The Best Buy Credit Card
We have found the Best Buy card is ideal for consumers interested in purchasing the latest electronics. The company offers several different types of financing. The best part of the financing is the interest is deferred. If the consumer pays the balance in full prior to the end of the promotional financing, all interest is eliminated.
If the balance is not paid by this time, the standard APR is charged every month on the balance. We recommend paying off the balance whenever possible to avoid paying a fairly high-interest rate. To qualify for the card, the consumer must have a good credit score.
The Credit Cards Available
Best Buy offers four different credit cards. The features are very similar for the MY Best Buy Credit Card, My Best Buy Credit Card Preferred, My Best Buy Visa Gold, and My Best Buy Visa Platinum card. Consumers can use the Best Buy Visa anywhere provided the merchant accepts Visa. The My Best Buy cards are only accepted for purchases at Best Buy.
The My Best Buy Visa Gold is the only card charging an annual fee. The fee is $59 per year. There is practically no difference between the My Best Visa cards. When the consumer applies for a Visa card, Best Buy selects the appropriate card on approval. The first card considered by the company is the My Best Buy Visa Platinum card. If the consumer does not qualifying purchases, Best Buy considers approval for one of the other cards.
The order of consideration is the Preferred Visa, Best Buy Visa, then the Visa Gold card. If the consumer does not meet the requirements, the Visa will be denied. All of these credit cards earn the consumer five percent cash back for all purchases made through Best Buy. The only exception is consumers reaching Elite Plus status. At this point, all purchases earn six percent cash back.
Elite Plus members are required to spend a minimum of $3,500 at Best Buy every year, or $291.67 per month. We found an additional rewards program for the Visa cards accepted at other merchants including one percent for all purchases, or two percent for both grocery and dining purchases. Best Buy additionally offers specific bonus categories for limited periods of time. Consumers are able to earn additional rewards. This is generally three to four percent cash back. The minimum amount the consumers can redeem is $5. The redemption is a Best Buy reward certificate the consumer receives through email. Best Buy rewards can be received manually or automatically. When the consumer decides to use their reward certificate, it is printed or downloaded through the mobile app on a smartphone.
How Does it Compare to Other Store Cards?
The Best Buy Visa card offers either cash back gift certificates or deferred interest. We recommend the deferred interest for all consumers interested in purchasing an expensive item such as a large television or a computer. For consumers making smaller purchases such as DVDs, mouse pads or keyboards, we recommend the cash back certificates.
In comparison to other store credit cards, the Best Buy Credit Card payment can be high due to the 25.24 percent APR. There are several ways to offset this interest rate. First, special financing or discounts are available for large purchases to help the consumer manage debt. Many of the other standard credit cards provide discounts on purchases consumers make on a regular basis both in-person and online.
Although the APR of many of the other credit cards is similar, some offer a lower interest rate. We recommend eliminating interest charges completely by making a Best Buy credit card payment in full every month, or prior to the period for deferred interest expiring. Unfortunately, there is only one option for redemption for Best Buy Visa card and gift card.
The gift certificates can only be used at Best Buy. Some of the other credit cards offer other options for redemption such as gift cards to a variety of merchants. If the balance is not paid in full on the Best Buy Visa before deferred interest expires, the interest is charged from the time the consumer made the purchase. This is fairly standard among store credit cards.
Benefits of the Best Buy Credit Card
The Best Buy Visa offers a wide range of benefits including:
The first purchase within 14 days of receiving a Best Buy Visa provides the consumer with rewards for 10 percent back. We recommend using this benefit to make a large purchase.
Best Buy Rewards:
Every purchase made at Best Buy online or any physical location earns 2.5 points for each dollar. Once 250 points have been accumulated, the consumer receives a reward certificate for $5 for future purchases at Best Buy. This is the equivalent of five percent cash back. Elite members receive three points for every dollar, or six percent cash back.
When the consumer makes a larger purchase, there is an option to finance without interest for a specific period of time as opposed to receiving rewards points. Only purchases for a minimum of $199 qualify. The period of time is dependent on the purchase, includes specific terms and conditions, and ranges between six and 24 months.
Cash back in addition to rewards is available for the standard Visa only for other purchases. The consumer receives one percent cash back for all purchases, and two percent cash back for dining purchases. The rewards can only be redeemed for a Best Buy gift certificate.
Elite members receive a period of 30 days for returns, dedicated customer service phone number and free shipping. Elite Plus members receive a period of 45 days for returns, dedicated customer service phone number, free two-day shipping, and six percent cashback for all purchases made at Best Buy. Elite Plus and Elite status are obtained when the consumer spends a minimum amount using the card.
The minimum for Elite status is $1,500, with $3,500 required for Elite Plus within a period of one year. If the Best Buy Visa is used, all purchases must be made through Best Buy to qualify. Purchases made at any merchant qualify with the My Best Buy Visa.
Additional Free Benefits
We have found additional benefits available when the consumer qualifies for any of the My Best Buy Visas. The specific benefits received are dependent on which My Best Visa the consumer has been approved to receive. These potential benefits include:
- Geek Squad free setups
- Extended warranty services
- Card replacement for emergencies
- Roadside dispatch
- Access to special offers and sales
- Inquiry services
- Emergency and travel services
- Fraud prevention
- Damage waiver applicable for auto rental collisions
- Free shipping for online purchases excluding items marked Check Stores or In-Store Only, special delivery merchandise, and specific scheduled items.
