For tech enthusiasts, Best Buy has become the go to spot to buy new electronic items, and this is where Best Buy’s credit card shines. Best Buy, the electronic superstore giant, offers two types of credit cards. Both are issued by Citi Bank, which earns rewards when shoppers purchase items from Best Buy.
Smart devices like HDTVs, laptops, and smartphones have soaring prices, and you shop in bulk, you’ll find either one of these credit cards perfect. You can use the standard Best Buy credit card to earn rewards and leverage exclusive benefits while shopping for your favorite electronic and smart devices.
In this guide, we’ll go through the Best Buy credit cards issued by Citibank and touch on their features, benefits, and drawbacks.
Best Buy Credit Card
Who doesn’t like to earn rewards for buying their favorite electronic gadgets? But remember that you can only redeem rewards at Best Buy. Two tiers of Best Buy’s credit cards include the standard credit card and the Visa card.
The standard Best Buy credit card is a solid retail card that customers can use to make Best Buy in-store or online purchases. While it depends on the annual spending, cardholders can earn a wide range of rewards and additional benefits like cash back, automated enrollment, and interest-free financing.
Mechanics of Best Buy Credit Card
So, how does the Best Buy credit card work? The Best Buy credit card features a dedicated reward program with multiple status levels. These status levels depend on how much a customer spends. The formula is simple; if you spend more, you’ll have more opportunities to earn rewards. The card also carries a few fees and costs.
On the “basic” level, cardholders can spend up to $1,500 on their card in the first year. With the ‘Elite’ status upgrade, you can unlock spending of over $3,500. You can use their Visa card at any outlet that accepts Visa. More spending means more opportunities to earn rewards. It will also get you the balance transfer and cash advance options.
On the other hand, you can use a standard Best Buy credit card only at Best Buy outlets. But this credit card gives you a chance to earn 5% to 6% cash back rewards. But with this option, cardholders are not eligible for balance transfers and cash advances.
Overview: Benefits, Rewards, Costs, and Fees
One of the benefits of the Best Buy credit card is its rewards program. As a cardholder, you can earn up to 5% back in rewards by making purchases on BestBuy.com or at the Best Buy store. The “basic” status would get you the standard perks, but “Elite+” members can reap the most benefits of a Best Buy credit card and get as much as 6% back in rewards.
On top of rewards, the Best Buy credit card offers financing solutions for customers who make purchases at Best Buy. Through deferred financing, cardholders can pay off their purchases with no interest in a specific timeframe. Cardholders can go the traditional route and select monthly payments plus interest to pay off their purchases.
Best Buy credit card holders can tap into exclusive promotions and offers like free shipping, early access to products, and discounts throughout the year. But like any credit card, you’ll need to responsibly use the Best Buy credit card. The Best Buy credit card has a high-interest rate. So, if you fail to pay off a balance each month, you would end up paying extra interest.
If you want to get the most rewards from a Best Buy credit card, upgrade from the Basic to Elite status level. It will get you 6% cash back on purchases, 24/7 customer service, special sales offers, and free shipping. When it comes to fees and costs, the Best Buy Credit Card doesn’t have an annual fee.
Variable APR charges can go from 28.74% to 30.74% on different purchases. While the standard Best Buy credit card doesn’t have any APR penalty, cardholders can get charged over $40 for a returned payment and late fees. On the Best Buy credit card, interest rates vary and boil down to the cardholder’s creditworthiness. Usually, the average interest rate boils down to 23.24%.
As for credit requirements, you’ll need solid credit to qualify for the Best Buy credit card. Most people opt for a Best Buy credit card because of its exclusive access to products and special financing options. It also offers cardholders 10% rewards points on their first purchases and free shipping.
In terms of flexibility, the Best Buy Visa Card stands out from the standard Best Buy Credit Card and allows cardholders to use it anywhere where Visa is accepted.
How You Can Apply for the Best Buy Credit Card
You can apply to get the Best Buy credit card via phone, in-store, or online. Shoppers usually apply for a Best Buy credit card online for convenience. If you want to get your Best Buy credit card online, you’ll first need to create an account on BestBuy.com.
Shoppers can apply for a Best Buy credit card in-store or online. If you choose to apply online, you’ll have to create a BestBuy.com account first. Also, when you apply to get the Best Buy credit card, you will need to fill out a simple application. Next, Citibank will review your application based on criteria that focus on creditworthiness.
You should have a fair credit score between 660 and 699 to be eligible for the standard Best Buy credit card. If you have a credit score between 700 and 749, you can qualify for the Best Buy Visa card. Some folks get their approval sooner after submitting an application, while some applicants wait up to seven days for a detailed review.
Best Buy Credit Card Rewards
Like typical credit cards, expect the Best Buy credit card to have some limitations and exceptions. Think of applying for a Best Buy credit card like requesting to enroll in a program where Citibank is at the center.
Verification matters and if you want to reap the most benefits – make sure to register your Best Buy credit card online. Best Buy credit cardholders should be aware of time-limited rotational bonus categories. Every quarter, one or two categories get selected to receive a specific bonus percentage back in rewards.
Here’s a breakdown of the Best Buy credit card rewards:
- 1% Back Anywhere
As a cardholder, you get a single point for every $2 you spend, which helps you earn 1% back in rewards. This reward works on purchases that you make outside of Best Buy at retailers that accept Visa.
- 2% Back on Groceries and Dining
Cardholders receive 1 point for every dollar they spend, which rounds up to 2% back in rewards. It covers net purchases at grocery stores, bars, and restaurants.
- 3% Back on Gas
Cardholders can get 1.5 points for every dollar they spend, which makes up 3% back in rewards. It includes purchases at gas stations.
- 5% Back
Cardholders can get 2.5 points for every dollar they spend and earn 5% back in rewards. Eligible purchases have to be made through Best Buy’s standard credit card.
- 6% Back – Elite Plus
Standard Best Buy credit cardholders with Elite Plus+ can get a 3-point bonus on every dollar they spend, which adds up to 6% back in rewards. If you want to become an Elite+ member, you’ll need to spend at least $3,500 on eligible purchases at BestBuy.com or Best Buy stores.
Incentive to Get the Best Buy Credit Card
A one-time Best Buy offer for cardholders is to get 10% back in rewards points on their first purchases. So, right after approval, cardholders can receive benefits. So, if you spend $2,000 to buy a new MacBook Pro at the Best Buy store, you’ll get 10,000 reward points on your first purchase. Best Buy credit cardholders can use these 10,000 points, which round up to $200 in rewards certificates.
Best Buy is famous for offering financing options paired with promotions throughout the year. One of the reasons to get Best Buy’s credit card is to take advantage of their flexible financing options. You’ll find many financing options that are available to Best Buy credit cardholders. But the retailer also rolls out some financing options for a limited time.
If you spend a lot of time browsing and buying electronics, you’ll find the Best Buy credit card attractive. As with all credit cards, make sure you’re able to pay off the balance on time and in full so that you don’t have to deal with a high APR. In hindsight, if you want to save money on electronic purchases, or make a purchase with interest-free financing, the Best Buy credit card would be an excellent option.