Best Buy offers two types of credit cards: the Best Buy® Credit Card, which is a store card that can only be used at Best Buy, and the Best Buy® Visa®, which can be used wherever Visa is accepted.
The Best Buy® Visa® comes in two forms:
- Best Buy® Visa® Gold Card: $59 annual fee
- Best Buy® Visa® Platinum Card: $0 annual fee
Which version you qualify for will depend on your credit history. If your credit score doesn’t qualify you for a Best Buy® Visa® Platinum, you may be offered the Gold card instead.
The My Best Buy® Visa® credit cards offer cashback rewards for shopping at Best Buy, gas station, restaurants, grocery stores, and other Visa-friendly locations. Be careful though, as the cashback program doesn’t actually give you cash back. Rather, you’ll get Best Buy certificates, which you can use only for Best Buy purchases.
The Best Buy® Visa® also offers flexible financing and deferred interest rate options. However, these options are risky and complicated. A lot of shoppers will be better off with a card offering a more straightforward 0% APR introductory offer, if they’re looking to defer interest on large purchases.
All in all, this Visa card is a good option only for loyal Best Buy customers.
Table of Contents
Quick Review
While the My Best Buy® Visa® credit card is more limited than many other credit cards, it’s a good option if you frequently shop at Best Buy or plan to make an expensive Best Buy purchase (given the card’s favorable introductory rewards offer).
My Best Buy® Visa® credit cards give you a flexible credit limit, a regular APR of 29.99% (variable), and a cashback rewards program. However, the fact that there are different types of Best Buy® Visa® credit cards means you run the risk of getting a less favorable card when you apply.
Here, we’ll take a look at pros and cons of both types of Best Buy® Visa® credit cards:
My Best Buy® Visa® Gold Card Pros & Cons
My Best Buy® Visa® Platinum Card Pros & Cons
My Best Buy® Visa®: Important Details
Basic Card Details
- Card issuer: Citibank
- Card type: Visa card
- APR: 29.99% (variable)
- Annual fee: $0–$59
- Rewards rate: 1%–6%
- Introductory offer: 10% cash back on the first day you start making purchases (as long as this is within 14 days of opening your account)
- Grace period: 25 days
Additional Information
- Authorized users and joint accounts allowed
- Offers a reduced APR program
- Flexible financing (aka “deferred interest”) options on purchases $299 and up
My Best Buy® Visa® Feature Breakdown
To give you a better idea of what the My Best Buy® Visa® credit card has to offer, here’s a breakdown of the card’s key features.
Fees
- Annual fee: $0–$59 (depending on card type)
- Late fee: $29–$40
- Balance transfer fee: $15 or 5% of the amount of each balance transfer (whichever is greater)
- Foreign transaction fee: $0
Interest Rates
The My Best Buy® Visa® has a fairly high standard APR. However, it also offers “reduced rate plans” on certain products from time to time. “Reduced rate plans” allow you to pay lower APRs:
- Regular APR: 29.99% (variable)
- 48-month reduced rate plan* rate: 11.90%
- 36-month reduced rate plan* rate: 8.99%–12.99%
- 24-month reduced rate plan* rate: 0%–11.99%
- Minimum interest charge: $1
* The reduced rate plans are promotional offers on certain products. If you buy something with a reduced rate plan, you’ll continue accruing interest as you normally would, but the rate will be lower than usual.
Deferred interest program
Best Buy offers a deferred interest program to Best Buy® credit card users. Many retailers and lenders don’t do a great job of clarifying to customers how deferred interest works, but it’s important to note that it’s not the same as an interest-free offer.
You may also see the deferred interest program referred to as:
- Special financing
- Flexible financing
Like reduced rate plans, deferred interest offers aren’t available for all customers or for all products. Rather, Best Buy gives special financing offers only for select products (and only items priced $299 or more).
If you purchase a product that gives you deferred interest, you won’t have to pay interest at all as long as you pay off your balance in full by a particular deadline, which might be:
- 6 months
- 12 months
- 18 months
- 24 months
- 36 months
- Another specified date
If you fail to pay the full balance in time, you’ll have to pay the interest that has accrued throughout your entire borrowing period.
Because you’ll pay such a large backlog of interest if you fail to settle your balance by the specified deadline, the deferred interest program is worthwhile only if you know you can pay off your purchase in time.
Consider looking for a credit card with a true 0% APR introductory offer instead if you want to reduce interest rates on a major purchase. That way, you won’t get back charged months’ worth of interest if you fail to pay your balance in full.
Rewards
As a My Best Buy® Visa® card user, you’ll get the following rewards:
- 5%–6% cash back on all Best Buy purchases (2.5–3 points for every $1 spent)**
- 3% cash back on gas purchases (1.5 points for every $1 spent).
- 2% cash back on dining and groceries (1 point for every $1 spent).
- 1% cash back on all other purchases (1 point for every $2 spent).
