Best Buy Credit Card Review | The Motley Fool (2024)

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

If you shop at Best Buy often, you could earn a competitive amount back with a Best Buy Credit Card. You can apply in-store or online, and when you do, you're considered for the card's three rewards card options. Benefits outside of Best Buy are lacking, though. Learn more and check out some good alternatives in our Best Buy Credit Card review.

Ratings Methodology

Best Buy Credit Card

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3.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Best Buy Credit Card Review | The Motley Fool (21)Best Buy Credit Card Review | The Motley Fool (22)Best Buy Credit Card Review | The Motley Fool (23) = Good
Best Buy Credit Card Review | The Motley Fool (24)Best Buy Credit Card Review | The Motley Fool (25) = Fair
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3.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Best Buy Credit Card Review | The Motley Fool (37)Best Buy Credit Card Review | The Motley Fool (38)Best Buy Credit Card Review | The Motley Fool (39)Best Buy Credit Card Review | The Motley Fool (40)Best Buy Credit Card Review | The Motley Fool (41) = Best
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Best Buy Credit Card Review | The Motley Fool (49)Best Buy Credit Card Review | The Motley Fool (50) = Fair
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Credit Score:Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Fair (300-669)

Poor

Fair

Good

Excellent

300-579

580-669

670-739

740-850

Credit ScoreFalling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Fair (300-669)

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

15.74% to 31.24%, variable

Rewards5% back on Best Buy purchases, 3% back for gas, 2% back at restaurants, bars, and grocery stores, 1% back on other purchases

1% - 5% back

Annual Fee

$0

Welcome Offer

10% back on your first day of Best Buy purchases

  • A decent option for consumers with average credit who frequently shop at Best Buy. If you have a high credit score, there are more useful cards available.

    • 5% back on Best Buy purchases
    • Financing offers with no interest for up to 36 months
    • Application process
    • High APR
    • Inconvenient rewards redemptions
    • 5% cash back on Best Buy purchases with both the My Best Buy and My Best Buy Visa cards. Get a $5 reward certificate for every $100 spent at Best Buy with your Card. Bank your points until you’re ready to redeem, with bonus rewards and more throughout the year.
    • Flexible financing options
    • The My Best Buy Visa card offers 3% cash back on gas, 2% back on supermarkets, dining, and takeout, and 1% back on other purchases

Full Best Buy Credit Card review

This credit card is a good fit for: Frequent Best Buy shoppers who want to earn rewards while building their credit.

Pros

  • 5% back on Best Buy purchases
  • No interest financing offers for up to 36 months

Cons

  • Application process
  • High APR
  • Inconvenient rewards redemptions

How the Best Buy Credit Card works

There are three Best Buy credit cards:

  • My Best Buy® Visa® Platinum: A traditional credit card with no annual fee that can be used anywhere Visa is accepted.
  • My Best Buy® Credit Card: A closed-loop store credit card that can only be used at Best Buy. It also has no annual fee.
  • My Best Buy® Visa® Gold: A traditional credit card with a $59 annual fee that can be used anywhere Visa is accepted.

When you apply for a Best Buy Credit Card, you're first considered for the My Best Buy® Visa® Platinum. If you qualify, then that's the card you get.

If not, you're next considered for the My Best Buy® Credit Card. And if you don't qualify for that card, you're considered for the My Best Buy® Visa® Gold. This makes it more likely you're able to qualify for a Best Buy card, since there are multiple options with different qualification requirements. But you could also end up getting approved for a card you don't want.

RELATED: Are Store Credit Cards Worth It?

Top perks

There are a few valuable benefits with the Best Buy Credit Card.

Up to 5% back

All Best Buy credit cards earn 5% back when shopping at Best Buy. Note that these cards technically earn points, including 2.5 points per $1 at Best Buy, and each point is worth $0.02 toward a Best Buy reward certificate.

The My Best Buy® Visa® cards also earn rewards in other categories, since they can be used outside of Best Buy. Here's what they earn:

  • 5% on Best Buy purchases
  • 3% on gas purchases
  • 2% on dining, takeout, and grocery purchases
  • 1% on other purchases

Those rates are similar to what some of the better cash back cards earn. Best Buy rewards aren't nearly as flexible as cash back, but you can at least earn a reasonable amount on your spending.

