Best Buy Credit Card Application Review
Best Buy has a large selection of electronics, and they offer a store-branded card. The Best Buy credit card comes with great perks for people who shop there routinely. It’s relatively easy to apply to help you build your credit. There are two versions of the Best Buy credit card application you can apply for. The Best Buy Visa can get used anywhere Visa is accepted. The Best Buy credit card is only eligible for use at Best Buy. So if you’re considering this card, read on to find out the benefits and drawbacks.
Best Buy Credit Card Application Benefits
1. High Cash Back
The Best Buy rewards credit card gives a great cash back option for loyal cardholders. Each time you spend $1 at Best Buy, you earn 2.5 points. Accumulate 250 points to get a $5 rewards card. This works out to 5% cash back for Best Buy purchases.
The Best Buy Visa card also gives a decent amount of cash back. The base rate is one point each time you spend $2. Use your card at bars, restaurants, gas stations, and grocery stores to earn one point for every dollar. Finally, using your card at membership clubs like gyms and golf courses earns you 1.5 points per dollar spent.
2. Best Buy Rewards Credit Card Introductory Offer Choice
When your Best Buy credit card application gets approved, you get a choice for your introductory offer. You can choose promotional financing or rewards. The promotional financing would be a good choice if you had a large purchase in mind. You get 6 to 24 months to pay for purchases over $199 and up. If not, the Best Buy rewards may be a better pick.
3. Best Buy Rewards Bonus
Best Buy Cardholders who pick the rewards bonus get an additional 5% back on the first purchase they make. There is no minimum amount for this first purchase. You’ll automatically get 10% back. However, you do have to make this purchase within two weeks of opening the card. If you don’t, you miss out.
4. No Annual Fee or Low Annual Fee
A second thing sets the Best Buy credit card apart. Even though it’s a rewards card, there is no annual fee on the store-branded card. You’ll be able to shop and earn rewards as much as you want. However, you have to have good enough credit to qualify for this card.
If you don’t qualify for the store-branded card, you could possibly get the Best Buy Visa. There is a no annual fee Best Buy Visa Card but this card might come with a $59 annual fee. This still isn’t too bad because you have a significant potential to earn rewards. However, you do have to justify the cost of the annual fee by earning rewards.
5. Status Tiers
Both versions of the Best Buy credit card come with a tiered status. If you spend $1,500 annually with the store-branded card, you’ll earn Elite Status. The rewards Visa will upgrade you to Elite Plus for spending $3,500 annually. Each tier comes with perks. They include:
- Elite: Free shipping, 30 day return window, and a dedicated customer service line for Elite members
- Elite Plus: Free two-day shipping, 45 day return window, 6% back in rewards for Best Buy purchases and a dedicated Elite Plus customer service line
6. Free Shipping
When you use your Best Buy credit card for purchases over $35, you get free shipping. This is great if you live somewhere more remote and you need to pay more to ship. Also, you’ll save money each time you purchase things from Best Buy, and this can really add up. So when you combine this with your rewards, the potential is big.
Best Buy Credit Card Application Drawbacks
1. Expiration on Rewards
Once you earn rewards, you use them or lose them. Anyone who hasn’t made tier status has just 60 days. If you don’t use them at this time, they go away. If you make Elite status, you have 12 months to use your rewards. Credit card rewards expire at this point if they’re still on your account.
2. Stipulations on Special Financing
If you choose buy now pay later promotional credit financing over rewards, you get four categories. They are:
- 0% APR for six months on items up to $199
- 0% for 12 months on items at least $399
- 0% for 18 months on major appliance items at least $599
- 0% for 24 months on home-theater items at least $799
The problem lies in not paying it off in time. If you don’t, you’ll get hit with deferred interest charges. These charges go back every month to the time you bought your item. If you have a higher APR, you could pay hundreds or thousands in interest alone. For example, I bought a DSLR camera with 18 months 0 interest. If I did not pay the entire balance off before the 18 months, the back interest charged would have been $585. So it is essential to know when your special financing term expires.
3. Higher APR
Yes, the Best Buy credit card is a rewards card. This means the interest rate would be a little higher. However, the lowest rate is 20.79%. It goes up to 22.99% for fair credit, 25.76%, and 27.49%. All of these interest rates come base on your credit score at the time you apply for the card.
4. Balance Transfer Fee With the Best Buy Visa
So if you want to transfer balances to your Best Buy credit card, you’ll pay for it. You’ll pay a 5% balance transfer fee each time you transfer to it. Also, they’ll immediately hit you with a 27.49% monthly interest rate. This can quickly dig you deeper into debt. It’s not a good card if you plan to transfer balances to it.
Apply for the Best Buy Store Card or Visa Card
CreditFast does not receive financial compensation for recommending the Best Buy credit card application. I have the Best Buy Visa Card and found it very useful for my business. I used my Best Buy Rewards Card to purchase this laptop that I am using to publish this blog post. So I was able to afford to buy this laptop because of the 18 months 0 interest financing promotion option. I stress to always pay your balances off in full before any Best Buy promotional offer ends.
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Bottom Line on the Citi Best Buy Rewards Visa
So the Best Buy rewards credit card is the right choice for people who shop at Best Buy a lot. You can really pack in the rewards points and savings. There are some downfalls, though, and you want to avoid them. Finally, if you use your Best Buy Visa Card smartly, it can help you build your credit and buy some nice items.