While Best Buy is a multinational electronics superstore today, once upon a time it was an audio specialty store with the lyrical name Sound of Music. After rebranding in 1983, Best Buy expanded its offerings to include the whole electronics shebang, selling just about everything that a modern technophile needs — from AirBooks to appliances — as well as providing the professional Geek Squad experts to set it all up.
To help ensure electronics addicts really get the best buys in all 1,000+ locations (and online at BestBuy.com), the company offers the My Best Buy credit card. Although only usable for Best Buy buys, this powerful piece of plastic can produce a slew of perks, including purchase rewards, exclusive financing options, and an easy way to pay online.
Better Cards to Use at Best Buy
If your gaming rig needs a reboot or you want to remake your home theater, the My Best Buy credit card can be a great way to finance and save. The 10% rewards for your first purchase can reduce the damage to your budget from an app-controlled mopping machine or mega-pixel monolith, and the regular rewards rate is still impressive.
When the bulk of your buys aren't powered by processors, however, your Best Buy card can turn into a Mediocre Buy card, paling in comparison to the latest and greatest open-loop cards. These cards will allow you to make purchases — and earn rewards — nearly anywhere major credit cards are accepted, broadening your buying power and saving you more money in the long run.
Cash Back
The 5% rewards rate offered by the My Best Buy card is certainly nothing to shake a controller at, but since that rate only applies to Best Buy purchases, you may score more rewards with an all-around cash back credit card. With the right cash back card, you can enjoy 1% to 5% back on every purchase, everywhere your card is accepted, meaning you can save when you buy the movie and the popcorn.
4.9
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
- Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
- If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
- No annual fee and cash rewards don’t expire as long as your account remains open.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.24% - 28.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%. Balance transfers may not be used to pay any account provided by Bank of America.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% Intro APR for 15 billing cycles for purchases
|
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
|
18.24% - 28.24% Variable APR on purchases and balance transfers
|
$0
|
Excellent/Good
|
Additional Disclosure: Bank of America is a CardRates advertiser.
0% APR
Although the My Best Buy card comes with access to some fine financing options, these deals have limited compatibility, good only on Best Buy purchases charged to your card. For a universal fit, try a top-rated credit card with an introductory 0% APR offer that will apply to new purchases of all kinds. With the right 0% APR card offer, you can not only finance a new fridge — you can stock it, too.
4.8
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
- Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
- If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
- No annual fee and cash rewards don’t expire as long as your account remains open.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.24% - 28.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%. Balance transfers may not be used to pay any account provided by Bank of America.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% Intro APR for 15 billing cycles for purchases
|
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
|
18.24% - 28.24% Variable APR on purchases and balance transfers
|
$0
|
Excellent/Good
|
Additional Disclosure: Bank of America is a CardRates advertiser.
Travel Rewards
No matter how realistic they make virtual reality, real-life reality will always be more interactive — and have more pixels. Travel rewards credit cards provide the perfect way to stay up-to-date on the latest technological advances, while still earning rewards redeemable toward a trip to those exotic destinations you've only ever seen on television.
4.9
- $0 annual fee and no foreign transaction fees
- Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel
- Earn unlimited 1.25X miles on every purchase, every day
- Miles won't expire for the life of the account and there's no limit to how many you can earn
- Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
- Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% for 15 months
|
0% for 15 months
|
19.24% - 29.24% (Variable)
|
$0
|
Excellent, Good
|
Anyone always hankering for the latest hardware or newest releases will likely get a lot of use out of a My Best Buy card. For anyone else, the card will be about as useful as an analog television antenna (Hint: If you don't get that reference, you probably fall into the latter group.). Look for a card that will be usable — and useful — in more locations, offering all-purpose rewards or financing rates that earn it a spot in your financial armory.
Best Buy Card Overall Rating: 3.5/5.0
Consumers who spend their evenings waiting in line for the newest devices are likely to love the rewards that come with their My Best Buy credit card, as they can earn 2.5X points per $1 spent on their My Best Buy card, both in-store and online. Since 250 points equal a $5 reward certificate, cardholders enjoy a 5% rewards rate on their Best Buy purchases.
As a My Best Buy member, cardholders will also get free shipping on purchases over $35 and access to a raiding party's worth of special sales and offers. Furthermore, big spenders can unlock bonus levels of benefits by reaching Elite status (spend $1,500 a year) or Elite Plus status (spend $3,500 a year). Hitting Elite Plus status is a surefire way to overclock your rewards, boosting earnings to 3X points per $1 — which equals a sweet 6% savings overall.
