7 Best Buy Credit Card Essential Understandings

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7 Best Buy Credit Card Essential Understandings

Best Buy credit card purchase

7 Best Buy Credit Card Essential Understandings - PinterestWhen you have the right credit card in your wallet, you can tap into the rewards and perks that stretch your spending further. After all, scoring cash back on purchases you already planned to make gives your spending a little bit extra.

For shoppers that regularly spend at Best Buy, taking advantage of the Best Buy credit card might be the right move for your wallet. If you rarely make purchases from the retailer, the store card likely isn’t for you. But you still might find value in the Best Buy Visa card.

Let’s explore what you need to know about the available Best Buy credit cards.

Disclosure: Tradeline Supply Company, LLC is not affiliated with Best Buy or Citi. This article is for informational purposes only and does not constitute an advertisement, endorsement, or recommendation by Tradeline Supply Company, LLC. We do not receive compensation for this content.

What Are the Different Types of Best Buy Credit Cards?

The first thing to know about Best Buy’s credit card offerings is that there are two different options on the table. These include the My Best Buy credit card and the My Best Buy Visa card.

Both offer 5% back in rewards on Best Buy purchases.

Here’s a closer look at both of these credit cards:

My Best Buy Credit Card

The My Best Buy credit card is essentially a store card. With that, you’ll earn 5% rewards on your Best Buy purchases. Additionally, there are flexible financing options for Best Buy purchases.

The catch is that you can only use this credit card at Best Buy stores and other associated stores. You can use the card in person or at the online Best Buy store.

My Best Buy Visa Card

The My Best Buy Visa card offers significantly more usability. Instead of being limited to purchases at Best Buy, you can use the credit card anywhere.

Not only can you use the card wherever you’d like to, but you can also score rewards for your spending along the way. Neither of the cards has an annual fee. But if you want the option to use a Best Buy credit card at any retailer that accepts Visa, it’s best to opt for the My Best Buy Visa card.

What Credit Score Do You Need to Get for Best Buy Financing?

When looking for a credit card to add to your wallet, a good credit score can make all the difference. The Best Buy credit cards don’t specify a particular credit score requirement. But typically, anything above 670 is considered to be a good credit score. Here’s the general credit score breakdown:

Best Buy credit card options

  •     Poor: A FICO score between 300 and 579 is considered poor.
  •     Fair: A FICO score between 580 and 669 is considered fair.
  •     Good: A FICO score between 670 and 739 is considered good.
  •     Very good: A FICO score between 740 and 799 is considered very good.
  •     Excellent: A FICO score between 800 and 850 is considered excellent.

For those with at least a good credit score, you are most likely to be approved for a Best Buy credit card. However, the credit card issuer will take other factors into account. For example, if you have a high debt burden that eats up most of your discretionary income, the credit card issuer might not grant you the approval you are searching for.

If you aren’t sure where your credit score stands, it’s smart to check it out before applying for Best Buy financing. It’s easy to check your credit score for free. Once you have your credit score in hand, you’ll have a better idea of whether or not you should move forward with your application. For example, those with an excellent credit score will likely be approved while those with a very poor credit score have lower approval odds.

If you determine that your credit score has plenty of room for improvement, you might want to work on your credit score before applying for new credit scores. A few ways to work on your credit score include making on-time payments consistently, paying off credit card debt, and disputing any fraudulent information on your credit report.

Does Best Buy Have Credit Cards Rewards & Incentives?

Yes, both of the Best Buy credit cards offer rewards and incentives. Both will give you 10% back in rewards on your first day of purchases after account approval. Plus, each offers a slew of welcome offers that include a series of discounted product opportunities. The mix of incentives may sway you towards one or the other. Here’s a closer look at both options.

My Best Buy Credit Card

The My Best Buy credit card, which can only be used for Best Buy purchases, provides 5% back in rewards.

The rewards aren’t cash back. Instead, you’ll receive a $5 reward certificate for Best Buy purchases every time you spend $100. You’ll have the option to bank your rewards until you are ready to redeem them on a purchase. In addition to these reward certificates tied to your spending, you’ll also receive bonus rewards throughout the year.

Plus, you’ll find flexible financing opportunities on significant purchases. For example, you can get financing for 18 months on store purchases of $499 and up. Another potential opportunity is 24-month financing on storewide purchases of $699 and up. If you are looking for a way to spread out the cost of a major purchase, this is one option.

My Best Buy Visa Card

Best Buy credit card rewards

The My Best Buy Visa card has more reward opportunities to offer. As with the store card, this credit card offers 5% back in rewards certificates and access to flexible financing options on Best Buy purchases.

But since you are able to use this card outside of Best Buy, there are rewards available for other spending. For example, you’ll earn 3% back in rewards on gas purchases, 2% back in rewards on food purchases, and 1% back in rewards on all other purchases.

With the ability to stack up the rewards certificates through your other spending, you might find yourself with a significant amount of rewards to use at Best Buy. For frequent Best Buy shoppers, this is a great option. But for infrequent Best Buy customers, you’ll miss out on other credit cards that offer plain old cash back that you can use in any way you want.

How to Reach Best Buy Credit Card Customer Service

It’s natural to have questions about your credit card at some point. If you need to get in touch about your Best Buy credit card, you can call the customer service line at 1 (888) 574-1301.

The phone line is staffed Monday to Friday from 9 AM to 9 PM, Saturday from 8 AM to 8 PM, and Sunday from 8 AM to 6 PM. All of the operating hours are listed in local time.

