Best Buy (BBY) is a consumer electronics retail chain with more than 1,000 locations and approximately 100,000 employees in the United States and Canada. Best Buy offers a variety of products through its national branch network and online, including home appliances, computers, mobile phones, gaming systems, sound systems, hardware, software and entertainment products. Like many national retailers, Best Buy offers its customers credit financing options that include credit cards. Best Buy offers consumers both a store credit card and a co-branded general purpose Visa credit card, allowing them to choose between earning rewards or receiving special financing terms. But rewards are only redeemable at Best Buy, and while the cards offer deferred interest financing for some purchases, a true 0% introductory APR offer would be a safer bet in most cases. Many other reward credit cards offer more versatile and flexible incentives. We display consumer credit card agreements in this database as submitted by the respective issuers. The CFPB is not responsible for the content of the agreements, including any discrepancies between an agreement as presented in this database and the agreement as made available to the public, or any omission or other error in the agreement as presented by the issuer. If you need to finance a large purchase and the main goal is to avoid interest, consider credit cards with an actual 0% APR offer instead. As of November 2021, My Best Buy cards had annual percentage interest rates with variable interest rates ranging from 23.24% to 27.99% and fixed interest rates from 9% to 24.34%. My Best Buy Visa cards were issued at variable rates ranging from 10.74% to 27.99% and at non-variable rates from 9.99% to 20.24%.
People who want to make a significantly large purchase on Best Buy in a single day to take advantage of the 10% one-time bonus or ad finance options with a 0% interest rate should consider a My Best Buy credit card. In addition, anyone who buys from Best Buy quite frequently is that the higher reward rate of a My Best Buy card (5% to 6%) as opposed to a standard cashback credit card of 1% to 3% is worth the effort that rewards are only issued in the form of reward certificates. Like many store credit cards, Best Buy issues rewards this way for customers to come back and spend money so they can use their certificates. People considering this credit card should carefully consider whether they will spend more than they think due to the reward certificate system. For most people, a general rewards credit card that isn`t tied to a specific retailer is a better and more flexible option. The My Best Buy credit card and the My Best Buy Visa card have the same high interest rates as most other store credit cards. The reward system is decent at 5%, but can only be used as a reward certificate at Best Buy, making it a less attractive card to the general consumer than a standard cashback reward system. The My Best Buy card is a great choice if you want to fund a large purchase, e.B. to reset your kitchen appliances, or if you`re someone who buys from Best Buy often enough, that the 5% at Best Buy is worth the inconvenience of the reward certificate system. General support is available with a phone call or online chat, but some issuers take specific steps for individual cards. The Chase Freedom Unlimited credit card also offers 0% APR for 15 months AND offers $200 in cashback bonus once you`ve spent $500 on purchases within the first 3 months after opening an account and 1.5% cashback on everything.
You can redeem your points through direct cash back or Chase Ultimate Rewards. Electronics Superstore Best Buy offers two co-branded store cards that receive rewards for purchases at the retailer. Carrying one of them might make sense if you make the majority of your electronic device purchases there, especially given the cost of devices such as smartphones, HDTVs, and laptops — and how quickly they become obsolete. The Capital One SavorOne Cash Rewards credit card offers 0% APR for 15 months AND a $200 cashback bonus once you`ve spent $500 on purchases within the first 3 months after opening the account. And you earn 3% cashback for restaurants, entertainment, groceries and 1% return for everything else. According to Best Buy, when applying for a card, you will first be considered for my Best Buy Visa Platinum (open loop, with no annual fee). If you are not eligible, you will be considered, in order, for the My Best Buy credit card (shop card) and finally for the My Best Buy Gold Visa Card (with annual fee). A common offer is to earn a total of 10% Best Buy points on the first day you purchase your card.
That said, if you spend $2,000 on your first Best Buy credit card purchase, you`ll earn 10,000 points. This equates to $200 in Best Buy reward certificates. Unlike many credit cards, you don`t have to spend a specific amount on purchases on your new card before you receive the bonus. If you have any questions about the agreements themselves, contact the card issuer directly. Rae Hartley Beck has more than eight years of experience writing personal finance papers, starting with a tip column in her college journal that helped students learn more about saving, smart spending, and budgeting with limited resources. His expertise includes mortgages, credit card premiums and personal finance. She holds a bachelor`s degree from Berea College. My Best Buy credit card and My Best Buy Visa card information was collected by NerdWallet and has not been verified or provided by the issuer of these cards. My Best Buy credit card. This is a “closed loop” store card, which means it is only accepted at Best Buy and BestBuy.com.
There is no annual fee. My Best Buy visa. This is an “open loop” credit card that is accepted wherever Visa is used. This card is available in two versions, the only significant difference being the annual fee. When you submit your application, Best Buy will tell you which ones you`ve been approved for: but the Visa version of the card goes much further. Beyond 5% on Best Buy, you also earn: you can get the My Best Buy credit card in store at Best Buy or online at BestBuy.com. .
