Save at Best Buy with the Best Buy Credit Card
If you're a regular at Best Buy, it pays to have the My Best Buy Visa® Card. The Best Buy credit card offers incredible rewards when you shop at the retailer, plus the chance to opt for long-term financing on larger purchases.
Card Benefits at a Glance
Earn 5% back at Best Buy, 3% back on gas purchases, 2% back on dining and grocery purchases, and 1% back on everything else.
Once you're approved for the card, you'll get 10% back on your first day of purchases, as long as it's within 14 days of account opening.
If you're an Elite Plus member with Best Buy, you'll get an additional 1% back on every purchase you make at the retailer.
On larger purchases, you can opt for long-term financing instead of rewards, which can save you big time.
Maximize Your Best Buy Purchases
If you have just the My Best Buy Credit Card, that's all you get in terms of rewards. But with the My Best Buy Visa® Card, you'll also earn 3% back on gas purchases, 2% back on dining and grocery purchases, and 1% back on everything else.
These rewards come in the form of points — while you're getting 5% back at Best Buy, for instance, you're actually getting 2.5 points per dollar, which are worth 2 cents apiece.
For every 250 points you earn, you'll receive a $5 rewards certificate that you can use with the retailer. The redemption feature is limited because you can only redeem at Best Buy. But if that's your goal, it won't be an issue.
As a new cardholder, you'll get double the rewards on your first day of purchases with the card at Best Buy. It's nice that it's valid for an entire day instead of just one purchase, but you'll need to be fast because it expires 14 days after you open the account, and it can take some time to receive your card in the mail, so you may have even less time to use it.
Earn Elite Plus Status Faster
If you're an Elite Plus member, you'll get an additional 1% for a total of 6% back when you use your card to shop at Best Buy. For most Best Buy members, you have to spend $3,500 at the retailer in a calendar year to earn Elite Plus status.
But if you have the credit card, you'll earn that status when you spend $3,500 anywhere with the card.
Promotional Financing Could Be Even More Value
On larger purchases, you may have the chance to choose promotional financing instead of rewards. Depending on the value of the purchase and the item, you could get 12, 18 or 24 months to pay off your purchase interest-free.
If you were planning to carry that balance, choosing the promotional financing option would likely save you more money than you'd get in rewards on the purchase.
It's important to keep in mind, though, that promotional financing works differently than 0% APR offers. If you pay off the balance in full by the end of the promotional period, you'll pay no interest. But if you still have a remaining balance when the promotion ends — no matter how small it is — you'll be charged interest retroactively.
So yes, consider using this option if you need time to pay off your transaction, but avoid the urge to be complacent when paying off the full amount. Otherwise, it'll do more harm than good to your finances.
My Best Buy Visa® Card Fees
The My Best Buy Visa® Card doesn't charge an annual fee if you qualify for the Platinum version of the card. If you get the Gold version, however, there's a $59 annual fee.
According to the retailer, you'll be first considered for the Platinum version of the card, then the store card version that can only be used at Best Buy, then the Gold version. Unfortunately, you don't get to choose which version you get.
The card has no foreign transaction fee. It does charge fees for balance transfers, cash advances and late payments, but those can be avoided.
Editorial Note: The information related to the Amazon Prime Rewards Visa Signature Card was collected by Credit Cards House and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see issuer website for current information. Credit Cards House does not receive commission for this product.
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.