** The rate depends on your Best Buy program membership level.
To get Best Buy rewards, you must join the My Best Buy program. This program gives the following rewards for My Best Buy® Visa® credit card holders and non-cardholders according to whether you have My Best Buy, My Best Buy Elite, or My Best Buy Elite Plus Program membership.
Best Buy Membership Programs: Eligibility and Rewards
The table below shows a breakdown of Best Buy’s programs and their rewards.
| My Best Buy Program Membership | My Best Buy Elite Program Membership | My Best Buy Elite Plus Program Membership | |
|---|---|---|---|
| Requirements to qualify | No special requirements | You must spend $1,500 per calendar year at the store to qualify | You must spend $3,5000 per calendar year at the store to qualify |
| Points on eligible Best Buy purchases | 1% back in rewards, 0.5 points for every $1 spent | 2% back in rewards, 1 point for every $1 spent | 2.5% back in rewards, 1.25 points for every $1 spent |
| Points on eligible Best Buy purchases using the My Best Buy® Credit Card | 5% back in rewards, 2.5 points for every $1 spent | 5% back in rewards, 2.5 points for every $1 spent | 6% back in rewards, 3 points for every $1 spent |
Info taken from Best Buy’s page on their membership benefits.
The major caveat with the rewards program is that you can redeem points only in the form of rewards certificates for use with Best Buy purchases (which are usually valid only for 60 days). In reality, Best Buy cashback rewards function as store credit rather than as a true cashback scheme.
Introductory offer
Best Buy boasts a pretty impressive introductory offer of 10% cash back on your first day of purchases, as long as it’s within 14 days of when you open your account.
So if you’re planning a major purchase from Best Buy, consider applying for their credit card first to enjoy a major discount. If you have multiple Best Buy purchases that you can put off until you get a My Best Buy® Visa® credit card, hold off until then so that you can get as many rewards as possible.
However, there are a few things you should keep in mind if you want to use the 10% cashback rewards offer:
- Don’t choose a special financing (aka deferred interest) plan on your purchase, as that will make you ineligible for cashback rewards.
- If you have lower credit, you may only qualify for the Best Buy® Visa® Gold card, which has an annual fee of $59. If you’re only opening a Best Buy® Visa® card to save money on your initial purchase, make sure the rewards exceed $59 in value.
- This offer is only available within 14 days of your account opening, so don’t forget to make the most of it before the 14 days are up.
Credit Reporting
Citibank, the My Best Buy® credit card issuer, reports credit activity to all three major credit bureaus (Equifax, Experian, and TransUnion).
Customer Service
If you need customer service to help you with your My Best Buy® Visa® credit card, here are the numbers you can call:
- Customer service: (888) 574-1301
- Technical assistance: (888) 738-4624
- TTY for the hearing impaired: (888) 824-2323
- Collect calls from outside US, Canada, or Puerto Rico: 1 (423) 467-6543
Should You Get the My Best Buy® Visa® Credit Card?
FinanceJar verdict
The My Best Buy® Visa® credit card isn’t a particularly good credit card option unless you’re a diehard Best Buy shopper. This is especially the case for the Gold card: if you get one of these, you’ll have to spend nearly $1,000 at Best Buy before your rewards justify the annual fee.
Who is this card for?
- Shoppers planning multiple big Best Buy purchases: If you’re planning a major Best Buy spree, it’s probably a good idea to get a My Best Buy® Visa® credit card just so you can take advantage of the introductory 10% cashback offer. You’ll want to have your sights set on future purchases as well, so you can use the cashback rewards you earn.
- Frequent Best Buy shoppers with reasonable credit: If you regularly spend a lot at Best Buy (especially if you spend more than $3,500 a year), and are likely to have good enough credit for the My Best Buy® Visa® Platinum, this card might give you enough rewards to make it worthwhile.
FAQs about the My Best Buy® Visa® Credit Card
1. Where can I use the My Best Buy® Visa® credit card?
You can use the My Best Buy® Visa® Gold Card and My Best Buy® Visa® Platinum Card anywhere Visa® is accepted.
2. Is the My Best Buy® Visa® credit card hard to get?
Your credit will determine which type of My Best Buy® Visa® card you qualify for. If you have a good credit score, you’ll probably qualify for the Best Buy® Visa® Platinum Card.
If you have bad credit, you may only qualify for the My Best Buy® Visa® Gold Card, which has an annual fee of $59, or for the Best Buy store credit card, which you can’t use anywhere other than Best Buy.
3. What’s the difference between the My Best Buy® Platinum and Gold Visa® credit cards?
The My Best Buy® Visa® Gold Card and My Best Buy® Visa® Platinum Card are basically the same except that the Gold card has an annual fee of $59 and is intended for people with lower credit. The Platinum card has no fee and requires a higher credit score.
4. What’s the difference between the My Best Buy® Visa® and My Best Buy® store cards?
As stated, you can use the My Best Buy® Visa® credit cards anywhere Visa® is accepted. On the other hand, you can only use the My Best Buy® store card only at Best Buy.