The Two Purchase Methods Available Through Best Buy
There are two options for a Best Buy credit card payment using the My Best Buy Visa. Rewards can only be earned through one of these options. The first option is standard financing. This enables the consumer to earn rewards. The second option is promotional financing. Although the consumer is unable to earn rewards, all interest charges are deferred. This means if the balance is paid in full, there is no interest.
Consumers have between six and 12 months to pay off the balance before Best Buy charges any interest. If the consumer is making a large purchase, we believe the amount of money potentially paid for interest outweighs the benefit of earning Best Buy gift certificates. If the consumer does not intend to pay off the balance during this time, interest will accrue from the payment date.
Best Buy Credit Card Customer Service
The Best Buy credit card customer service rating is good, with a high satisfaction rating. Customer service is available 24/7. The consumer has the option of calling customer service directly through a toll-free number or online chat. According to the majority of user reviews, the response time is good. The representatives are knowledgeable regarding Best Buy services, return policies, and credit cards.
Most consumers stated the customer service representatives were polite, friendly and very helpful. Some of the reviews spoke of the Best Buy Apps available for both iPhone and Android users. App users were generally pleased with the functionality and design of the apps.
The Bottom Line
The Best Buy Visa cards offer good rewards, without an annual fee on all but one card. Most consumers enjoy receiving Best Buy gift certificates simply by using the card. Due to the 25.24 percent APR, we recommend paying off the Visa card every month to eliminate paying interest. Consumers making frequent purchases at Best Buy will benefit from the advantages offered by the company.
The deferred payment option is excellent for consumers interested in making a large purchase. Best Buy is offering a competitive Visa card, good benefits, and excellent customer service. Overall, we recommend the Best Buy Visa for all consumers interested in both large and small electronics purchases.
What is best buy financing and how does it work?
Every organization, different project, a new product, or the expansion of the company must permanently face financing decisions. Securing investment to finance the idea is often not an easy task for those who undertake it. They will, therefore, have a substantial impact on the progress of the company and its projects. In addition to convincing investors, it is necessary to negotiate securities and define a viable plan of action. Know the options available and make the best choice for your need. Therefore, having a financing option is an excellent way to engage a buyer and an elite plus member.
Best Buy financing option works in this way:
- Monthly bills: Users must make a monthly payment.
- Minimum payment: Customers will have to pay the entire promotional purchase balance by the final moment of a financing term. Or, they will need to pay interest paid for transaction fees on the balance of each month at the annual percentage rate (APR). We can recommend clients to Call Citi Bank if they have any questions, or if they have multiple purchases and would want to lead how their payment is adapting through those everyday purchases.
To sum up, buyers can take advantage of several financing offers, thanks to My Best Buy Credit Cards. The interest defers for a fixed period for those deals. Customers will not be required to pay any interest on that purchase by paying off the full purchase balance before the promotional financing term. If the purchase balance transfer is not paying in full by the final moment of the sales promotion financing term, then perhaps, the interest charged on the balance of each month will be due at the APR for regular purchases.
Can you get a best buy card with no credit?
First of all, we have to keep in mind that Best Buy requires sales of value such as electronic and technological products as well as the marketing of services and solutions. In case there is no credit history on the card, it will most likely not approved. A history of good credit use is needed because lenders like it better. Best buy needs fair credit to accept it. However, it usually depends on the bank to authorize having a card. Anyway Best Buy doesn’t like that there is no history since it is utilizing for significant net purchases of valuable items.
Is it hard to get a best buy credit card?
If you are a technology lover, you may want to shop at the Best Buy store, as they have a wide variety of products, membership rewards, and credit card products in this area. Computers, laptops, tablets, smartphones, and many other electronic devices are its main products.
Getting a Best Buy credit card is a natural process. As a regular customer of Best Buy, we will surely know many of their offers. However, our budget may still be a little short when it comes to acquiring new equipment. Whether we need them for your work or just for pleasure or hobby, new technologies can be within your reach with a credit card. Much better if it’s a card specially designed for that establishment. This way, we can make the most of the offers and benefits. We can get an excellent credit card endorsed by MasterCard and designed for Best Buy, so customers will never be left behind with the new technologies they offer.
Is a best buy credit card worth it?
It all depends on the consumer. There are many advantages in Best Buy that attract a lot of people, such as rewards and flexible financing, which can be see in the physical store and online. However, it still depends on the consumer. It is essential for a person who usually orders electronic devices or whose work is related to these types of products. However, it is not the best option for an average consumer to have a Best Buy Credit Card since it is only suitable for specific consumers. Besides, to the large number of producers that offer a Best Buy Card, there are also discounts and offers for members since it assigns an account manager for eligible purchases so that we can save.
What credit score do you need for a best buy card?
In the business world, credit scores remain essential because lenders use them to define whether to approve customers for a loan or a credit card and decide what interest rate gives to their clients. Generally speaking, users want to get a credit score of 640 + to approve Best Buy Store Card. That’s within the fair credit scope, but not quite at the bottom (620), then they will get better approval chances. It is important to remember that Best Buy Credit card standard interest rate is about 26.49 percent. That’s the APR purchase Best Buy Store Card, and the Best Buy Visa Card. Also, customers could accept a promotional credit for Best Buy APR promotional credit card as low as 3.99 percent for a limited period.