Are you considering applying for the Best Buy® Credit Card? Before you make a decision, it's essential to understand the advantages and disadvantages of this card. In this article, we will explore its features, including rewards rates, approval requirements, customer service options, and more. Whether you're interested in making a payment, checking your balance, or applying for the card, we've got you covered. Keep reading to find out everything you need to know about the Best Buy® Credit Card.
Advantages and Disadvantages of the Best Buy® Credit Card
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
How Can I Make a Payment on My Best Buy Credit Card?
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
What Is the Best Way to Contact Best Buy Credit Card Customer Service?
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
Where Can I Locate My Best Buy Credit Card Number?
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
Where Can I Check the Balance on My Best Buy Credit Card?
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
Where Can I Fill Out an Application for My Best Buy Credit Card?
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
What Are the Approval Requirements for the Best Buy Credit Card?
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
What Are the Main Benefits of the Best Buy Credit Card?
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
What Credit Score is Necessary to Qualify for the Best Buy Credit Card?
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
How Do I Close My Best Buy Credit Card Account?
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
What Is the Interest Rate on the Best Buy Credit Card?
Earn a bonus of 10% in rewards initiallyNo introductory APR for balance transfers
Requires good to excellent credit score
Can't find what you're searching for? Ask our community for assistance with your inquiries about the Best Buy® Credit Card. The content provided by our community, as well as the editorial content, is not endorsed, reviewed, or provided by the card issuer.
Most Popular
There Are Two Primary Best Buy Credit Cards Available
You have the option to apply for a Best Buy credit card either in-store or online. However, the application process is somewhat unclear, and you have no influence over which version of the card you receive.There are two main versions:
My Best Buy Credit Card. This is a store card that can only be used at Best Buy and BestBuy.com. There is no annual fee associated with this card.
My Best Buy Visa. This is a credit card that carries the Visa logo and is accepted at all locations that accept Visa. This card is available in two variations, the only significant distinction being the presence or absence of an annual fee. When you submit your application, Best Buy will inform you which version you are approved for:
- Gold. This version incurs an annual fee of $59.
- Platinum. This version does not have an annual fee.
What credit score do I need to be eligible for a Best Buy credit card? Best Buy does not disclose a specific credit score range for eligibility. However, their offerings suggest that you can qualify for at least one version of the card even if you have less-than-ideal credit. Generally, when a card is available both with and without an annual fee, the version with the fee is easier to obtain for individuals with average credit since the fee offsets some of the risk.
» MORE: Discover 10 effective ways to save money at Best Buy
Rewards Rates are Decent, but Redemption Process is Challenging
Holding any of these credit cards requires you to join the My Best Buy shopper loyalty program, as rewards are earned in the form of points within that program. These points can then be converted into Best Buy rewards certificates. For every 250 points, you receive a $5 reward certificate, valuing the points at 2 cents each. (A minimum of 250 points is required to redeem them.)Regarding purchases made at Best Buy, both card versions offer the same rewards:
- 5% back on all purchases from Best Buy (equivalent to earning 2.5 points per $1 spent).
- Flexible financing options (more details below).
- 3% back on gas purchases (1.5 points per $1 spent).
- 2% back on dining and grocery purchases (1 point per $1 spent).
- 1% back on other everyday purchases (1 point per $2 spent).
Deferred Interest may be an Option... but with Potential Risks
The Best Buy credit cards advertise occasional "no interest if paid in full" offers, which range from six to 36 months. This may sound appealing, but it is crucial to comprehend the concept of deferred interest.With such an offer, the interest is not waived as with a genuine 0% introductory APR promotion. Instead, a deferred-interest offer simply postpones the collection of interest until a later date.
If you pay off your purchase before the deferred-interest period concludes, you are in good shape. However, if you carry a balance beyond the end 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, retroactive to the day it was made. The interest rate on Best Buy credit cards is notably high, at 30.74% as of February 2023.
If you need to finance a significant purchase and your primary objective is to avoid interest charges, it would be wise to consider credit cards that offer a genuine 0% introductory APR. The Wells Fargo Reflect® Card, for example, provides the following benefits: 0% introductory APR on purchases for 21 months from account opening, 0% introductory APR on balance transfers for 21 months from account opening on qualifying balance transfers, and subsequently, an ongoing APR ranging from 17.99% to 29.99% variable.
