Best Buy Credit Card ReviewsThe Best Buy credit card is one card that makes sense in the electronics world. It rewards cardholders for shopping with the retailer. It comes as a good option of a card for those who buy the bulk of their electronics at Best Buy. Given how expensive devices like smartphones, HDTVs, and laptops can be as well as how quickly they grow obsolete, this card fills in for those who shop tech at Best Buy.
However, this card lacks flexibility, and rewards are only redeemable at Best Buy. It is a close-loop store card. What this means is that it is only accepted only at Best Buy and BestBuy.com with no annual fee.
Where the Best Buy Credit Card Shines
Here, I will be outlining the features that make the Best Buy credit card a good option for techies. Also where the card could improve in terms of offerings.
- The Best Buy credit card offers 5% back in rewards at Best Buy.
- With this card, you have 10% back in rewards on your first day of purchases within 14 days of opening the account.
- With My Best Buy membership perks, you have an easier path to higher status levels.
- No annual fee (Only if your credit is good enough)
Downsides of Best Buy Credit Card
This is where we hope the Best Buy credit card can be better:
- Rewards earned, must be used at Best Buy or with promotional partners.
- Although the financing offers sound good, they can result in huge interest charges.
- Some applicants get a card version with a $59 annual fee, depending on their credit history.
- Reports of poor customer service.
- High-interest rate, as it’s common amongst store card.
Places You Can Use Your Best Buy Credit Card
Your card can only be used at the following places:
- Best Buy stores and BestBuy.com
Best Buy accepts Visa, Mastercard, American Express and Discover cards as payment methods alongside it’s own co-branded cards.
How to Get the Most Out of the Best Buy Credit Card
Set your eyes on the rewards: When you are making certain purchases at Best Buy, you are given the option of choosing between earning rewards (the “Standard Credit” option) or taking a deferred financing offer. In most situations, it would be best to go for the rewards.
Beware of special financing offers: Where you take a deferred financing offer, ensure that you get all your monthly payments in on time. Ensure also that you pay off the balance by the end of the term. If not, you’ll be charged interest going all the way back to the purchase date. This will make your purchase way more expensive than what it should be.
Monitor your account and statements: You have to stay updated on your monthly statements in order to avoid any surprises.
How to Apply for Best Buy Credit Card
The application process for this card is a bit different from that of most cards. When you apply, you can’t apply for a particular card. Rather, you’ll first be considered for the My Best Buy Platinum Visa account. Where you are not qualified, you’ll then be considered for the My Best Buy Credit Card account. Where you don’t get approved for that either, you’ll be considered next for a My Best Buy Visa Gold account. The Best Buy Visa Gold card, comes with an annual fee of $59.
What Credit Scores Do You Need to Qualify?
You’ll need to have scores within a range of 580-669 for FICO or 650-699 for VantageScore to qualify. This makes the card suitable for people with fair credit.
Qualifications and Requirements
- You must create a My Best Buy account
- Be 18 years to apply
- Have the following personal identifying information: Name, birth date, Social Security number, and phone number.
- For financial information, you’ll need the following: Total household income, source of income, monthly mortgage/rent payment.
Logging into My Best Buy Account
You have two options of signing into your account. You can either log in with your Citi information, if applicable. Alternatively, you can take a moment to link your Best Buy account with your Citi account and log in via Best Buy.
Paying Your Card Balance
To pay your card balance, you have three options. You can either log in to your My Best Buy credit card account online. You can alternatively pay over the phone by calling the number on the card website. Thirdly, you can pay by mailing your payment to the address listed on your statement. We advise you include your account number.