Best Buy is known for its wide array of electronics and is considered one of the best places to find top gadgets and other electronic items in the US and Canada. The company now offers two store cards issued by Citi that will help you earn rewards for shopping at the store.
While the two might have very similar qualities, their usage is quite different from each other. Find out more about Best Buy credit cards and learn how to apply in this guide.
Everything to Know About the My Best Buy Credit Card
The My Best Buy Credit Card is an introductory credit card for those who regularly shop at Best Buy. It offers exclusive 5% cash back as a reward when you shop at any Best Buy stores across the country.
With the Best Buy Credit Card, you’ll receive a $5 reward certificate for every $100 you spend using the card at any Best Buy store. You’ll also earn even more rewards when you purchase premium brands like Thermador, Apple, Beats, and more.
The My Best Buy Visa Credit Card comes with the same rewards, but also allows cardholders to spend outside of Best Buy stores. My Best Buy Visa users can earn 3% in cash back on gas purchases, 2% cash back on grocery and dining and takeout purchases, and 1% on all other purchases.
My Best Buy Visa cardholders also have access to limited-time bonus reward categories for further cash back savings. Both cards offer a flexible payback options, giving users the choice in how they would like to repay their monthly statement.
Learn More About Deferred Interest and Its Risks
Both the Best Buy Credit Card and the Best Buy Visa Credit Card share a very similar list of fees and many other charges. First, there is no annual fee which helps you save money to purchase more items instead.
Next, you won’t have to pay any interest on purchases of $299 and above for the first 12 months. And as long as you pay your due in full within those 12 months, you won’t pay any interest. Otherwise, your interest will be compounded from the date of purchases.
Once the promotional period is over, you will receive an interest rate that can be as high as 30.74% depending on your creditworthiness.
Welcoming You With Great Incentives
Best Buy offers a welcome bonus for new cardholders. One of the most common offers that they provide to new cardholders is to give them a total of 10% back in Best Buy points on their very first day of purchase.
This means that you’re going to get more reward points on your very first purchase so make it a point to make the first purchase using the card a very large purchase to take full advantage of this welcome bonus.
Use the Welcome Bonus to Spend Big and Earn Big
For example, if you spend $2,000 worth of Best Buy purchases, you’ll receive $200 worth of Best Buy certificates.
Unlike many other cards that require you to purchase using the card at a specific amount, the Best Buy credit cards will give you the freedom to choose how much incentive you get.
Flexible Financing Options
Apart from a deferred interest plan, there are other ways for you to pay off your credit with Best Buy credit cards.
You can pay the minimum monthly dues if you are looking to save money while also maintaining your ability to use the card. The interest rate is already calculated into your monthly bill which is also part of your minimum monthly due.
There is also the reduced rate credit plan where you get fixed monthly payments for the entirety of your term considering you do not have any other balances on your credit card.
For each month, you’ll pay the same required monthly payment and the corresponding interest fee until the end of your term.
Manage Your Account
Managing your finances is easier now that you can access your account through the Best Buy website.
Simply log in to your Best Buy account using your registered email address and password. There, you can check your account information including your most recent transactions, your current bill, your rewards, and many other options.
You can also choose to get notified when it is time to pay your bills or if you want to be prompted for every transaction you make on your card. This will help you monitor all activity on your credit card and stop any fraudulent transactions from happening.
Learn How to Apply
To apply, you need to be 18 years old and above and must be a resident of the United States. The bank will require you to present certain documents for your claim.
You must have a stable income and should have a good credit score. You can then apply for both Best Buy credit cards on the website.
Provide all the necessary details during the application and make sure to review the information as well as the terms and conditions before you submit.
If you have further inquiries, you can call them at 800-365-0292 or you can visit the nearest Best Buy branch in your area. You can also check their main office at Best Buy Inc., 7601 Penn Avenue, South, Richfield MN 55423, USA.
Which Card Is Best For You?
Both Best Buy credit cards offer almost the same features but cater to different cardholders.
If you are a regular and loyal customer of Best Buy who wants to enjoy exclusive rewards within Best Buy, the My Best Buy Credit Card is the perfect card for you. It offers no annual fee, has some of the most solid rewards and the potential to defer interest is a great plus.
Meanwhile, those who want to unlock even more rewards with any purchase can opt for My Best Buy Visa Card.
Conclusion
While both Best Buy credit cards are very similar, they offer different kinds of rewards and perks to a myriad of loyal regular Best Buy customers. Choose which one suits you best when it comes to your financial capabilities and you get to enjoy what Best Buy has to offer.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
