Best Buy Credit Card Review: Pros, Cons, and Rewards
Best Buy is a consumer electronics retailer with a wide selection of products online and offline throughout the US and Canada. Like other major retailers, Best Buy provides its customers with rewards programs and credit financing options, including credit cards. Today, two options are available to users—a domestic store credit card and a multipurpose Visa credit card. The first is available only within the Best Buy ecosystem, and the second can be used wherever Visa is supported.
Let’s find out who might need the My Best Buy Credit card and what benefits it offers for clients. Keep reading for our full Best Buy credit card review.
PROS OF BEST BUY CREDIT CARDS
Best Buy credit cards attract customers with favorable conditions, profitable interest rates, beneficial bonus offers, and an advanced loyalty program. Let’s look at the key reasons why users choose this payment tool.
Rewards on purchases and flexible financing options
By making a payment and using the standard financing option on the card, each user receives 5% back in rewards. Best Buy also has varying financing options that include time-limited offers and everyday offers. You can benefit from exclusive discounts and reward points for electronics, appliances, and other tech products.
More benefits for new customers
Best Buy offers great deals for new customers and allows them to get 10% back on their first day of shopping. With the My Best Buy Rewards program, you can earn rewards by selecting the standard option and making purchases within two weeks of opening an account.
Additional bonuses
Other categories of bonuses are available to Best Buy credit card customers, such as 3% back on gas, 2% back on grocery or lunch receipts, and 1% back on all other purchases.
| Purchase | Points | Reward Certificate Value |
Shopping at Best Buy | |||
5% back in rewards As a Cardmember, earn and bank reward points with your Card. | $500 | 1,250 | $25 |
Shopping where Visa is accepted | |||
3% back in rewards on gas purchases | $500 | 750 | $15 |
2% back in rewards on dining and takeout purchases | $250 | 250 | $5 |
2% back in rewards on grocery purchases | $750 | 750 | $15 |
1% back* in rewards on other purchases | $500 | 250 | $5 |
Totals | $2,500 | 3,250 | $65 |
WHERE CAN YOU USE YOUR BEST BUY CREDIT CARD?
This card is designed primarily for use at Best Buy retail locations and on the Best Buy website. Whether you’re purchasing the latest gadgets, home appliances, or entertainment systems, you can leverage the card’s unique financing options and reward points for in-store and online transactions at Best Buy. This is where the Best Buy Credit card can be used.
On the other hand, the Best Buy Visa card offers broader acceptance. As a Visa card, it can be used nearly anywhere online and offline. This means you can use it for everyday purchases outside of Best Buy, such as at grocery stores, restaurants, gas stations, and online retailers, with more reward options at your disposal.
CONS OF BEST BUY CREDIT CARDS
Despite its truly favorable conditions and good shopping rewards, the Best Buy Visa credit card has certain limitations and disadvantages.
Confusing application process
When you want to open a Best Buy card, by default, you apply for up to four different types of credit cards. The application process begins with each potential customer being reviewed for eligibility for a Platinum card with no annual fee. If a customer does not meet the credit score requirements for a Platinum membership, they will be assessed for eligibility for a Gold card. This payment tool can be used anywhere Visa is accepted, but there is an annual service fee of $59. If you are not recommended for this card category based on an insufficient Best Buy credit card score, then you will be considered for two credit cards that only work within the Best Buy environment.
Unclear rewards
Another significant drawback worth mentioning in the Best Buy Visa card review is vague rewards, which can mislead customers. The card itself does not provide the promised 5%, which at first glance seems like a good opportunity for card users to save money. This amount of shopping rewards can be earned in total from My Best Buy’s free rewards program and the credit card.
Limited offers
Finally, one more limitation that Best Buy users face is the limited validity period of many earning offers, which can expire at any time. This means that you never know how many bonuses you will be able to receive in the future. Moreover, current conditions may change unexpectedly and even without warning.
BEST BUY CREDIT CARD REWARDS PROGRAM
Each My Best Buy client is a member of the loyalty system. For different categories of purchases, you get a different percentage of rewards back in the form of points to your balance. You can use these points for shopping at retail stores, the website, the mobile app, or other parts of the Best Buy ecosystem within 15 days of your purchase. If you have a My Best Buy Visa card, you’ll get a percentage back on your balance on purchases made anywhere Visa is accepted.
Final Thoughts
If you’re a regular shopper at electronics stores, then a Best Buy card may make sense. There are two options available to you—the universal My Best Buy Visa card and the domestic Best Buy credit card.
Obviously, for everyone, a payment tool that is not tied to a specific retailer will be a better and more flexible option. However, you can’t control what type of card you’ll be approved for—if you don’t have a sufficient Best Buy Visa card credit score, you’ll be offered a standard credit card that only works within the Best Buy ecosystem.
Either way, even though it is somewhat limited in flexibility and use, this payment tool is still a great deal for those who are frequent customers of electronics stores, thanks to favorable credit terms and lucrative rewards programs.
