Best Buy Credit Card
The Best Buy credit card is probably the most popular store card in the United States right now, helped, of course, by the fact that Best Buy is one of the biggest and most popular stores. But is this a card that you should signup for or not?

We have looked at the best and the worst store cards previously, the question is, does the Best Buy credit card deserve to be in the former category or the latter?

The Best Buy Credit Cards

There are actually two types of credit card offered by Best Buy. These are the My Best Buy Credit Card and the My Best Buy Visa. The former is limited to use in Best Buy, whether that be in the actual Best Buy store or the online store. The latter can be used anywhere that accepts Visa.

We will be discussing both of these Best Buy credit cards in this guide, because while there are a few minor differences in how their reward schemes work and a few major differences in how you use the card, they are otherwise very similar.

My Best Buy Reward Scheme

Both the My Best Buy Credit Card and the My Best Buy Visa Card have a 5% rewards scheme that lets you redeem your rewards in the form of gift certificates. It means that a spend of $500 will give you a $25 gift certificate to be used in store. If you become an Elite Plus Member, a scheme reserved for higher spenders, then you can earn a total of 6%, which means that a $500 spend could be redeemed for a $30 gift certificate.

On the surface, this looks greater and we certainly thought that was the case. But once you start using the card you realize that there are a lot of things that don’t qualify for the 5% cashback scheme. Firstly, only purchases inside the Best Buy store will qualify, even in the case of the My Best Buy Visa. Secondly, anything that is included as part of a discount or special promotion will not qualify.

If you have a My Best Buy Visa then you will earn 1% on most purchases not made in the Best Buy store and 2% on select purchases made outside of the store, including those made in bars and restaurants. You can also earn 3% when you spend on travel, be it air travel, trains or buses.

My Best Buy Financing

There are financing options available with the My Best Buy credit cards. If you purchase something that costs $199 or more than you may qualify for a 6 month financing scheme. If you purchase something that costs $399 or more then this can be extended to a total of 12 months. There are also longer and better financing options available on purchases of major appliances and anything from the Geek Squad.

However, the APR rates are significant when financing on credit. There is a minimum interest charge of $2 and the interest rates range from a non-variable rate of 9%, right on up to a variable rate of 29.49%. We have seen higher, and for some of you this will be a very tempting offer, but there are better options out there when it comes to financing on major appliances and other types of credit.


We have reviewed a lot of rewards credit cards in the past and all of these offer some kind of cash or points bonus when you spend a certain amount of money after a specific period, usually three months. With the My Best Buy Credit Card and Visa, there is no such offer. This is understandable with the standard credit card, but we expected a little more with the Visa, which seems to operate more like a rewards card.

There is a bonus for signing up though and this comes by way of a 10% cashback on all the purchases you make at Best Buy on the day that you signup. You don’t need to rush out and make purchases as soon as you are accepted either, because this bonus is applied to your first day of spending at Best Buy within 14 days of being accepted.

So, if you are accepted on the 1st of the month but don’t plan on doing any shopping until the 13th, you should still be able to secure that extra 5% in rewards. It also means that any families who spend big on Best Buy every week should look to consolidate their spending for that money into one day of shopping. That way you could earn yourself an extra few bucks in cashback.

How to Pay and Signup

You can make payments on your card in-store, by mail, online or over the phone. You will also be given an online account that you can use to check your balance and to make direct payments. In this way, it’s not unlike a standard credit card or online checking account and the process is very simple and straightforward.

You can signup for either the My Best Buy Visa or the My Best Buy Credit Card on their official website or in-store. You will need to have a good or better credit rating, but that’s pretty much the only criteria. The application process is not instant and you may need to wait a few days to receive a reply.

Our Best Buy Credit Card Review

This is a decent store card and a less than average credit card. To the average person it’s not something that should be considered as there are better options out there. However, to someone who shops at Best Buy on a regular basis and spends thousands of dollars there over the course of a year, it could be essential.

We would recommend a My Best Buy Credit card to anyone who spends a lot of money at Best Buy, whether because you are in there every week seeing what new gadgets and tech you can by, or because you occasionally make a large purchase in the form of a kitchen appliance or a new television. The credit card doesn’t cost anything to maintain and while it will gives your credit score a little knock, it will also save you some money on those big purchases.

As for the My Best Buy Visa, it’s only really a valid option for someone who needs a new credit card, buys all of their major appliances from Best Buy, and also shops there every week or every other week. If that doesn’t sound like you but you are still tempted by the seemingly big rewards, take a look at our guide to Premium Credit Cards (and the previously linked guides to travel cards and rewards cards) to see what real credit card rewards schemes look like.

You may also be tempted by some of our reviews on student credit cards, whereby the rewards tend to be less tempting but you don’t need a huge credit score to start earning them.