Introduction
HD electronic devices, including laptops, tablet computers, wearable, smart home devices, and virtual reality, can be expensive. However, rewards can help recoup some of this expense. Wouldn’t you be interested now? In this review, we’ll take a look at Citibank’s Best Buy credit cards and what they offer. We’ll also look at some other rewards-based cards that might be worth considering if you don’t like the Best Buy cards.
Best Buy Credit Card: A Glimpse
Best Buy provides two types of credit cards to its customers: Visa cards and standard cards. Visa cardholders may utilise their card anyplace Visa is recognised, and they are eligible for rewards on purchases, cash advances, and balance transfers. Unlike other cards, the My Best Buy Visa Gold card includes a $59 annual charge. Standard cardholders may only utilise the card at Best Buy and receive 5% or 6% back in rewards, but they are not eligible for cash advances or debt transfers.
Basically, you don’t need to decide on that than one card as Citibank will decide which one you should apply for.
Applying for a Best Buy Visa Card
Best Buy provides various credit card options, including in-store and online applications. To apply for an online Best Buy card, customers must create an account at BestBuy.com and be at least 18 years old. Citibank reviews applicants’ creditworthiness and issues suitable cards. According to this, you will be considered for the following cards:
- My Best Buy Visa Platinum
- My Best Buy Card
- My Best Buy Gold
Some applicants may be approved immediately, while others may require additional review (taking up to 10 days). A good credit score is required for the top Best Buy Visa card (typically 700-749), while a fair score is likely for the Standard Best Buy version (typically 660-699).
Also, Sometimes Best Buy offers special sign-up incentives. For instance, at the time of writing, Best Buy offered 10% in rewards (or Flexible Financing) on the applicant’s first day of purchase after approval.
Best Buy Credit Card Rewards and the ‘My Best Buy Program’
Best Buy provides a credit card under the My Best Buy programme, which is managed by Best Buy rather than Citibank. Validate and register your card digitally to enrol and receive perks, permitting you to obtain precise percent-back rewards for your card.
When choosing “standard credit” with their Best Buy card, cardholders can get 5% back on qualified purchases. When using their Best Buy card for “standard credit,” Elite Plus members receive a 6% back incentive. To become an Elite Plus member, consumers must spend a minimum of $3,500 in one calendar year on eligible buys at Best Buy locations, BestBuy.com, or with their My Best Buy Visa card. Cardholders earn 1.5 points for every $1 spent, or 3% back in rewards, on petrol purchases, 2% back on meals and groceries, and 1% back on all other transactions, as long as the store accepts Visa. Each quarter, a limited-time rotating bonus category is chosen; with 1 or 2 areas receiving a bonus percentage back in rewards.
Rewards Certificates
Elite Plus members can earn rewards by redeeming points earned at Best Buy shops and on BestBuy.com. When a specific level is attained, elite members may redeem points or have certificates automatically issued to them.
Special Financing Options
Best Buy offers various financing options, including special financing and deferred interest, but customers should note that special financing does not provide a 5% return in rewards. The flexible financing principle can be hazardous, and some options are available across the board or as limited-time-only offers. Best Buy offers financing options for purchases, including 12 months of interest on $299+ purchases, 18 months for $499+ purchases, and 24 months for $999+ purchases. Customers can also purchase unlocked phones, Geek Squad items, and exercise equipment for $649+ and $799+.
But, what’s Deferred Interest?
The borrower’s APR is calculated by the period of time the balance is paid off in full. If not paid off within the specified period, the entire standard APR, including the 25.24% variable APR, will be applied to the borrower’s account, causing a significant financial burden, especially for expensive items. The decision to receive the 5% APR back in rewards or pay deferred interest is an individual decision.
Best Buy Credit Cards Additional Characteristics and My Best Buy Program
The My Best Buy program offers a variety of additional benefits, including exclusive member-only deals, free in-home consultations, and a special birthday gift during the birthday month. Members can earn My Best Buy Elite status by making purchases of $1,500 or $3,500 per calendar year, and My Best Buy Elite membership is available with no minimum purchase requirement.
With your My Best Buy VISA card, you’ll get a range of benefits, like fraud prevention, emergency card replacement, cardholder inquiry service, extended warranty manager service, travel and emergency assistance, car accident damage waiver, roadside dispatch, and more.
Fees and Shortcomings of the Best Buy Credit Cards
Best Buy credit cards have a high APR, causing significant fees for cash advances and balance transfers. These fees can be significant, especially when a check bounces or payment delays occur. Credit card reviews highlight the importance of understanding fees and drawbacks when considering credit cards. See Table below to understand –
The biggest drawback of the Best Buy credit card is its lack of cash-back capabilities. To earn rewards, users must use Best Buy rewards Certificates and spend them at Best Buy locations or bestbuy.com. To access Best Buy Rewards, users must be approved for Best Buy Visa Gold, which has an annual fee of $59. This additional fee requires spending $1200 at Best Buy or more on gas, restaurants, groceries, and other daily expenses.
Alternative Rewards Credit Cards (Our Recommendations)
If you are seeking real cash-back rewards (as opposed to rewards that can only be earned at Best Buy), there are other rewarding cards to consider. The Chase Sapphire Preferred Card is one of the most attractive travel rewards cards available. You will earn 1 point for every dollar spent at Best Buy and 2 points for every dollar spent on dining and travel. It is important to note that the points earned with this card are highly beneficial when used correctly.
Best Buy Credit Card Login and Managing Online Account
Regardless of the credit card you are issued, you can access the Best Buy and Citibank portals to manage your account remotely. This includes the ability to view your statement, pay your bill, monitor your account activity, receive exclusive offers, and set up alerts.
Conclusion
Best Buy’s Visa variants provide a credit card for responsible users who purchase electronics consistently. These cards earn points in categories other than Best Buy, but if balances aren’t paid off on time, a high APR could be imposed. For this purpose, other cash-back credit cards are preferable.