If you prefer to get in touch by mail, that’s possible by sending your letter to P.O. Box 790441 St Louis, MO 63179.

How to Apply for a Best Buy Credit Card

Before you apply for a Best Buy credit card, you’ll need to decide between the two options. It’s also important to consider the fees and interest rates attached to the credit card. You should be aware of the following costs (accurate as of November 14, 2022):

  •     APR: 29.99%
  •     Late payment fee: If you miss the minimum payment, you’ll pay $41.
  •     Grace period: You have 25 days from the close of each billing cycle to pay off your purchases without the balance accruing interest.
  •     Minimum interest charge: If you are charged interest, you’ll have to pay at least $2.
  •     Cash advance fee: You’ll pay either $10 or 5% of the cash advance, whichever is more.
  •     Balance transfer fee: You’ll pay either $15 or 5% of the cash advance, whichever is more.

Once you’ve nailed down which of the Best Buy credit cards you want to apply for, head to the Best Buy website. In the financing section, you’ll be able to navigate to the ‘Apply Now’ button. At that point, be prepared to provide details about your identity and financial situation. The application will require your full name, Social Security number, address, income, and more. With all this information on hand, you’ll enjoy a smooth application experience.

Is the Best Buy Credit Card Worth It?

As with all credit cards, the Best Buy credit cards have some advantages and disadvantages to consider. We will take a look at the two separate credit card options below.

My Best Buy Credit Card

The My Best Buy credit card is essentially a store credit card. Like most credit cards, the attached Annual Percentage Rate (APR) is relatively high, at 29.99%. With that, you’ll pay that percentage in interest on purchases that you are unable to pay off within the grace period. Since the APR is so high, it’s critical for your long-term financial well-being to pay off your transactions at the end of each month.

In addition to the regular credit card spending limit, you may get access to limited deferred interest offerings. For example, you might be able to pay no interest for 36 months when making a purchase that meets specific requirements. If this type of financing is enticing to you, then consider scoping out what kind of spending is required to lock in that low rate.

In my opinion, the My Best Buy credit card is only suitable for the most voracious of Best Buy customers or those who have a specific large purchase in mind at the store. Otherwise, you likely won’t enjoy the perks that this card has to offer.

My Best Buy Visa Card

Best Buy credit card customer service

The Best Buy Visa card comes with expanded spending and rewards-earning possibilities. With the opportunity to earn Best Buy rewards on spending at other stores, you can really rack up the rewards. For avid Best Buy shoppers, this credit card might be the perfect fit.

If you are on the fence about this credit card, one extra worthwhile feature of this card is the lack of an annual fee. Without an annual fee to worry about, you can take advantage of a credit card accepted at most retailers and skip the cost that comes with some other rewards credit cards.

However, this probably isn’t the best option for casual Best Buy customers. After all, you could opt for another fee-free credit card that offers cash back rewards that you could choose to spend at Best Buy or somewhere else.

Summary

The Best Buy credit card offerings are interesting options for dedicated Best Buy customers. If you are only an occasional Best Buy shopper, you’ll likely benefit more from a different credit card that better fits your spending habits.

Frequently Asked Questions

You have questions about the Best Buy credit cards. Here are the answers you’ve been searching for.

Can I Use My Best Buy Credit Card Anywhere?

With the My Best Buy credit card, you can only make purchases at Best Buy and associated stores. For shoppers that regularly make purchases at Best Buy, this limitation might not be a problem. In fact, regular shoppers will be able to take full advantage of the 5% rewards. Plus, there are extra perks involved.

However, not everyone wants a credit card that can only be used when making purchases with one brand. If you opt for the My Best Buy Visa card instead, you’ll be able to make purchases anywhere Visa credit cards are accepted.

Where Can You Apply for a Best Buy Credit Card?

You can apply for either Best Buy credit card option online. But you’ll also have the option to complete your application at a Best Buy store.

The benefit of applying in person is that you can ask questions about the application as you fill it out. However, most will find the online application process to be the most convenient.

Where Can I Check My Best Buy Credit Card Application Status?

The waiting period between your application and approval can be uncomfortable. If you want to double-check the status of your application, it’s possible through this link. You can also call the customer service line if you have more questions about your application.

How Do I Pay My Best Buy Credit Card?

You can pay your Best Buy credit card bills by logging into the Best Buy and Citi Bank online portfolio. Once you are logged in, you will be able to pay bills, activate alerts, and track your account activity.

In addition to paying online, you can make your payment through snail mail, over the phone, by text, or in a Best Buy store. For the phone, text, and mail options, you’ll need quick access to your account number.

As you use your Best Buy credit cards, the financially responsible choice is to pay off your entire balance in full at the end of the month. If you cannot pay off the credit card bill, you’ll get stuck paying the sky-high interest rates attached to most credit cards.

How Do I Cancel My Best Buy Credit Card?

You can cancel either of the Best Buy credit cards by calling customer service at (888) 574-1301. Unfortunately, you cannot cancel the credit card through your online portal.

Sarah Sharkey
Sarah Sharkey
Sarah Sharkey is a popular financial journalist who has been featured in Bankrate, Money Under 30, GoBankingRates, and FinMasters. Sarah has a reputation for helping people develop smart money skills. Her passion for strong personal finance balance sheets shines in her blog Adventurous Adulting, along with her love for adventures.

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