The Best Buy credit card can provide significant savings on purchases for tech lovers who frequently shop Best Buy. With special financing offers and rewards for future Best Buy spending, this retail card aims to maximize value for loyal customers.
Quickly, we will explore the key benefits of the Best Buy credit card, costs to note, eligibility requirements, and some tips to get the most from this unique retail card.
Overview of the Best Buy Credit Card
The Best Buy credit card, issued by Citibank, provides these primary benefits tailored for Best Buy shoppers:
- 5% back in rewards on Best Buy purchases
- 0% introductory financing for up to 24 months on select purchases
- Exclusive My Best Buy member offers and savings
- Extended purchase protection and warranty coverage
- No annual fee
With rewards and financing terms optimized for its store network, the Best Buy card gives loyal customers additional value during checkout. Responsible use provides major savings on future tech purchases.
Top Benefits and Rewards of the Card
Here are some of the most valuable benefits you’ll enjoy with the Best Buy credit card:
- 5% Back in Rewards
The primary appeal – earn 5% back on every qualifying Best Buy purchase including appliances, TVs, computing, mobile tech and more. Rewards apply as redeemable Best Buy gift card credits.
- Special Financing Offers
For major tech purchases, take advantage of 6, 12, 18 or 24 month special financing offers at 0% interest when you apply and use your Best Buy card. Makes large purchases more affordable.
- Exclusive My Best Buy Member Offers
The free My Best Buy membership program provides exclusive member-only deals. Get early access to sales, free shipping, and birthday offers when using your Best Buy credit card.
- Extended Warranty Coverage
Enjoy extended warranty coverage for an extra year on most tech item purchases with the Best Buy card. Makes the included manufacturer’s warranty even more valuable.
- Purchase Protection
Get coverage for theft, accidental damage or mechanical failure within 120 days of tech purchases over $50 when using your card. Provides peace of mind.
For frequent Best Buy customers, these card benefits add huge savings on the latest tech.
Costs and Fees to Keep in Mind
The Best Buy credit card has no annual fee, but there are some other costs to be aware of:
- 26.49% Variable APR on purchases
- 27.49% Variable APR for balance transfers
- 28.49% Variable APR for cash advances
- 3% balance transfer fee (min. $5)
- 5% cash advance fee (min. $10)
- Up to $40 late payment fee
- Up to $40 returned payment fee
As long as you pay your bill on time and in full each month, you won’t incur interest or penalty fees. But the fairly high variable APR makes carrying a balance costly over time if you can’t pay in full.
Approval for the Best Buy credit card is based on these key eligibility factors:
- Good credit (700+ FICO score recommended)
- No recent bankruptcies or accounts in collections
- Monthly income of at least $1,400
- At least 21 years of age and a U.S. resident
Meeting these requirements provides strong approval odds for the Best Buy credit card. Pre-qualification is also available online with a soft credit check.
How to Apply
You can submit an application for the Best Buy credit card in three simple steps:
- On BestBuy.com, click “Credit Cards” in the account menu and select “Apply Now”.
- Provide personal information including your name, address, date of birth, and Social Security Number.
- Review terms and conditions, then click “Submit” to complete the application.
That’s it! You’ll receive an instant decision on your application status after submitting. If approved, you can immediately enjoy 5% back in rewards and special financing.
Tips to Make the Most of the Card
Use these tips to maximize value from the Best Buy credit card:
- Take advantage of major promotional financing offers for big tech purchases. This spreads costs over time at 0% interest.
- Stack special financing with your 5% rewards earnings to maximize savings on tech items.
- Check My Best Buy savings opportunities before purchasing to find exclusive cardholder deals.
- Use contactless ‘tap to pay’ when in store for faster checkout earning rewards.
- Review statements closely to ensure there are no fraudulent or incorrect charges.
- Set up autopay through your account to avoid missed payment fees.
- Spend responsibly and avoid carrying balances to prevent interest charges.
Pairing responsible habits with optimizing benefits earns you the most from this specialized retail card.
Alternative Store Cards to Consider
While extremely useful for Best Buy loyalists, the store credit card may not make sense for all consumers. Some other retail cards to consider for tech and electronics include:
- Amazon Prime Rewards Visa – 5% back on Amazon and Whole Foods purchases, 2% back at restaurants, gas stations and drugstores.
- Target REDcard – 5% off all Target purchases. Includes debit and credit card options.
- Walmart Credit Card – 5% back on Walmart.com purchases including groceries. 3% back on Walmart fuel.
- Lowe’s Advantage Credit Card – 5% off Lowe’s purchases. Includes special financing offers.
Review your favorite retailers’ credit card options to find the best rewards and discounts for your spending profile. Consider fees, APRs, earnings rates and benefits before applying.
The tailored rewards, exclusive savings and special financing offers make the Best Buy credit card extremely useful for frequent Best Buy shoppers. Their Time limited promotional financing in particular makes expensive tech purchases more affordable.
Just try to pay balances promptly each month to avoid high interest charges. Overall, loyal Best Buy customers can gain significant value from the 5% rewards and member-only deals.