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My Best Buy® Visa® Card is an excellent credit cards for devoted clients of the chain – offering 5% back* in rewards and 6% back* in rewards for Elite Plus Cardmembers at Best Buy. 3% back* in rewards on gas purchases. 2% back* in rewards on dining and grocery purchases. 1% back* in rewards on everyday purchases. Unfortunately, however, the My Best Buy® Visa® Card doesn't give a lot of breathing room when it comes to how you can spend your rewards – they must be redeemed for more items at Best Buy.
The fact that your My Best Buy® Visa® Card rewards are limited to Best Buy, coupled with high APR (25.24% Variable), makes this card only useful for a select few individuals who don’t mind its rewards structure.
My My Best Buy® Visa® Card Review: Should You Apply?
My Best Buy® Visa® Card produces fantastic rewards rates on in-store purchases, as well as good returns on dining and grocery purchases. The catch is, the rewards come to you in the form of points redeemable only towards Best Buy Rewards certificates – that is, gift cards that can be used towards buying things at the store. To consumers who frequently find themselves shopping at the chain, this might not be a major problem. For less restrictive rewards, we recommend readers individuals look towards cards such as a top-notch cash back option like the Citi® Double Cash Card – 18 month BT offer.
Though using My Best Buy® Visa® Card opens the door for financing your purchases, we advise against doing so. First of all, choosing to do so will nullify any rewards points you get from that purchase. Secondly, financing small purchases at Best Buy is not a prudent financial decision. Ideally, you should only be financing purchases that are investments, such as cars or homes. If you really want something from Best Buy that you can’t afford for another 12 months, we recommend saving money towards it, and getting it later. You are far less likely to run into financial trouble doing so.
Keep in mind that you don't have to open a new line of credit to earn rewards with Best Buy. Their My Best Buy rewards program is free to sign-up, and at the base level (a pure loyalty card) earns users 1 point per $1 on all purchases - which translates to a 2% rewards rate. This option can be good for individuals with very low FICO scores, or who simply want to avoid opening new credit accounts.
My Best Buy® Visa® Card Benefits & Features
My Best Buy® Visa® Card accumulates users points with every purchase, which can later be redeemed for reward certificates. These certificates can be used to purchase merchandise from Best Buy.
Cardholders are awarded 5% back* in rewards and 6% back* in rewards for Elite Plus Cardmembers at Best Buy. 3% back* in rewards on gas purchases. 2% back* in rewards on dining and grocery purchases. 1% back* in rewards on everyday purchases.. If you are an Elite Plus member (that is you spend $3,500 or more annually at Best Buy), you will receive an extra 0.5 bonus point on all Best Buy purchases. Note that in order to earn rewards points you must pay for your purchases conventionally – that means not choosing any of the financing options.
Each point earned through the Best Buy credit cards is worth $0.02 towards a reward certificate. Best Buy states that 1,250 points can be turned into a $25 rewards certificate, which we translated into $25 / 1,250 = $0.02. If you convert the points into rewards certificates, you can explicitly state the card’s rewards rate as falling between 1% and 5% (or 6% for Elite Plus members).
As a welcome bonus, new cardmembers will receive 10% back in rewards on their first purchase. The purchase will be quite literally the first one you make, so we urge consumers to be strategic about their application timing. If you have a big purchase planned that you could put onto this credit card (again, without financing), we recommend getting your card then. The amount of money you'll save is proportional to your purchase price.
As with most retailer-issued credit cards, having a Best Buy credit card allows you to finance certain purchases with 0% APR over some period of time. Depending on the purchase amount, you may qualify for different financing periods, all of which we break down in the table below.
Available For Purchases Totaling
If you do not pay your balance off in full by the time the financing period ends, you will be on the hook to pay high interest, for the amount you owe – the interests will be charged retroactively, dating back to the time of your purchase. That means you will be slapped with a bill higher than normal.
Also keep in mind, that if you choose to finance a purchase using My Best Buy® Visa® Card, you will not be eligible to receive rewards points.
We generally advise readers against financing purchases that are not an absolute necessity or investment. Breaking up purchases into incremental payments can sometimes lead people to buy things they can’t really afford (or need). Given the line-up of products sold at Best Buy, we advise customers to use the store credit cards for the rewards points they offer – this is a far better deal.
Earning My Best Buy Rewards Without a Credit Card
It is possible to enroll in the My Best Buy rewards program without getting a credit card, though the amount of points you’ll be earning without a credit card will be significantly lower. My Best Buy works just like most brand-loyalty programs we see in other stores – at the time of purchase, you can present your membership card and earn rewards points. Non-credit My Best Buy users earn just 1 Point Per $1, which translates to a 2% rewards rate. If you don’t wish to open a new line of credit to earn rewards with Best Buy, this may be a good option for you.
How Does the My Best Buy® Visa® Card Compare to Other Credit Cards?
Generally speaking, retailer credit cards tend to be far worse deals over ones offered by banks. As such, My Best Buy® Visa® Card doesn’t perform much better. It has high interest, low credit limits, and the rewards you earn from it are only good for more purchases at Best Buy. We profile how these cards perform against some alternatives below. The catch is that you will need a better FICO score in order to qualify for some of these better credit card offers.
My Best Buy® Visa® Card vs Citi® Double Cash Card – 18 month BT offer
The Citi® Double Cash Card – 18 month BT offer, one of the best fixed-rate cash back credit cards, is a ValuePenguin favorite. This card lets all users Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Therefore, it matches or beats all the rewards on the My Best Buy® Visa® Card with the exception of shopping at Best Buy stores. The Citi® Double Cash Card rewards users with statement credit, which is far more flexible than the rewards certificate earned with the My Best Buy® Visa® Card. Statement credit can be used to pay down any purchase on your credit card bill. Therefore, if you value this flexibility, we advise users to try and qualify for a card like the Citi® Double Cash Card .