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Review: Is the My Best Buy Visa Card the best credit card for you?
When you apply for a Best Buy credit card, the one you receive will not necessarily be the one you want. There are three variants of the card, and the one Best Buy offers you is based on your credit.
The
Depending on your credit, Best Buy may alternately issue the My Best Buy Credit Card, which is a store card that can only be used at Best Buy. Earnings for Best Buy spend are identical to the
The
There are a number of downsides, however:
- You can only redeem the card’s rewards at Best Buy
- The card implements “deferred interest” which will penalize you for not paying your balance within a specified window of time
- You won’t get purchase protection or extended warranty benefits as you will with many other credit cards — very useful coverages when purchasing expensive electronics
If you’re happy to live exclusively within the Best Buy ecosystem, this card could be worthwhile. However, there are many other cash-back credit cards that are more practical for most customers.
For example, with the
Still, if you’re a Best Buy power-shopper, this card may serve you well. Here’s everything you need to know.
Comparison: My Best Buy Visa vs other store cards
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Annual fee |
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Rewards rate |
2.5 points per dollar for Best Buy purchases (3 points per dollar after you spend $3,500 in a calendar year)* 2.5 points per dollar on travel (ends December 31, 2021)* 1.5 points per dollar on gas purchases* 1 point per dollar for dining and grocery purchases* 0.5 points per dollar on all other eligible purchases* |
10% back or more on select products** 5% cash back at Amazon*** 5% cash back at Whole Foods*** 2% cash back at restaurants, gas stations, and drugstores 1% cash back on everything else |
5% cash back at Walmart.com (including pickup and delivery) 2% cash back at Walmart stores in the US and Puerto Rico, and at Walmart and Murphy USA gas stations 2% cash back on gift cards purchased through Walmart 2% back at restaurants and on travel 1% cash back on all other eligible purchases |
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Welcome bonus |
Total of 10% back (5 points per dollar) at Best Buy during your first day of purchase within 14 days of account opening OR Limited-time 18-month financing on Best Buy purchases (ends December 26, 2021) |
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Benefits |
Fraud liability protection Monthly credit bureau reporting |
Secondary car rental insurance Baggage delay insurance Lost luggage reimbursement Travel accident insurance Extended warranty Purchase protection Travel and emergency assistance Roadside dispatch Access to Visa Signature Luxury Hotel Collection Visa Signature Concierge Cardholders can choose a 0% APR on purchases of $50 or more for six to 18 months (then a 14.24% to 22.24% Variable APR) instead of cash back at Amazon checkout No foreign transaction fees |
Purchase assurance Price protection Extended warranty Mastercard ID Theft Protection Cell phone protection**** World Elite Mastercard Concierge**** Identity fraud expense reimbursement**** Travel assistance services**** Car rental insurance**** Travel accident insurance**** Trip interruption/cancellation insurance**** Baggage delay insurance**** Lost or damaged luggage insurance**** |
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*Best Buy points are each worth 2% back towards Best Buy purchases
**Limited-time offer
***5% cash back at Amazon and Whole Foods requires a Prime Membership and that your card is loaded to your eligible Amazon account; otherwise earn 3% back on these purchases
****World Elite Mastercard version only
Citi My Best Buy Visa vs other cash-back 0% APR credit cards
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Annual fee |
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Rewards rate |
2.5 points per dollar for Best Buy purchases (3 points per dollar after you spend $3,500 in a calendar year) 2.5 points per dollar on travel (ends December 31, 2021) 1.5 points per dollar on gas purchases 1 point per dollar for dining and grocery purchases 0.5 points per dollar on all other eligible purchases |
5% cash back (5x points) on travel purchased through Ultimate Rewards 5% cash back (5x points) on up to $1,500 in purchases each quarter in rotating bonus categories when you activate 3% cash back (3x points) on dining and drugstore purchases 1% cash back (1x points) on everything else |
1.5% cash back on all purchases |
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Welcome bonus |
Total of 10% back (5 points per dollar) at Best Buy during your first day of purchase within 14 days of account opening OR Limited-time 18-month financing on Best Buy purchases (ends December 26, 2021) |
5% cash back (5x points) at grocery stores (excluding Target and Walmart) on up to $12,000 in spending during the first year of account opening (then 1x) |
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Benefits |
Fraud liability protection Monthly credit bureau reporting |
Car rental insurance (secondary in the US, primary otherwise) Trip cancellation/interruption insurance Purchase protection Extended warranty Travel and emergency assistance services |
Extended warranty Travel accident insurance Travel assistance services |
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Intro APR |
18-month financing on storewide purchases of $499 and up (then |
0% APR on purchases and balance transfers for the first 15 months, then a |
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How to earn rewards from the Best Buy credit card
With the
- 5% back (2.5 points per dollar) for Best Buy purchases — or 6% back (3 points per dollar) after you achieve Best Buy Elite Plus status.