MORE OPTIONS: Best Cash Back Credit Cards

Welcome offer

There are often special welcome offers available with Best Buy credit cards. For example, they sometimes earn a higher rate, such as 10% or 15% back, on all qualifying purchases at Best Buy for the first day you have the card. These are generally available for a limited time.

If you're planning to make some big purchases at Best Buy, like a new computer or smartphone, this could be a good deal. On $1,000 in qualifying purchases, you could earn $100 to $150 back. However, there are better credit card sign-up bonuses out there.

SEE MORE: Best Credit Card Sign-Up Bonuses

No interest financing

Best Buy periodically offers deferred interest financing lasting from six to 36 months. If you pay off the full balance within the allotted time, you won't get charged any interest. This type of financing availability varies, and the length of the offer may depend on the amount financed or the type of product purchased. Also, you don't earn rewards on purchases you finance.

While it's better to pay for purchases in full, a Best Buy flexible financing plan is helpful when you can't do that. And some of the zero-interest offers you can get with a Best Buy Credit Card are longer than anything you'd get with 0% intro APR credit cards.

If you use a special financing plan with your Best Buy Credit Card, make sure to check how much you need to pay per month to pay off the balance within the zero-interest period. The minimum payment amount isn't always enough. If you don't pay off the entire balance within the allotted time, you're charged interest going back to the purchase date.

LEARN MORE: What Is Deferred Interest?

Alternatives to consider

  • If you want a more flexible 0% intro APR offer: The Chase Freedom Unlimited® offers 0% Intro APR on Purchases, 15 months. This is a waived interest offer, not deferred interest. If you don't pay off the balance by the end of those 15 months, you're only charged interest on the remaining balance.
  • If you want a high cash back rate on purchases: You can't go wrong with the Wells Fargo Active Cash® Card, which earns an unlimited 2% cash rewards on purchases. That's the highest rate we've seen that applies to all types of purchases, and it's cash back, so it's easy to use.

As of Nov. 27, 2023

Best Buy Credit Card Review | The Motley Fool (52)

Best Buy Credit Card Review | The Motley Fool (53)

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Best Buy Credit Card

Chase Freedom Unlimited®Wells Fargo Active Cash® Card

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3.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Best Buy Credit Card Review | The Motley Fool (129) = Poor

Apply Now for Chase Freedom Unlimited®

OnChase'sSecure Website.

Apply Now for Wells Fargo Active Cash® Card

OnWells Fargo'sSecure Website.

Rates & Fees Best Buy Credit Card Review | The Motley Fool (130)

Read Full Review

Read Full Review

Credit Rating Requirement:Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Fair (300-669)

Poor

Fair

Good

Excellent

300-579

580-669

670-739

740-850

Fair (300-669)

Credit Rating Requirement:Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Poor

Fair

Good

Excellent

300-579

580-669

670-739

740-850

Good/Excellent (670-850)

Credit Rating Requirement:Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Poor

Fair

Good

Excellent

300-579

580-669

670-739

740-850

Good/Excellent (670-850)

Welcome Offer:

10% back on your first day of Best Buy purchases

Welcome Offer:SPECIAL OFFER: Unlimited Matched Cash Back. Chase will automatically match all the cash back you earned at the end of your first year! There is no limit to how much cash back you can earn.

Matched Cash Back

Welcome Offer:Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

$200 cash rewards

Rewards Program:5% back on Best Buy purchases, 3% back for gas, 2% back at restaurants, bars, and grocery stores, 1% back on other purchases

1% - 5% back

Rewards Program:Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases

1.5% - 5% cash back

Rewards Program:Earn unlimited 2% cash rewards on purchases.

