Best Buy Credit Card Review: Only for Best Buy's Most Loyal Customers
Review
Updated
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If you shop at Best Buy often, you could earn a competitive amount back with a Best Buy Credit Card. You can apply in-store or online, and when you do, you're considered for the card's three rewards card options. Benefits outside of Best Buy are lacking, though. Learn more and check out some good alternatives in our Best Buy Credit Card review.
Fair (300-669)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
15.74% to 31.24%, variable
Rewards 5% back on Best Buy purchases, 3% back for gas, 2% back at restaurants, bars, and grocery stores, 1% back on other purchases
1% - 5% back
Annual Fee
$0
Welcome Offer
10% back on your first day of Best Buy purchases
A decent option for consumers with average credit who frequently shop at Best Buy. If you have a high credit score, there are more useful cards available.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 18.24% - 27.24% Variable APR |
|
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$200 cash rewards Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. | 2% cash rewards Earn unlimited 2% cash rewards on purchases. |
Intro: 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers Purchases: 0% intro APR, 12 months from account opening Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers Regular: 19.24%, 24.24%, or 29.24% Variable APR |
|
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
25,000 points 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases | 1.5-3 points per dollar Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center. |
Intro: 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America. Purchases: 0% Intro APR for 15 billing cycles for purchases Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days Regular: 18.24% - 28.24% (Variable) |
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
This credit card is a good fit for: Frequent Best Buy shoppers who want to earn rewards while building their credit.
There are three Best Buy credit card options:
When you apply for a Best Buy Credit Card, you're first considered for the My Best Buy® Visa® Platinum. If you qualify, then that's the card you get.
If not, you're next considered for the My Best Buy® Credit Card. And if you don't qualify for that card, you're considered for the My Best Buy® Visa® Gold. This makes it more likely you're able to qualify for a Best Buy card, since there are multiple options with different qualification requirements. But you could also end up getting approved for a card you don't want.
RELATED: Are Store Credit Cards Worth It?
Cardholders get a few valuable benefits with the Best Buy Credit Card.
All Best Buy credit cards earn 5% back when shopping at Best Buy. Note that these cards technically earn points, including 2.5 points per $1 at Best Buy, and each point is worth $0.02 toward a Best Buy reward certificate.
The My Best Buy® Visa® cards also earn rewards in other categories, since they can be used outside of Best Buy. Here's what they earn:
Those rates are similar to what some of the better cash back cards earn. Best Buy rewards aren't nearly as flexible as cash back, but you can at least earn a reasonable amount on your spending.
MORE OPTIONS: Best Cash Back Credit Cards
There are often special welcome offers available with Best Buy credit cards. For example, they sometimes earn a higher rate, such as 10% or 15% back, on all qualifying purchases at Best Buy for the first day you have the card. These are generally available for a limited time.
If you're planning to make some big purchases at Best Buy, like a new computer or smartphone, this could be a good deal. On $1,000 in qualifying purchases, you could earn $100 to $150 back. However, there are better credit card sign-up bonuses out there.
SEE MORE: Best Credit Card Sign-Up Bonuses
Best Buy periodically offers deferred interest financing lasting from six to 36 months. If you pay off the full balance within the allotted time, you won't get charged any interest. This type of financing availability varies, and the length of the offer may depend on the amount financed or the type of product purchased. Also, you don't earn rewards on purchases you finance.
While it's better to pay for purchases in full, a Best Buy flexible financing plan is helpful when you can't do that. And some of the zero-interest offers you can get with a Best Buy Credit Card are longer than anything you'd get with 0% intro APR credit cards.
If you use a special financing plan with your Best Buy Credit Card, make sure to check how much you need to pay per month to pay off the balance within the zero-interest period. The minimum payment amount isn't always enough. If you don't pay off the entire balance within the allotted time, you're charged interest going back to the purchase date.
LEARN MORE: What Is Deferred Interest?
Before you apply for a Best Buy Credit Card, it's important to know about the major drawbacks.
Like some other store credit cards, the Best Buy credit cards have a complicated application process. You don't get to pick your card. Best Buy will decide which card to approve you for, if any, based on your creditworthiness.
If you have a high credit score, then you could qualify for the My Best Buy® Visa® Platinum, which is the best option. But if not, you might get approved for a My Best Buy® Credit Card that you can only use at Best Buy. Or, you could end up with the My Best Buy® Visa® Gold and its $59 annual fee. That's far too expensive. A Best Buy credit card is only worth it with no annual fee.
Store credit cards often carry high APRs. The Best Buy Credit Card options are no exception, with an APR well above the national average. If you don't pay the full balance on your Best Buy Credit Card payment, you could be in store for some hefty interest charges.
The only way to use your Best Buy rewards is issuing a reward certificate. There's a minimum redemption amount of 250 points for a $5 reward certificate. Many rewards credit cards have no redemption minimums, so it's always frustrating when one does.
Another problem is that when you don't have anything you need to buy at Best Buy, you won't have a good way to use your rewards. This is a common issue with store credit cards. That's why I always recommend looking at cash back cards first -- cash back is something you can always use to your benefit. Store rewards only help you when shopping at that store. It's well worth reading more credit card reviews for more flexible options.
If you decide to use one of Best Buy's financing plans, you won't earn any rewards on the purchase. Since consumers usually only finance their more expensive purchases, this could mean missing out on a large amount of rewards. Some top credit cards with 0% intro APRs let you earn rewards on a purchase and finance it at zero interest during the introductory period. That’s a much better deal.
You don't get any sort of purchase protection, such as extended warranty coverage or insurance against damage and theft, from your Best Buy Credit Card. This is understandable since Best Buy sells its own protection plans. Nevertheless, it's a big drawback. Purchase protection is nice to have when you buy electronics and appliances -- two very popular types of products at Best Buy.
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
We recommend having a FICO® Score of 640 or higher when applying for a Best Buy Credit Card. With fair or good credit, you'll have a strong chance of approval for at least the My Best Buy® Credit Card. There are reports of applicants getting approved with lower credit scores, but it's more hit or miss.
You shop at Best Buy several times monthly. Otherwise, you may be able to get more rewards with a standard rewards card that earns premium rewards in a broader range of categories.
Since each Best Buy Credit Card earns 5% back on Best Buy purchases, you could get a good value in rewards if you spend a lot with the retailer. For example, it could be one of the better credit cards for gamers who go to Best Buy for new games and equipment. You'll also need to shop there frequently, though, to make use of the rewards you earn.
MORE OPTIONS: Best Store Credit Cards
At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.
The credit limit for the Best Buy Credit Card often ranges between $1,000 and $5,000 to start, but can increase with time. Some cardholders have reported working up to credit limits of $10,000 to $20,000. The card issuer determines each cardholder's credit limit based on several factors, including income, credit score, and payment history.
The My Best Buy® Credit Card can only be used at Best Buy. The My Best Buy® Visa® cards can be used anywhere Visa is accepted.
The Best Buy Credit Card can help build credit if you use it regularly and always pay the bill on time.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
The Motley Fool owns shares of and recommends Visa.