- 5% back (2.5 points per dollar) on travel (ends December 31, 2021)
- 3% back (1.5 points per dollar) on gas purchases
- 2% back (1 point per dollar) for dining and grocery purchases
- 1% back (1 point per $2 in spending) on all other eligible purchases
You can become an Elite Plus member in two ways:
- Making $3,500 in purchases in a calendar year with your
My Best Buy® Visa® Card - Spending $3,500 at Best Buy with any credit card
Also, you can choose as a welcome bonus 10% back (5 points per dollar) at Best Buy during your first day of purchase within 14 days of account opening.
How to use Best Buy points
The
Every time you earn 250 points, you’ll receive a $5 certificate for Best Buy. For example, if you spent $1,000 at Best Buy with your
Read more: 3 steps for getting over ‘points paralysis’ and starting to use your credit card rewards for travel
That’s a solid return for Best Buy purchases — but beyond that, these points aren’t useful. You’ll have to spend consistently at Best Buy for this card to be worthwhile.
Benefits and features
One of the biggest considerations when choosing a credit card to make large purchases is purchase protection and extended warranty coverage. The
If you value these insurances, here are a few of the best credit cards for purchase protection:
Chase Freedom Flex℠ Blue Cash Everyday® Card from American Express American Express® Gold Card
Interest-free purchases (but beware)
With the
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Nature of purchase |
Time to pay off |
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Orders of $299+ on purchases storewide |
12 months |
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Orders of $499+ on purchases storewide |
18 months |
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Orders of $999+ on home theater and Geek Squad purchases |
24 months |
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Orders of $649+ on unlocked phone and Geek Squad purchases |
24 months |
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Orders of $799+ on select exercise equipment and Geek Squad purchases |
24 months |
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Orders of $799+ on select Apple MacBook, iPad Pro, and AppleCare+ purchases |
36 months (Limited-time offer, expires January 2, 2022) |
This sounds great for those who need a few billing cycles to pay off a purchase. You’ll still have to make a minimum payment each month, but you won’t incur any interest for the duration of the promotional period.
However, Best Buy uses something called “deferred interest.” If your purchase isn’t paid in full within the specified interest-free window, Best Buy will retroactively charge you interest for the many months the balance has been hanging on your card!
Here’s a visual example Best Buy offers: If you purchase a $1,500 laptop, you’ll have 24 months to pay it off. The minimum payment is $29.
Best Buy
If you only pay the minimum of $29 per month, you’ll have paid $696 toward your balance by the end of 24 months. But because you didn’t pay off your purchase, you’ll be hit with $607 in retroactive interest.
This can be a very unpleasant surprise for many customers if they aren’t careful with their budget. If you know you’ve got a big purchase coming up and don’t want to risk the effects of deferred interest, there are plenty of cards that come with lengthy 0% intro APR offers that won’t apply retroactively to your balance:
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Credit monitoring services
The
Fees and costs
Annual fee (depending on creditworthiness)
The
If you’ve got a good credit score, it’s very unlikely you’ll be charged an annual fee.
High balance transfer fees
This card charges a 5% balance transfer fee (minimum $15). This is higher than many cards, which usually charge 3%. Balance transfers won’t benefit from any intro APR anyway, so you probably won’t be doing this.
Deferred interest is dangerous
Again, this card offers myriad interest-free opportunities, but they all come with the massive caveat of deferred interest. If you don’t pay off your balance during the interest-free period, your card balance could be stuck with several hundred dollars in retroactive interest fees.
Read more: The best low-interest and 0% APR credit cards
With this card, it’s especially important not to buy something you can’t pay off.
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