2% cash rewards

Intro APR:

Purchases: N/A

Balance Transfers: N/A

Intro APR:0% Intro APR on Balance Transfers, 15 months

Purchases: 0% Intro APR on Purchases, 15 months

Balance Transfers: 0% Intro APR on Balance Transfers, 15 months

Intro APR:0% intro APR for 15 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 15 months from account opening

Balance Transfers: 0% intro APR, 15 months from account opening on qualifying balance transfers

Regular APR:

15.74% to 31.24%, variable

Regular APR:

20.49% - 29.24% Variable

Regular APR:

20.24%, 25.24%, or 29.99% Variable APR

Annual Fee:

$0

Annual Fee:N/A

$0

Annual Fee:

$0

Highlights:

  • 5% cash back on Best Buy purchases with both the My Best Buy and My Best Buy Visa cards. Get a $5 reward certificate for every $100 spent at Best Buy with your Card. Bank your points until you’re ready to redeem, with bonus rewards and more throughout the year.
  • Flexible financing options
  • The My Best Buy Visa card offers 3% cash back on gas, 2% back on supermarkets, dining, and takeout, and 1% back on other purchases

Highlights:

  • SPECIAL OFFER: Unlimited Matched Cash Back. Use your card for all your purchases and at the end of your first year, Chase will automatically match all the cash back you earned! There is no limit to how much you can earn. Every dollar in cash back rewards you earn is a dollar Chase will match.
  • Unlimited 1.5% cash back is just the beginning of what you can earn. You'll enjoy 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; and 1.5% cash back on all other purchases.
  • Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • No annual fee - You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
  • Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
  • Member FDIC

Highlights:

  • Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
  • Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
  • Earn unlimited 2% cash rewards on purchases.
  • 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
  • $0 annual fee.
  • No categories to track or remember and cash rewards don’t expire as long as your account remains open.
  • Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
  • Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.

Apply Now for Chase Freedom Unlimited®

OnChase'sSecure Website.

Apply Now for Wells Fargo Active Cash® Card

OnWells Fargo'sSecure Website.

Rates & Fees Best Buy Credit Card Review | The Motley Fool (131)

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What could be improved

Before you apply for a Best Buy Credit Card, it's important to know about the major drawbacks.

Can't choose which Best Buy card you get

Like some other store credit cards, the Best Buy credit cards have a complicated application process. You don't get to pick your card. Best Buy will decide which card to approve you for, if any, based on your creditworthiness.

If you have a high credit score, then you could qualify for the My Best Buy® Visa® Platinum, which is the best option. But if not, you might get approved for a My Best Buy® Credit Card that you can only use at Best Buy. Or, you could end up with the My Best Buy® Visa® Gold and its $59 annual fee. That's far too expensive. A Best Buy credit card is only worth it with no annual fee.

High APR

Store credit cards often carry high APRs. The Best Buy Credit Card options are no exception, with an APR well above the national average. If you don't pay the full balance on your Best Buy Credit Card payment, you could be in store for some hefty interest charges.

Inconvenient reward redemptions

The only way to use your Best Buy rewards is issuing a reward certificate. There's a minimum redemption amount of 250 points for a $5 reward certificate. Many rewards credit cards have no redemption minimums, so it's always frustrating when one does.

Another problem is that when you don't have anything you need to buy at Best Buy, you won't have a good way to use your rewards. This is a common issue with store credit cards. That's why I always recommend looking at cash back cards first -- cash back is something you can always use to your benefit. Store rewards only help you when shopping at that store. It's well worth reading more credit card reviews for more flexible options.

No rewards on financed purchases

If you decide to use one of Best Buy's financing plans, you won't earn any rewards on the purchase. Since consumers usually only finance their more expensive purchases, this could mean missing out on a large amount of rewards. Some top credit cards with 0% intro APRs let you both earn rewards on a purchase and finance it at zero interest during the introductory period. That’s a much better deal.

Purchase protection

You don't get any sort of purchase protection, such as extended warranty coverage or insurance against damage and theft, from your Best Buy Credit Card. This is understandable since Best Buy sells its own protection plans. Nevertheless, it's a big drawback. Purchase protection is nice to have when you buy electronics and appliances -- two very popular types of products at Best Buy.

