How the My Best Buy Credit Card Works: Benefits and Rewards – Investopedia

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Rae Hartley Beck has more than eight years of experience writing about personal finance, starting with an advice column in her college newspaper, which helped students learn about saving, wise spending, and budgeting on limited means. Her expertise includes mortgages, credit card rewards, and personal finance. She has a bachelor's degree from Berea College.
Best Buy (BBY) is a consumer electronics retail chain with more than 1,000 locations and approximately 100,000 employees located throughout the United States and Canada. Best Buy provides a variety of products through its national store network and online including appliances, computers, cell phones, gaming systems, sound systems, hardware, software, and entertainment products. Like many national retailers, Best Buy provides credit financing options for their customers that include credit cards. Best Buy offers both a store credit card and a co-branded general use Visa credit card to consumers that allow the choice of earning rewards or receiving special financing terms.
The My Best Buy Credit cards are cards that can be applied for online or in a Best Buy store. While the My Best Buy Visa card can be used and earn rewards anywhere, the My Best Buy store card can only be used in a Best Buy store or at BestBuy.com. Like many store cards, the My Best Buy card offers rewards and benefits like promotional financing for purchases made through Best Buy. It offers the standard high annual percentage rate (APR) of most store credit cards and requires fair or better credit to be issued. The co-branded Visa version of the card also carries high interest rates unless promotional financing is used for larger purchases.

The main advantage of the My Best Buy credit card is that it offers 5% back in rewards to its regular cardholders and 6% back to Elite Plus members on qualifying purchases.
The My Best Buy card also includes deferred interest promotional offers, meaning that you pay $0 in interest if your balance is paid in full by the end of the promotional period. However, if promotional financing is used no rewards are earned on the amount financed.
The Terms and Conditions published by the card's issuer Citibank list other potential promotional financing you may be offered including:
If you are interested in making a large purchase it may be possible to get one of these longer, unadvertised promotional deferred interest rates by speaking to a Best Buy employee or manager.

Rewards can only be redeemed in the form of a rewards certificate, which can only be used at Best Buy or one of its subsidiaries.
If you are considering getting a My Best Buy card to finance a large purchase at Best Buy, there are other cards that offer 0% APR promotional interest rates for longer terms, as well as 0% promotional interest rates with a cashback bonus as well.
The U.S. Bank Visa Platinum offers a rate of 0% interest for 20 billing cycles (2 months longer than Best Buy's longest advertised period),
The Chase Freedom Unlimited credit card also offers 0% APR for 15 months AND offers $200 in cashback bonus once you spend $500 in purchases within the first 3 months after account opening and 1.5% cashback on everything. You can redeem your points through straight cashback or through the Chase Ultimate Rewards program.
The Capital One SavorOne Cash Rewards credit card offers 0% APR for 15 months AND a $200 cashback bonus once you spend $500 in purchases within the first 3 months after account opening. And you earn 3% cashback on dining, entertainment, grocery stores and 1% back on everything else.
Like any credit card, the Best Buy credit card features terms and conditions that should be reviewed thoroughly. The terms and conditions include the APR, late payment fees, penalties, and other useful information. The following is updated information for the Best Buy credit card as of November 2021:
Individuals looking to make a significantly large purchase at Best Buy in a single day to either take advantage of the one-time 10% reward, or the promotional 0% interest rate financing options should consider a My Best Buy Credit card. Additionally, anyone who shops at Best Buy frequently enough that the higher rewards rate of a My Best Buy Card (5%-6%), as opposed to a standard cashback credit card of 1%-3%, is worth the hassle of rewards only being issued in the form of rewards certificates. Like many store credit cards, Best Buy issues rewards this way to keep customers coming back in and spending money so they can use their certificates. Individuals considering this credit card should carefully consider whether they will spend more than they mean to as a result of the rewards certificate system.

As of November 2021, the My Best Buy cards carried annual percentage rate interest charges with variable rates between 23.24% and 27.99% and fixed rates from 9% to 24.34%. My Best Buy Visa cards were issued with variable rates of 10.74% to 27.99% and non-variable rates from 9.99% to 20.24%.

The My Best Buy Visa card can be used anywhere and earns rewards on purchases made anywhere. The My Best Buy card can only be used at Best Buy and only earns rewards on purchases made at Best Buy.
You can get the My Best Buy Credit card in-store at Best Buy or online at BestBuy.com.
Fair or better credit is required to get approved for a My Best Buy credit card. The better your credit, the greater your odds of being approved for the My Best Buy Visa card.
The My Best Buy credit card and the My Best Buy Visa card have the same high-interest rates that most other store credit cards have. The rewards system is decent at 5% back but can only be redeemed as a rewards certificate at Best Buy, which makes it a less attractive card for the general consumer than a standard cashback rewards system. The My Best Buy card is a good choice If you are looking to finance a large purchase, such as redoing the appliances in your kitchen, or if you are someone who shops at Best Buy frequently enough that the 5% back at Best Buy is worth the inconvenience of the rewards certificate system.

Best Buy. "About Best Buy." Accessed Nov. 30, 2021.
Best Buy. "My Best Buy Credit Cards." Accessed Nov. 30, 2021.
Best Buy. "Storewide Financing Details." Accessed Nov. 30, 2021.
Citibank. "Terms and Conditions of Offer." Accessed Nov. 30, 2021.
Best Buy. "My Best Buy Terms." Accessed Nov. 30, 2021.
U.S. Bank. "U.S. Bank Visa Platinum Card." Accessed Nov. 30, 2021.
JPMorgan Chase & Co. "Chase Freedom Unlimited® Credit Card." Accessed Nov. 30, 2021.
Capital One. "SavorOne Rewards from Capital One." Accessed Nov. 30, 2021.
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