, the interest is not waived like it would be with a true 0% introductory APR promotion. Instead, the interest is placed on hold until a later date. If you pay off your purchase by the end of the deferred interest period, you will be fine. However, if you carry a balance beyond the expiration of the period, even if it is just a few dollars, you will be charged the card's full ongoing interest rate on the entire purchase, starting from the day you made it. It is important to note that the interest rate on Best Buy credit cards is high, currently standing at 30.74% as of February 2023.
If you need to finance a large purchase and want to avoid interest, it may be advisable to consider credit cards that offer true 0% APR promotions. For example, the Wells Fargo Reflect® Card provides a 0% introductory APR on purchases and balance transfers for 21 months from account opening, with an ongoing APR range of 17.99%-29.99% Variable APR.
In conclusion, understanding the options and rewards offered by Best Buy credit cards is essential for making informed decisions about your purchases and payments. Whether you prefer to pay online, in-store, by phone, via text, or by mail, Best Buy provides convenient methods to manage your account. With the potential for cash back rewards, flexible financing options, and the My Best Buy shopper loyalty program, these credit cards can enhance your shopping experience. However, it's important to be mindful of deferred interest offers and the potential risks involved. By making responsible choices and staying informed, you can make the most of your Best Buy credit card and enjoy a rewarding shopping journey.
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