Best Buy (BBY) is a consumer electronics retail chain with more than 1,000 locations and approximately 90,000 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.

How the My Best Buy Credit Cards Work

The My Best Buy credit cards can be applied for online or in a Best Buy store. While the My Best Buy Visa card can be used anywhere, and earn rewards, the My Best Buy Credit store card can be used only 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 and comes with high interest rates. The co-branded Visa version of the card also carries high interest rates unless promotional financing is used for larger purchases.

Rewards and Benefits

The main advantage of the My Best Buy credit card is that it offers 5% back in rewards to its cardholders.

The My Best Buy credit 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.

Purchases of $299 and up are eligible for 12 months of no interest, provided that the item is paid in full within those 12 months. If it is not paid in full, interest is compounded from the date of purchase.

The terms and conditions published by the card’s issuer, Citibank, list other promotional financing, including:

• 24 months of no interest (no specified minimum amount)
• 36 months of no interest (no specified minimum amount)
• No interest if paid in full by a specified date (no specified minimum amount)

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.

Alternatives to the My Best Buy Credit Card

If you are considering getting a My Best Buy credit 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 cash-back bonus.

The U.S. Bank Visa Platinum offers a rate of 0% interest for 21 billing cycles (two months longer than Best Buy’s longest advertised period).

The Chase Freedom Unlimited credit card offers a 0% interest rate for 15 months, a $200 cash-back bonus once you spend $500 in purchases within the first three months after account opening, and 1.5% cash back on everything. You can redeem your points through straight cash back or through the Chase Ultimate Rewards program.

The Capital One SavorOne Rewards credit card offers a 0% interest rate for 15 months and a $200 cash-back bonus once you spend $500 in purchases within the first three months after account opening. And you earn 3% cash back on dining, entertainment, and grocery stores and 1% back on everything else.

My Best Buy Card vs. Alternatives
Card	My Best Buy (financed)	My Best Buy (not financed)	U.S. Bank Platinum	Chase Freedom Unlimited	Capital One SavorOne
Rewards	$0	$75 (rewards certificate redeemable only at Best Buy)	$0	$222.50 (cash back or Ultimate Rewards)	$215 (cash back)
APR	0% APR for 18 months	31.49%	0% APR for 21 billing cycles	0% APR for 15 months	0% APR for 15 months

Terms and Conditions of the My Best Buy Credit Card 

Like any credit card, the My Best Buy credit card features terms and conditions that should be reviewed thoroughly. The terms and conditions include late payment fees, penalties, and other useful information. The following is updated information for the My Best Buy credit card as of March 2024:

• Late Payment Fee: up to $41
• Grace Period: At least 25 days
• Minimum Interest Charge: $2
  
• Annual Fee: $0
  

Who Should Consider the My Best Buy Credit Card?

Individuals looking to make a significantly large purchase at Best Buy in a single day, to take advantage of the one-time 10% reward or the promotional 0% interest rate financing options, should consider a My Best Buy credit card. So should anyone who shops at Best Buy frequently enough that the higher rewards rate of a My Best Buy credit card (5%), as opposed to a standard cash-back credit card of 1% to 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 that 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.

The Bottom Line 

The My Best Buy store 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 be redeemed only as a rewards certificate at Best Buy, which makes it a less attractive card for the general consumer than a standard cash-back 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 living room, or 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.