Best Buy Credit Card Review


Complicated approval process

During a Best Buy credit card application, the card issuer first decides whether to approve you for the My Best Buy® Visa® Platinum, which has no annual fee and works anywhere Visa is accepted. If not, it moves on to the My Best Buy® Credit Card, which also has no annual fee but only works at Best Buy. And if you don’t qualify for that, either, then it considers you for the My Best Buy® Visa® Gold, which has a $59 annual fee.

Unless you have a high credit score, it’s hard to anticipate which card you’ll receive. You might get approved for a credit card that you can only use at Best Buy. Or you might get one that isn’t a good deal because of its annual fee.


Store credit cards often carry high APRs. Best Buy credit cards are no exception. 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. A related problem is that Best Buy’s financing offers are deferred interest. That’s not as attractive as the waived interest offers you can get with 0% intro APR credit cards.

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Deferred interest means that interest still accumulates during the financing period. If you don’t get the entire balance paid off by the end of that timeframe, then you’ll be charged interest going back to when you made the purchase. And that’s when a high interest rate can come back to cost you. With deferred interest, you could end up with hundreds or even thousands of dollars in interest charges.

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 cash back credit cards with 0% intro APRs let you both earn rewards on a purchase and finance it at zero interest during the promotional period. That’s a much better deal.

Inconvenient rewards redemptions

Every time you earn 250 points, Best Buy will send you a $5 reward certificate, which works like a gift card. You can change this if you want reward certificates sent when you reach a different amount. However, the minimum is $5. This is frustrating given that there are many rewards credit cards with no redemption minimums.

Reward certificates also expire. The standard expiration timeframe is 60 days. If you don’t have anything you need from Best Buy, you’ll need to pick something before your reward certificate expires. Otherwise, it will go to waste.

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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.

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