Why Having a Best Buy Credit Card is the Right Decision

Anyone can easily walk into a Best Buy store and find something to buy. Since it opened in 1966, the superstore has been one go-to place for anything electronics related—computers, cell phones, appliances, video games, and so much more. It’s a good thing they accept all sorts of credit card types: Visa, MasterCard, Discover, and American Express. But the greatest part is they also offer an in-store credit card that will get you some decent rewards as long as you happen to be an avid electronics shopper. But we believe that even when you’re not, you can still take advantage of some benefits.

Card types

There are two different types of Best Buy store cards.The My Best Buy Credit Card is the first type. The store might issue a card called My Best Buy Credit Card Preferred, but these two are essentially the same cards. The card can be used at a physical store or online. With no annual fees, this is an attractive choice to many credit card users.

The second type is The My Best Buy Visa. This can be used at any establishment anywhere that accepts a Visa. There are two different versions of this card. One has an annual fee while the other one does not. The Gold charges a fee of $59 dollars annually, while the Platinum can be had without any fees whatsoever.

When applying for a credit card, Best Buy automatically considers you for the My Best Buy Visa Platinum first. If you happen to not qualify for this, the store will consider you for the rest of the cards in a particular order. Approval for any of these cards is largely dependent on a few factors including your credit score, history, and other factors that determine your worthiness.

Rewards

Any of these credit cards will automatically sign you up for the store’s rewards program. As you shop at Best Buy, you earn and accumulate points that you can redeem through at Best Buy only. There are three different levels in the program: Basic, Elite, and Elite Plus. Anyone can join through the free Basic level, while Elite levels can be reached after spending $1,500 at Best Buy within one calendar year. Lastly, the Elite Plus, can be reached after spending $3,500 at Best Buy within a single calendar year as well. Everyone starts off at with Basic level benefits and can work up as desired.

All members get two options as far as standard rewards are concerned. Basic and Elite members will get 5% back on all store purchases, while Elite Plus members will get 6%. Another option is the deferring of interest for large purchases. The option will change depending on the current season.

If you do choose the deferred interest option , make sure you know what it ultimately means. Deferred interest does not mean that you won’t have to pay for it. After the period is finished, you’ll have to pay all the interest if you still have a remaining balance on your credit card. Even if that remaining balance is small, you’ll still be paying the APR on the entire purchase. That’s won’t be a small amount, so you have to be prepared to pay.

There are other additional benefits associated with the My Best Buy Visa card for transactions made outside Best Buy. You can get up to 2% back at restaurants, grocery, and retail stores. Otherwise, you will get 1% back on any other buys you make anywhere else.

Why should you get a Best Buy card?

Obviously, it makes sense to get a Best Buy card if you shop there or online frequently. Electronics enthusiasts will benefit from these tremendously, especially since all rewards can only be redeemed through Best Buy. However, even though you don’t consider yourself an avid electronics shopper, you can still benefit from rewards. Your greatest bet is to qualify for the My Best Buy Visa Platinum as it has no fees. You can also use this card outside of the store and still accumulate points. As we mentioned first and foremost, anyone who walks into Best Buy can find something useful there. We guarantee that you’ll find something you can redeem your points on.

10 FAQs about the Best Buy Credit Card

Q: How many different Best Buy credit cards are available?

A: There are current four different Best Buy credit cards available. They are the Visa Platinum, the Visa Gold, the My Best Buy Credit Card Preferred and the Best Buy Credit Card, standard version. Each of these cards has similar features but the My Best Buy and the Preferred version are store cards that can only be used to make purchases at Best Buy online, store locations and affiliates.

Q: Does the Best Buy Credit Card offer cash back rewards?

A: Yes. The Best Buy standard credit card offers up to 5% in rewards on all purchases made at Best Buy. For every dollar spent with the card you receive 2.5 points on Best Buy purchases that qualify. You can upgrade to the My Best Buy Elite Plus membership to get an extra boost in your points awards of 1% for a total of 5% cash back. Enrollment is required to qualify for the 6% rewards.

Q: Are there any exclusions for the points rewards program?

A: Yes, You will not receive any points awards on promotional purchases made with the credit card. There are also other exclusions. You will not receive points for purchases made at Pacific Sales Kitchen & Home retailers that are located outside of Best Buy store locations. As a disclaimer, Best Buy has posted that additional limitations may apply and these rules are subject to change without notice.

Q: Can I use my Best Buy Credit Card anywhere?

A: The Best Buy Visa version of the cards may be used anywhere that Visa cards are accepted. The standard Best Buy Credit Card and the Best Buy Credit Card Preferred may only be used to make purchases from Best Buy or Best Buy online.

Q: How hard is it to qualify for a Best Buy Credit Card

A: When you apply for a Best Buy Credit Card, Best Buy chooses the card that you are approved for if you meet the requirements for approval, so you don’t have a choice in the matter. You must have at least a good credit rating to be approved for the most basic My Best Buy Credit Card, and if your credit is better, you’ll qualify for the Best Buy Preferred, and so forth with even better credit scores earning the Best Buy Visa Gold, with the most credit worthy applicants qualifying for the Best Buy Platinum.

Q: Is there an annual fee for the Best Buy Credit Cards?

A: Only one of the Best Buy Credit Cards charges an annual fee. The Best Buy Visa Gold charges an annual fee of $59 per year. The other free have no associated annual fees just for being a cardholder, but interest charges do apply.

Q: What is the difference between a Best Buy standard and Preferred cards?

A: It is quite interesting that there is no real difference in the way that these cards work. you receive the same benefits for each card. After reviewing them side by side, the only real difference is in the word “preferred.”

Q: Is the Best Buy Credit Card worth applying for?

A: The My Best Buy, Best Buy Preferred and Best Buy Platinum are all certainly worth having. They help you to get cash back on every purchase. Having said this, the My Best Buy Visa Gold Card at an annual fee of $59 is not going to be worth having unless you plan on spending over $1,180 per year at Best Buy using the card. Instead of opting for the My Best Buy Visa Gold, it’s better to go out and find a credit card that is issued for bad credit because there are several out there that do not charge an annual fee.

Q: What is the minimum redemption limit for rewards?

A: The minimum amount for redemption of rewards on your My Best Buy Credit Card is $5. A certificate for the amount of rewards you’ve earned is emailed directly to you. You have the choice of having automatic redemption or you can choose to redeem your rewards manually. When you receive your reward certificate either download the Best Buy mobile app to get it on your phone for use or print it out.


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