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Best Buy Credit Card Review | The Motley Fool (134)

Compare cards

Suggested credit score

We recommend a FICO® Score of 640 or higher when applying for a Best Buy Credit Card. With fair or good credit, you'll have a strong chance of approval for at least the My Best Buy® Credit Card. There are reports of applicants getting approved with lower credit scores, but it's more hit or miss.

SEE MORE: Best Credit Cards for Fair/Average Credit

A Best Buy Credit Card is right for you if:

You shop at Best Buy several times monthly. Otherwise, you may be able to get more rewards with a standard rewards card that earns premium rewards in a broader range of categories.

Since each Best Buy Credit Card earns 5% back on Best Buy purchases, you could get a good value in rewards if you spend a lot with the retailer. For example, it could be one of the better credit cards for gamers who go to Best Buy for new games and equipment. You'll also need to shop there frequently, though, to make use of the rewards you earn.

MORE OPTIONS: Best Store Credit Cards

FAQs

  • The credit limit for the Best Buy Credit Card often ranges between $1,000 and $5,000 to start, but can increase with time. Some cardholders have reported working up to credit limits of $10,000 to $20,000. The card issuer determines each cardholder's credit limit based on several factors, including income, credit score, and payment history.

  • The My Best Buy® Credit Card can only be used at Best Buy. The My Best Buy® Visa® cards can be used anywhere Visa is accepted.

  • The Best Buy Credit Card can help build credit if you use it regularly and always pay the bill on time.

Our Credit Cards Experts

Best Buy Credit Card Review | The Motley Fool (135)

By:Lyle Daly

Writer

Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.

Best Buy Credit Card Review | The Motley Fool (136)

Best Buy Credit Card Review | The Motley Fool (137)Fact CheckedEric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Best Buy Credit Card Review Concepts

The article you provided discusses the Best Buy Credit Card and its various aspects, including ratings methodology, credit score requirements, rewards, benefits, application process, perks, drawbacks, alternatives, and suggested credit scores. It also covers expert opinions, recommended credit scores, and frequently asked questions related to the Best Buy Credit Card. Let's delve into the details of the concepts mentioned in the article.

Ratings Methodology The Best Buy Credit Card is rated 3.00 out of 5 stars based on a 5-star scale, with 5 stars representing the best. The ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.

Credit Score Requirements The recommended credit score required for the Best Buy Credit Card offer is fair (300-669). Falling within this credit range does not guarantee approval by the issuer, and an application must be submitted for a potential approval decision.

Intro APR and Regular APR The Best Buy Credit Card does not offer an introductory APR for purchases or balance transfers. The regular APR ranges from 15.74% to 31.24%, variable.

Rewards Program The Best Buy Credit Card offers 5% back on Best Buy purchases, 3% back for gas, 2% back at restaurants, bars, and grocery stores, and 1% back on other purchases. Additionally, there is a welcome offer of 10% back on the first day of Best Buy purchases.

Benefits and Drawbacks The card is suitable for frequent Best Buy shoppers who want to earn rewards while building their credit. However, it has drawbacks such as a high APR, inconvenient rewards redemptions, and no rewards on financed purchases.

Application Process and Perks There are three Best Buy credit cards: My Best Buy® Visa® Platinum, My Best Buy® Credit Card, and My Best Buy® Visa® Gold. The application process involves being considered for the different card options based on qualification. The card offers up to 5% back on purchases at Best Buy and flexible financing options.

Alternatives The article suggests alternatives to the Best Buy Credit Card, such as the Chase Freedom Unlimited® and Wells Fargo Active Cash® Card, highlighting their ratings, credit score requirements, welcome offers, rewards programs, intro APR, regular APR, annual fees, and additional benefits.

Suggested Credit Score and FAQs The article recommends a FICO® Score of 640 or higher when applying for a Best Buy Credit Card. It also provides FAQs related to the credit limit, usage, and suitability of the Best Buy Credit Card.

These concepts cover the key aspects of the Best Buy Credit Card and provide insights into its features, benefits, drawbacks, and alternatives. If you have specific questions or need further details on any of these concepts, feel free to ask!

Best Buy Credit Card Review | The Motley Fool (2024)
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