You'll Receive an Incentive for Opening the Card
A common promotion is to receive a total of 10% back in Best Buy points on your first day of purchases upon approval for the card. This means that if you spend $2,000 on your initial purchase with the Best Buy credit card, you will receive 10,000 points. This equates to $200 in Best Buy rewards certificates. Unlike many credit cards, you are not required to reach a specific spending threshold on your new card to qualify for the bonus.Best Buy Credit Card Options and Rewards
Best Buy offers two credit card options issued by Citi®: a retail version exclusively for use at Best Buy stores and a Visa-branded Best Buy credit card that is accepted at any merchant that accepts Visa. Both the My Best Buy credit card and the My Best Buy Visa card allow you to earn Best Buy rewards, such as 5% back on qualifying purchases, and provide flexible financing options.When it is time to make a payment on your My Best Buy credit card, you have several options: online, in-store, by phone, via text, or by mail. Each payment method is detailed below.
How to Make an Online Payment for a Best Buy Credit Card
To pay your bill online, you will need to utilize your My Best Buy credit card login.Online Payment Process
How to Make an In-Store Payment on a Best Buy Credit Card
To make a payment on your Best Buy credit card in-store, simply visit the customer service desk, where an employee will assist you. Ensure you have your account number and payment method readily available.How to Make a Phone Payment on a Best Buy Credit Card
Citi allows you to make a payment on your Best Buy credit card account by phone through their free automated system at 888-574-1301. 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 Text Payment on a Best Buy Credit Card
Another option is to make a payment via text. Note that your cellphone provider may charge fees for sending and receiving texts. Here is how you can do it:How to Make a Mail Payment on a Best Buy Credit Card
To pay your Best Buy credit card by mail, you will need to send a check or money order along with your account number. The address to send the payment to depends on the type of card you have.For payments on a My Best Buy credit card account, send the payment to:
My Best Buy Credit Card PaymentsP.O. Box 9001007Louisville, KY 40290-1007
OR
My Best Buy Credit Card PaymentsPO Box 70601Philadelphia, PA 19176-0601
To make a payment on a My Best Buy Visa card, send the payment to:
My Best Buy Visa Card PaymentsP.O. Box 78009Phoenix, AZ 85062-8009
OR
My Best Buy Visa Card PaymentsPO Box 70601Philadelphia, PA 19176-0601
If you need to make a late payment on a Best Buy credit card and want the payment to arrive the next day, use the following address:
Attn: Consumer Payment Dept.6716 Grade LaneBuilding 9, Suite 910Louisville, 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 My Best Buy Cards?
As of February 2023, the My Best Buy Credit store cards carry variable annual percentage rate (APR) interest charges ranging from 28.74% to 30.74% and fixed rates ranging from 9% to 26.34%. The My Best Buy Visa cards are issued with variable rates of 15.24% to 30.74% and non-variable rates ranging from 9.99% to 20.24%.What Is the Distinction Between the My Best Buy Visa Card and the My Best Buy Credit Store Card?
The My Best Buy Visa card can be used anywhere and earns rewards on purchases made from any merchant. The My Best Buy Credit store card can only be used at Best Buy and earns rewards solely on purchases made at Best Buy.Where Can I Obtain the My Best Buy Credit Store Card?
The My Best Buy Credit store card can be obtained in-store at Best Buy or online at BestBuy.com.
In conclusion, the Best Buy® Credit Card offers numerous advantages and benefits for individuals with good to excellent credit scores. From earning rewards initially to flexible financing options, this credit card caters to the needs of tech enthusiasts and frequent shoppers at Best Buy. However, it's essential to carefully consider the potential risks of deferred interest and high interest rates. By understanding the card's features and utilizing the various payment methods available, cardholders can make the most of their Best Buy credit card experience. Whether applying in-store or online, the Best Buy® Credit Card provides a convenient and rewarding way to enhance your shopping experience at Best Buy.
Facebook