To begin, start by applying for a Best Buy credit card in-store or online, which requires applicants to create a BestBuy.com account first. The process is relatively simple, requiring applicants to only fill out 1 application to qualify for 4 different types of credit cards:
According to the fine print from card issuer Citibank, applicants are considered for Best Buy credit cards based on the company’s criteria, your preference for a Visa card or a store-branded card, and ultimately the individual’s creditworthiness. The following is the order in which they are issued:
My Best Buy Visa Platinum
My Best Buy Credit Card Preferred
My Best Buy Credit Card
My Best Buy Visa Gold
Once your application is submitted, the review process can either be instantaneous, or your application processing for a Best Buy credit card may take 7-10 days if in need of further review.
Types of Best Buy Credit Cards
In total, Best Buy offers its customers the choice of 4 credit cards under 2 tiers of consumer credit cards: the standard cards and Visa cards.
Best Buy Standard Cards:
My Best Buy Credit Card
My Best Buy Credit Card Preferred
With Best Buy’s standard credit cards, cardholders can only utilize the card at Best Buy stores and online at BestBuy.com. This means cardholders have the option to earn 5% or 6% back (see below) or choose flexible financing for purchases over $199. However, these cards do not qualify for balance transfer and cash advances.
Best Buy Visa Cards:
My Best Buy Visa Platinum
My Best Buy Visa Gold
My Best Buy Visa cardholders can use their credit card at Best Buy stores and BestBuy.com, as well as anywhere Visa cards, are accepted. That means these cards have more opportunities to earn a percentage back on more spending (or choose flexible financing), while also qualifying for balance transfers and cash advances.
Best Buy offers a sign-up bonus for cardholders. At the time of this writing, Best Buy currently offers 10% back in rewards on the applicant’s 1st purchase after approval.
Rewards for the My Best Buy Credit Card
By applying and being approved for a Best Buy credit card, you are now enrolled in the My Best Buy program. Approved cardholders that want to start receiving benefits must verify their My Best Buy card online to become a member.
Once registered, you can begin earning rewards points on your purchases, enabling you to receive the % back rewards benefits listed for your specific My Best Buy credit card
Here’s a breakdown by card type:
All Best Buy Credit Cards:
5% back: Earn 2.5 points per $1 spent, or 5% back in rewards, on qualifying Best Buy purchases.
6% back for Elite Plus members: Elite Plus members receive a 3-point bonus per $1 spent or an additional 1% in rewards to the standard 5% back on qualifying Best Buy purchases.
(Note: To become an Elite Plus member at Best Buy, cardholders must spend a minimum of $3,500 on qualifying purchases in one calendar year at Best Buy stores, BestBuy.com, or with their My Best Buy Visa.)
Only Best Buy Visa Credit Cards:
3% back on air and ground transportation purchases: Earn 1.5 points per $1 spent, or 3% back in rewards, on qualifying air and ground transportation purchases. (limited time only)
3% back on gas purchases: Earn 1.5 points per $1 spent, or 3% back in rewards, on qualifying gas purchases. (limited time only)
2% back on grocery and dining purchases: Cardholders receive 1 point per $1 spent, or 2% back in rewards, on qualifying grocery stores, as well as dining purchases made at bars and restaurants.
1% back anywhere else: Visa cardholders earn 1 point per $2 spent, or 1% back in rewards, on net purchases made outside of Best Buy, if the merchant accepts Visa — so basically anywhere.
Limited time bonus rewards categories: Each quarter, 1 or 2 categories of Best Buy products are chosen to receive a bonus % back in rewards.
Customers that reach 250 points will receive a $5 Rewards Certificate, which can be redeemed at Best Buy stores and BestBuy.com. For purchases made at Buy locations with a basic membership, this only requires $100 to earn $5 in rewards.
Special Financing Options
When choosing between card perks on the My Best Buy card, cardholders have the option to either earn the % back rewards program or choose flexible financing options for large purchases. However, you can only select one of the options.
While the terms and conditions of the financing options for the My Best Buy credit card are beyond the scope of this overview, Best Buy offers flexible financing year-round and during “limited time only” promotions. Here’s a general breakdown of what Best Buy offers cardholders that choose flexible financing when you spend with your Best Buy card:
6 months deferred interest on purchases over $199+
18 months deferred interest on purchases over $479+ (limited time only)
18 months deferred interest on major appliances and Geek Squad purchases $479+ (limited time only)
24 months deferred interest on home theatre and Geek Squad purchases $799+
Bear in mind that these financing options come with deferred interest that enables you to stretch out your payments with 0% APR. For those who use this method of financing, it is important to pay your balance in full within the allotted period. However, to complicate matters, your minimum monthly payments may not be enough to do this, meaning that the full standard APR (currently at 27.49% variable) will be charged to your account for every month back to the purchase date. Therefore, responsible cardholders that choose this option should pay as much as possible each month to avoid interest charges.