5. How do I apply for the My Best Buy® Visa® credit card?
You can apply for the My Best Buy® Visa® credit card through a secure online portal, or in-store by asking a cashier for a printed application form.
6. How do I make payments on a My Best Buy® Visa® credit card?
There are a few different ways for you to pay your My Best Buy® Visa® credit card bill:
- Online: By making payments through your My Best Buy® Credit Card account.
- Over the phone: By calling (888) 574-1301.
- By text: By texting PAY to 81964 using the phone number attached to your My Best Buy® Credit Card account.
- By mail: By sending your payment to the address printed on your statement***
*** The address listed on your statement should be one of the following:
1. My Best Buy® Credit Card Payments
P.O. Box 9001007
Louisville, KY 40290-1007
2. PO Box 70601
Philadelphia, PA 19176-0601
7. How do I use my My Best Buy® Visa® credit card points?
To collect and use points from a My Best Buy® Visa® credit card, you’ll need to join the My Best Buy Program. You can sign up for an account online or at any Best Buy store.
You’ll automatically get rewards certificates after you reach the 250-point threshold. However, you can go to your online account and set your certificate preference level above 250 points, if you’d prefer to redeem a higher limit.
Once you get your certificate, you must use it before the expiration date listed on the certificate (usually 60 days after the certificate is issued).
Comparable Cards
To determine whether the My Best Buy® Visa® card is right for you, take a look at how it measures up against other credit cards on the market.
My Best Buy® Visa® Credit Card vs. Amazon Rewards Visa® Card
The Amazon Rewards Visa® is similar to the Best Buy® Visa® in that both can be used anywhere Visa is accepted.
However, the Amazon Rewards Visa® card provides some nice extras, like travel accident insurance and extended warranty protection, as well as a $50 Amazon gift card upon approval for the card.
Unlike the Best Buy introductory offer, these benefits aren’t dependent on how much you spend or on whether you make an initial purchase.
Instead of complicated deferred interest and special financing plans, the Amazon Rewards Visa® lets you forfeit your rewards to get a 0% promo APR for 6 to 18 months on all purchases over $50. Although you get longer—up to 48 months—with some of the Best Buy® Visa® deferred interest and special financing plans, you can only get the benefits for certain Best Buy products, so the Amazon offer will cover more purchases (and won’t backfire if you find yourself unable to pay your balance in full by the deadline).
Lastly, the Amazon Rewards Visa® gives you a better standard APR of 17.24%–25.24% (variable) than the My Best Buy® Visa® card.
My Best Buy® Visa® Credit Card vs. Chase Freedom Unlimited® Credit Card
Like the My Best Buy® Visa®, the Chase Freedom Unlimited® credit card offers an impressive introductory bonus. You’ll earn $200 if you spend $500 on purchases in the first 3 months of having your account, which is likely a better deal than the 10% cashback offer you get with the My Best Buy® Visa®.
The Chase card also gives you a 0% introductory APR for 15 months after you open your account. When this period ends, you’ll still have a better APR of 18.74%–27.49% (variable) than the one you get with My Best Buy® Visa®.
Unlike the My Best Buy® Visa® Gold credit card, the Chase Freedom Unlimited® credit card doesn’t have an annual fee. It also gives you 1.5% cash back on most purchases (compared with the 1% that My Best Buy® Visa® credit cards give you on most everyday purchases). Plus, you can redeem Chase Freedom Unlimited® rewards—which don’t expire as My Best Buy® rewards do—in a number of ways, instead of being limited only to store certificates.
While it’s the better credit card overall, you may have a harder time qualifying for the Chase Freedom Unlimited® than the My Best Buy®Visa®.
My Best Buy® Visa® Credit Card vs. Apple Card
The Apple Card is another credit card you can consider if you have some big electronics purchases on the horizon. Unfortunately, this card won’t give you any generous welcome bonuses or introductory financing offers like you’d get with the My Best Buy® Visa®. However, it will give you a better standard APR of 13.99%–24.99% (variable) and the guarantee of no annual fees, foreign transaction fees, cash advance fees, or even late fees.
What’s more, the Apple Card gives you cash back in the form of credit that’s placed in an Apple account you can use like cash. You’re not restricted to store certificates as with the My Best Buy® credit cards.
The Apple Card gives you cash back at a rate of 3% on everything you buy from:
- Apple stores
- The Apple website
- The App Store
- iTunes
This means that you get rewards not only for buying gadgets, but also for your software purchases.
Like the My Best Buy® Visa®, the Apple Card also gives you 1% cash back on most purchases. However, that figure increases to 2% any time you use Apple Pay for a purchase (in every category, with no restrictions). As such, if you can use Apple Pay for a lot of your everyday spending, you can improve the cashback rate you get for general expenses.
If you’re after flexible financing or need to buy electronics items that Apple doesn’t sell, then the Apple Card may not suit your needs. However, if you regularly buy Apple products, it may be a better, less complicated credit card for electronics shopping than the My Best Buy Visa.
