My Best Buy Credit Card
Earn 5% to 6% back in rewards for all your Best Buy purchases, or take advantage of flexible financing options with the My Best Buy Credit Card.
- Annual Fee
- Extra Card Fee
- Card Type
- Cash Advance
- Balance Transfer
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My Best Buy Credit Card Review
The My Best Buy Credit Card is a store credit card that you can only use to make purchases at Best Buy. Obviously this makes it a very limited kind of credit card, and while it has a rudimentary rewards program, it lacks all other perks, benefits, and features of a regular credit card.
But let’s dig in and see what the My Best Buy Credit Card has to offer.
My Best Buy credit card rewards
If you make standard credit purchases with your My Best Buy Credit Card, you earn some rewards points for every $1 you spend.
If you're a regular cardmember, you'll earn 2.5 rewards points for every $1 you spend. But if you're an Elite Plus cardmember, you earn 3 rewards points for every $1 you spend.
Best Buy rewards points are worth 2 cents each, so your effective earn rate is:
- 5% back for regular cardmembers, and
- 6% back for Elite Plus cardmembers.
However, you do not earn reward points on promotional credit purchases or any taxes you pay on purchases, so just be aware of that when figuring out how many rewards you’ll get for a particular purchase.
Of course Best Buy rewards can only be used to make purchases at Best Buy, and are issued as rewards certificates.
My Best Buy Credit Card offers
As a welcome bonus and incentive to sign up for their credit card, Best Buy offers 10% in rewards on your first day for eligible, standard credit purchases you make with the card.
Best Buy also occasionally offers reduced rate credit plans for some purchases, but you will not earn rewards if you take advantage of special financing.
My Best Buy Credit Card financing options
While you can make standard credit card purchases at Best Buy with this card, it also gives you the ability to take advantage of deferred interest financing on some purchases.
12 month financing
You can use your My Best Buy Credit Card to finance purchases of $299 and up, with interest deferred for up to 12 months. If you pay the purchase balance in full before that time’s up, you won’t be charged any interest.
If you don’t pay the balance in full within 12 months, however, you’ll be charged the full interest accrued from the day of purchase. This means you’ll be charged a full 12 months of interest on that purchase all at once.
Limited time financing options
Occasionally, Best Buy will offer limited time financing options for larger purchases, such as 18 month financing for purchases $499 and up, or 24 month financing for purchases $999 and up.
These offers will normally also defer interest for the payment period, but will also charge the full 18 or 24 months of interest if you don’t pay the balance in full in time.
My Best Buy Credit Card high interest rate
One thing that’s important to understand is that the My Best Buy Credit Card has a higher than normal APR.
Right now this card’s APR is 25.24%, which is exceptionally high compared to most regular credit cards.
How to avoid paying interest
You can avoid paying interest on standard credit purchases by paying off your My Best Buy Credit Card balance in full by the payment due date every billing cycle.
How to avoid paying late fees
Best Buy reserves the right to charge a late fee for each billing cycle in which you have a past due payment. This means any billing cycle you fail to make the minimum payment by the payment due date.
Late fees are $29, or $40 for additional late payments in the next 6 billing cycles. These fees are added to your regular purchase balance, and you will pay the regular APR on those as well.
My Best Buy Credit Card benefits
If you are absolutely certain that you will pay the full balance for financed purchases before the due date, a deferred interest payment plan can save you money on regular credit card interest.
You get some added benefits by being a member of the Best Buy rewards program, including:
- free shipping for Elite and Elite Plus members,
- special members-only deals, and
- early access to some Best Buy sales.
But other than that, this credit card really doesn’t have a lot going for it.
My Best Buy Credit Card drawbacks
So, what do you need to watch out for with this credit card?
High interest rates
We already covered this, but it’s worth repeating: the My Best Buy Credit Card has a significantly higher APR than most credit cards.
No included insurance
Most regular credit cards include at least a few types of complimentary travel insurance and purchase protection. The My Best Buy Credit Card has none.
No other credit card perks or benefits
Similarly, where many credit cards offer extra benefits like free roadside assistance, rental car discounts, airport lounge access, or access to special events and early ticket sales, the My Best Buy Credit Card offers none of these.
While cash back rewards are normally one of the most flexible rewards options, not so with the My Best Buy Credit Card. Since you can only use your rewards certificates to make purchases at Best Buy, this is an extremely limited rewards program.
