Best Buy Credit Card Right for You?
[Disclosure: Cards from our partners are reviewed below.]
Hey there, techies. By now, there’s a good chance during your quest to get the latest gadget, gizmo or thingamabob your path has invariably crossed with a Best Buy credit card application. But whether you should sign up or not depends entirely on you. Store-branded rewards credit cards, in general, are best suited to very frequent shoppers who also happen to pay their balances off in full each month. Otherwise, you’ll lose all those rewards and then some to interest.
Best Buy advertises three standard deferred-interest offers on its website:
Six-month financing on storewide purchases totaling $199 and up or 12-month financing on storewide purchases totaling $399 and up
18-month financing on major appliance purchases totaling $599 and up
24-month financing on home theater purchases totaling $799 and up
Per its pricing details, all three offers — plus a variety of others — are subject to retroactive interest. That means if you’re even a little unsure about paying off, say, that new refrigerator within those 18 months, you’re probably better off opting for a traditional credit card touting a low-to-no introductory APR. These cards can have retroactive clauses in them, too, though they’re decidedly less prevalent. Plus, you could secure a longer window to pay that purchase off and, at the very least, if you fail to do so, the go-to APR will likely be lower — particularly if your credit is in good shape.
Consider, for instance, the Citi Simplicity Card, which offers a 0% introductory APR on purchases and balance transfers for 21 months and a go-to APR between 14.24% to 24.24%, depending on creditworthiness. Better yet: After the promotional period ends, only the unpaid portion of the introductory balance will have the standard APR applied to it. Read: No retroactive interest. (Full Disclosure: Citibank, as well as Discover, Chase and Capital One, advertise on Credit.com, but that results in no preferential editorial treatment.)
Rating the Rewards Program
On the flip side, the Best Buy cards’ rewards programs stack up against other store credit cards and could prove worthwhile for frequent best buyers (again, so long as you pay your balance off in full). That’s particularly true when it comes to the Best Buy Visa Cards, which, unlike store-bound My Best Buy Credit Cards, can be used anywhere Visa is accepted and tout rewards on purchases outside the electronics chain. Here’s a quick breakdown of each card’s major terms.
My Best Buy Credit Card
Rewards Details: Cardholders can earn up 5% back on Best Buy purchases. (That’s 2.5 points per dollar, with 1,250 points being redeemable for $25 rewards certificates.) Best Buy Elite Plus loyalty program members can earn 6% back on their purchases (three points per dollar spent at the same redemption rate). New applicants can get 10% back in rewards on their first purchase as a signup bonus.
Annual Fee: $0
APR: 25.74%
My Best Buy Visa Gold
Rewards Details: The same base rewards program and signup bonus apply, but cardholders also earn 2% back in rewards on eligible grocery and dining out purchases and 1% back on all other purchases. At press time, cardholders could also earn 3% back on fitness and sporting goods purchases at membership clubs, golf courses and sporting good stores but only through March 31, 2017.
Annual Fee: $59
APR: 25.74%
My Best Buy Visa Platinum
Rewards Details: Same as My Best Buy Visa Gold
Annual Fee: $0
APR: 25.74%
Getting 5% back is a nice return as far as rewards credit cards go — as is the 2% back you can get on eligible grocery and dining out purchases with the Visa versions. But how lucrative that pans out to be depends on how often you shop at the electronics chain. That might also affect how much perks like paying your bill in-store and smoother checkout on BestBuy.com will mean to you. Remember, not only are you earning the most rewards on Best Buy purchases, you’re also redeeming your rewards for certificates you can use only at its stores or websites. And, while rewards don’t technically expire, they will automatically disperse as reward certificates in $5 increments if you don’t use your account for 12 consecutive months —
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This article has been updated. It was originally published February 15, 2017.
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