My Best Buy® Credit Card Review

A great card offering big rewards for Best Buy lovers.

Best Buy is one of the largest retailers of consumer electronics in the world and sells computers, smartphones, gaming systems and more. The company offers several store credit cards to reward customers for purchases, including the My Best Buy® Credit Card. If you sign up, you’ll be able to earn 5% rewards on everything you buy at the store, which you can redeem for Best Buy gift cards. Once you spend $3,500 in a year and qualify to be an Elite Plus cardmember, you’ll earn 6% on purchases. As far as store credit cards go, this is a very competitive rewards rate.

If you’d prefer to get deferred interest financing on large purchases rather than rewards, that’s also an option. To help you understand this card’s unique rewards structure and decide if it’s right for you, we’ve put together this My Best Buy® Credit Card review.

What we like about the My Best Buy® Credit Card

• High rewards rate. With this card, you’ll earn 5% back on Best Buy purchases (or 6% if you’re an Elite Plus cardmember).
• Flexible financing options. Instead of receiving rewards, you can get deferred interest financing on purchases of $199 or more.
• Valuable welcome bonus. You’ll get 10% back or flexible financing on your first purchase with your credit card. If you buy an $850 iPhone, for example, you’ll get interest-free financing for 24 months or an $85 gift card.
• Extra perks. Your card comes with benefits like free shipping on purchases of $35 or more, a complimentary birthday gift, and access to special sales.
• Four ways to pay. Pay your bill in the way easiest for you, including online, in-store, by mail or by phone.

Things to consider

• High APR. This card has an APR of 25.24% on most purchases, which is on the high side. If you want to avoid interest charges, make sure you pay off your balance in full each month or before your deferred interest period is over.
• Only one redemption option. Your rewards can only be redeemed for Best Buy certificates, which limits how you can spend them.
• High-interest charges on special financing offers. If you don’t pay off your balance in full before the end of the deferred interest period, you’ll be charged interest starting from the purchase date. Since this card has a high APR, you could end up paying a lot of interest.

Store card details

The My Best Buy® Credit Card offers shoppers a chance to get deferred interest financing on their purchases or cash back in the form of gift certificates.

Best Buy offers a variety of financing options. On purchases of $199 or more, you can get deferred-interest financing for six months. And on purchases totaling $399 or more, you’ll get an introductory period of 12 months, which will give you more time to pay off your debt. If you make a purchase in a certain category, such as fitness or home theater equipment, you may also be able to get a longer deferred interest period.

These special financing offers can help you save money on interest. However, if you still haven’t paid off your debt when the introductory period ends, you’ll be charged interest from the purchase date. Because this credit card has such a high APR, you could end up owing a lot of money, so make sure you pay off the balance in full before the introductory period is over to avoid getting stuck with high-interest debt.

If you usually pay your credit card off at the end of the month and don’t carry a balance, you may want to get gift certificates instead of special financing. Regular cardmembers can earn 5% back on Best Buy purchases while Elite Plus cardholders can earn 6%. This rewards rate is one of the highest out there, especially considering there’s no annual fee.

Fee details

This credit card doesn’t have any annual fees to cut into your earnings, which is a big plus. However, it does have a late payment fee of up to $40. So if you want to get the most value out of your Best Buy card and avoid extra charges, make sure you send in your payments on time.

How does it compare to other store cards?

The My Best Buy® Credit Card is ideal for shoppers who love to buy the latest gadgets. It offers deferred interest financing or cash back in the form of gift certificates, which is useful if you’re buying a big-ticket item like a computer or TV. If you’re more of a DIYer than a techie, then the Lowe’s Advantage Card may be a better fit. It offers discounts or special financing on purchases to help you tackle large home improvement projects without going into debt. If you are looking to receive a discount on everyday purchases, then the Target RedCard may be right for you. It gives you a discount on everything in-store and online.