My Best Buy Visa
The My Best Buy Credit Card has a more traditional sister credit card, the
It also allows you to earn rewards everywhere you shop, at the following rates:
- 2.5 points per $1 spent on purchases at Best Buy, 3 points if you’re an Elite Plus cardmember,
- 1.5 points per $1 spent on gas purchases, and
- 1 point per $2 spent on all other purchases.
These are the same rewards as the My Best Buy Credit Card, and have a value of 2 cents per point.
Unfortunately, like the My Best Buy Credit Card, the My Best Buy Visa also lacks any other features or benefits that most credit cards offer. Learn more about the My Best Buy Visa.
Alternative credit cards to consider
If you’re interested in taking advantage of lower interest rates and earning more flexible rewards, you may want to consider these other, more traditional credit cards.
|Credit card||Welcome offer||Earn rate||Annual fee||Interested?|
|Citi Double Cash Card||* 0% APR on balance transfers for 18 months (terms)||* 1% unlimited cash back on all purchases
* An additional 1% cash back when you pay your bill on time
|HSBC Cash Rewards Mastercard credit card||* Earn 3% cash back in the first year (up to $10,000 spent)
* 0% APR on purchases and balance transfers for the first 12 months (terms)
|* 1.5% unlimited cash back on all purchases||$0||Apply now|
|U.S. Bank Altitude Go Visa Signature Card||* Earn 20,000 bonus points after spending $1,000 in the first 90 days
* 0% intro APR on purchases and balance transfers for the first 12 billing cycles (terms)
|* 4 points per $1 spent on takeout, food delivery, and dining
* 2 points per $1 spent on groceries, grocery delivery, streaming services, and gas stations
* 1 point per $1 spent on all other purchases
2% unlimited cash back on all purchases
If you want a solid flat-rate cash back credit card to use for your Best Buy purchases, the
You’ll earn up to 2% cash back on all purchases:
- 1% cash back when you buy, and
- an additional 1% cash back as you when you pay off those purchases.
As an added bonus, this card comes with 2 types of complimentary insurance:
- 2 years of extended warranty, and
- 90 days of purchase protection.
And all of this for no annual fee.
1.5% cash back, plus 0% APR for 12 months
For rewards, you’ll start by earning 3% cash back on all purchases for 12 months (up to $10,000 spent), after which you’ll earn 1.5% cash back.
This credit card also comes with some valuable complimentary insurance coverage, including:
- mobile device,
- travel accident, and
- rental car theft and damage.
Earn rewards, save on interest, and get some added peace of mind for no annual fee.
Flexible rewards and 0% APR for 12 months
- 0% APR on purchases and balance transfers for the first 12 months,
- 3 types of complimentary insurance, and
- $15 credit for annual streaming service purchases.
Kick-start your rewards with 20,000 bonus points after spending $1,000 in the first 90 days, and continue earning:
- 4 points for every $1 spent on dining, food delivery, and takeout,
- 2 points for every $1 spent on groceries, streaming services, and gas stations, and
- 1 point for every other $1 spent.
If you’re looking for a credit card to use to make purchases at Best Buy that gives you flexible rewards and a low introductory APR, look no further.
While it can be awfully tempting to opt in to a My Best Buy Credit Card while you’re shopping in the store, you’re probably better off pressing pause on those decisions until you have a chance to do a little research.
The My Best Buy Credit Card has some flexible financing options, but if you miss your payment deadlines for whatever reason, you’re going to get dinged for a huge amount of interest.
If you’re planning a large Best Buy purchase in the near future, you should research some alternative credit cards that can give you lower APR, much more flexible rewards, and some added perks besides.
What benefits does the My Best Buy Credit Card offer?
The My Best Buy Credit Card offers some flexible deferred financing options for larger purchases at Best Buy and some rewards on your in-store purchases. Beyond that, this credit card has little else to offer, with a high interest rate and no other perks, features, or benefits.
How can I apply for the My Best Buy Credit Card?
You can apply for the My Best Buy Credit Card directly on the Best Buy website. Check out more info on what this card has to offer.
What’s the difference between the My Best Buy Credit Card and the My Best Buy Visa?
The main difference between these 2 credit cards is that you can only use the My Best Buy Credit Card to make purchases at Best Buy, while you can use the My Best Buy Visa to make purchases everywhere. The My Best Buy Visa also lets you earn rewards points on purchases outside of Best Buy.