Best Buy Credit Card
- APR: 26.24% as of Feb 2024
- Annual Fee: $0
- Rewards: Earn 5% rewards on Best Buy purchases
New cardholders will get 10% back in rewards on their first card purchase after approval. Additionally, while the My Best Buy credit card comes with the same unfortunate 25%-plus purchase APR that drags down many otherwise lovely store cards, this card does have a saving grace many of its competitors lack: a variety of 0% APR financing deals.
With their My Best Buy card in hand, consumers can opt to take advantage of six- to 24-month financing deals that will make that new Bluetooth-enabled refrigerator or robotic vacuum cleaner an interest-free investment in the latest technology.
The exact financing terms, including the time you have to repay, will vary based on what you purchase and how much you spend, with cellphones and home theater equipment allowing the longest period of interest-free financing.
It's important to pay your entire balance in the time allotted to avoid paying interest fees. If any portion of your purchase is not repaid before the financing terms expire, you'll be charged interest for your entire purchase (not just the part that remains when time runs out).
Approval Requirements & Application
You won't need to enter a cheat code or update your drivers to apply for the My Best Buy credit card; all you need is fair credit (or better) and to fill out the easy five-minute-long application. Drop into your local Best Buy location or pop online to get started.
What Others Say About the Best Buy Credit Card
The digital jury has spoken, and they think the My Best Buy credit card is a great deal — if you shop enough to make it worthwhile. Plug into these reviews from around the world wide web for the full download on the My Best Buy credit card.
I've had this card for 4 years now. The terms have pretty much stayed the same, however the issuing bank has changed 3 times since I've had the card, which is kind of annoying. I really like the fact that based on how much you spend you can get deferred interest for 3, 6, or even 12 months. What I don't like is the reward system. 1 point per dollar. You have to spend 250 dollars before you even get a redeemable reward. And once you do, it's only $5. I just don't feel like that's a ton of incentive to even use it, especially if you're not going to use the card frequently. Another downfall is the interest rate. The interest rate on my best buy card is 25%. That's just outrageous. So I don't think this card is ideal for anyone planning to carry over a balance. Overall it's an OK card, but I really only recommend it if you shop with Best Buy very frequently. — WalletHub.com
”
I have had this card for about 3 years now and it is one of my favorites. They always have awesome finance offers and incentives. My last purchase was a MacBook with 24 months no interest... Can't beat that! I have asked for a CLI increase once and they were very generous in bumping me up from $2,000 to $5,000. The only thing I suggest is that if you contact customer care you will get a lot faster answer/response if you send e-mail communication instead of calling. A lot quicker answers/resolution. — FinanceGlobe.com
”
Because you may have a better chance qualifying for a Best Buy card, it’s best for those with bad to fair credit score ratings. However, if you’re simply looking for the best program for purchasing at Best Buy, there are a number of other credit cards that award as much or more. As a bonus, they don't limit your options on spending or redeeming. However, if you frequently shop at Best Buy stores or can take advantage of the special financing and sign-up offer, the Best Buy Credit Card benefits may be suitable. Just make sure that you're making the payments every month. You will also get the most out of these cards if you qualify for Elite or Elite Plus status in the My Best Buy® Rewards program. — MyBankTracker.com
”Is the Best Buy Card Right for You?
Between the purchase rewards and exclusive financing deals, the My Best Buy credit card can be a great fit for any electronics enthusiast or digital devotee — or anyone else who can differentiate the latest smartphone model from the rest.
If your refrigerator doesn't need an internet connection, however, you may not appreciate the full benefits of the My Best Buy credit card. Instead, you'll likely make a better connection with a general rewards card that's more compatible with your existing programming.
Advertiser Disclosure
CardRates.com is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation for referrals for many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across CardRates.com (including, for example, the order in which they appear). CardRates.com does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.
Editorial Note: Our site content is not provided or commissioned by any credit card issuer(s). Opinions expressed on CardRates.com are the author's alone, not those of any credit card issuer, and have not been reviewed, approved, or otherwise endorsed by credit card issuers. Every reasonable effort has been made to maintain accurate information; however, all credit card offer details, including information about rewards, signup bonuses, introductory offers, and other terms and conditions, is presented without warranty. Clicking on any offer on CardRates.com will direct you to the issuer's website, where you can review the current terms and conditions of the offer.
About the Author
