My Best Buy® Visa® Card: Who Can Benefit From It?

My Best Buy® Visa® Card: Who Can Benefit From It?

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Citi is an advertising partner.

The My Best Buy® Credit Card and the My Best Buy® Credit Card are two excellent credit cards for devoted clients of the chain – offering a 5% rewards rate for purchases at the store. Unfortunately, however, the My Best Buy® Credit Card and the My Best Buy® Credit Card don’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® Credit Card rewards are limited to Best Buy, coupled with the My Best Buy® Credit Card's high APR (25.24% Variable), makes this card only useful for a select few individuals who don’t mind its rewards structure.

Good For…Bad For…
  • Someone who shops at Best Buy frequently
  • Anyone with fair credit looking for good rewards
  • People who want flexible rewards
  • Anyone who doesn't pay their credit card bill in full each month

My My Best Buy® Credit Card Review: Should You Apply?

The My Best Buy® Credit 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 – on top of that, an unlimited 5% reward credit card is hard to come by. 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.

This image shows the effective cash back percentage you can earn on different categories of purchases

Though using the My Best Buy® Credit 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® Credit Card Benefits & Features

The My Best Buy® Credit 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 awarded5% 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.

Financing Options

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.

Financing PeriodAvailable For Purchases Totaling

6 Months


12 Months


18 Months


24 Months


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 a Best Buy credit 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.

My Best Buy® Credit Card vs My Best Buy® Credit Card

The two Best Buy credit cards are virtually identical – the major difference between them is where they're accepted. Because the My Best Buy® Credit Card is part of the VISA network, it can be used to pay for things outside of Best Buy stores, whereas the other card can only be used for in-store purchases. As a result, the My Best Buy® Credit Card will also provide users with some savings on those non-Best Buy purchases – including dining and grocery shopping. The table below gives a brief overview of the two cards.

My Best Buy® Credit CardMy Best Buy® Credit Card


25.24% Variable25.24%

Annual Fee

None Annual FeeNone


  • 5% on Best Buy purchases
  • 2% on gas, groceries, and dining
  • 1% back on everything else

  • 5% on Best Buy purchases

Financing Available?


Can be used…

Anywhere Visa is acceptedBest Buy Stores Only

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® Credit Card Compare to Other Credit Cards?

Generally speaking, retailer credit cards tend to be far worse deals over ones offered by banks. As such, the My Best Buy® Credit 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® Credit Card vs Citi® Double Cash Card – 18 month BT offer

  • On Citibank's Secure Website
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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® Credit Card with the exception of shopping at Best Buy stores. The Citi® Double Cash Card – 18 month BT offer rewards users with statement credit, which is far more flexible than the rewards certificate earned with the My Best Buy® Credit 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 – 18 month BT offer.

Joe Resendiz

Joe Resendiz is a former investment banking analyst for Goldman Sachs, where he covered public sector and infrastructure financing. During his time on Wall Street, Joe worked closely with the debt capital markets team, which allowed him to gain unique insights into the credit market. Joe is currently a research analyst who covers credit cards and the payments industry. He earned a bachelor’s degree from the University of Texas at Austin, where he majored in finance.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).