My Best Buy Visa Credit Card and My Best Buy Credit Card
Cash Back Benefits
5% back in rewards (6% for Elite Plus) OR Flexible Financing Options
3% back on the ground and air transportation
3% back on gas purchases
2% back in rewards on restaurants
1% back in rewards for all other purchases (anywhere Visa is accepted)
Limited-time bonus reward
Furthermore, below are some general information:
Best Buy Visa Platinum
The My Best Buy Visa Platinum card offers 5% cashback for all qualifying Best Buy purchases. You can also earn 6% back if you are an Elite Plus card member. You get Elite Plus status when you spend $3,500 at Best Buy, on BestBuy.com, or with your Best Buy Visa within one calendar year.
The Best Buy Platinum Visa does not have an annual fee, and you can also earn points outside of Best Buy. You get 1% back on all purchases, 3% on groceries and gas, and 2% on dining and other select purchases. The non-Best Buy rewards are subject to change.
If the amount of your purchase is over $199, you can opt for special financing instead of rewards. Financing options include the ability to pay for your purchase over time without paying interest. The catch to this deal is that you need to pay off the entire balance during the repayment period, or you could be required to pay all interest for the purchase. Current financing deals include six months of
deferred interest on charges over $199 and 18 months of deferred interest on purchases over $479.
Best Buy offers four different credit cards. Many of the features of these cards are similar, but each one also provides unique benefits. To get the most out of a Best Buy credit card, you need to choose the option that offers the best reward system for your needs. Your credit score and the approval process can also affect the type of card you’re able to obtain.
Best Buy partners with Citibank to offer its Visa cards and store credit cards to customers. To maximize rewards, you also need to use the My Best Buy rewards program, which Best Buy administers itself.
More Best Buy Credit Card Benefits, and Features
You need to weigh the various benefits and drawbacks of each of the four Best Buy cards before choosing the one that is best for your needs. Two of the options are Visa cards cardholders can use anywhere that accepts credit cards. The other two are store-specific credit cards you can only use at Best Buy or online at BestBuy.com.
My Best Buy Visa Platinum
The My Best Buy Visa Platinum card offers 5% cashback for all qualifying Best Buy purchases. You can also earn 6% back if you are an Elite Plus card member. You get Elite Plus status when you spend $3,500 at Best Buy, on BestBuy.com, or with your Best Buy Visa within one calendar year.
The Best Buy Platinum Visa does not have an annual fee, and you can also earn points outside of Best Buy. You get 1% back on all purchases, 3% on groceries and gas, and 2% on dining and other select purchases. The non-Best Buy rewards are subject to change.
If the amount of your purchase is over $199, you can opt for special financing instead of rewards. Financing options include the ability to pay for your purchase over time without paying interest. The catch to this deal is that you need to pay off the entire balance during the repayment period, or you could be required to pay all interest for the purchase. Current financing deals include six months of deferred interest on charges over $199 and 18 months of deferred interest on purchases over $479
The standard interest rate is 27.49% for Best Buy Visa cards. To take full advantage of the benefits, you also need to register for a My Best Buy Rewards Program account.
My Best Buy Visa Gold
The My Best Buy Visa Gold card offers the same set of perks and benefits as the Visa Platinum. There is one significant difference: the My Best Buy Visa Gold card has a $59 annual fee. You apply for the Platinum card and Gold card at the same time. If your credit score and other factors do not qualify you for the Platinum card, which does not have an annual fee, Best Buy may offer you the chance to get a Visa Gold Card.
My Best Buy Credit Card Preferred
My Best Buy Credit Cards are only for use at Best Buy and on BestBuy.com. However, when you use these cards at Best Buy with the My Best Buy Rewards Program, you get the same 5% back just as you do with the Visa. The rewards jump to 6% when you make combined purchases of $3,500 or more in one calendar year. Best Buy Credit Card members can also opt for deferred interest financing for six months on purchases over $199 and 18 months on Purchases over $479.
The My Best Buy Credit Card Preferred has a variable interest rate of 27.49%. Again, because the financing leads to deferred interest, you need to pay off the entire balance within the time frame; otherwise, you will have to pay all interest charges at the standard rate.
Applying for a Best Buy Credit Card
Applying for a Best Buy credit card or Visa card is convenient because you submit one application for all four cards. Like all credit card applications, you provide information such as income, Social Security number, address, and phone number. The issuer will perform a credit check.
First, applicants get considered for the My Best Buy Visa Platinum Card. If you do not qualify for this card, Best Buy will then consider you for a Visa Gold Card. Finally, they will assess your eligibility for a My Best Buy Credit Card Preferred and a My Best Buy Credit Card
During the application process, you may get to choose which card you would like to use. For example, you could qualify for a Visa Gold, which comes with a $59 annual fee, but which you can use anywhere that accepts credit cards.
