Best Buy Credit Card Account: Get Rewards and Financing Today!

The Best Buy credit card account offers users the opportunity to earn rewards and take advantage of flexible financing options. This article will explore the benefits of having a Best Buy credit card account and how it can be a helpful tool for managing personal finances while earning rewards for purchases made.

Check out this Youtube video to learn all about the benefits of having a Best Buy credit card account and how to make the most of it in 2020.

Understanding Best Buy Credit Card Account

When it comes to Best Buy credit card accounts, there are two basic types of cards to choose from: the My Best Buy Credit Card and the My Best Buy Visa Card.

The My Best Buy Credit Card is a store credit card that can only be used at Best Buy locations. This card offers 5% back on all purchases made through Best Buy, which amounts to 2.5 points earned for every dollar spent. In addition, this card also comes with flexible financing options, meaning you can choose to pay for your purchases in full or spread out the cost over time.

The My Best Buy Visa Card, on the other hand, is a general-use credit card issued by Citibank that can be used anywhere. This card offers slightly higher rewards than the My Best Buy Credit Card, with 5-6% back on Best Buy purchases depending on your status with the Best Buy Rewards program (Elite or Elite Plus). However, when used outside of Best Buy, rewards are only earned at a rate of 1% back.

Overall, both Best Buy credit cards offer decent rewards rates, but redemption can be a bit clunky. For example, points earned through the My Best Buy Credit Card can only be redeemed for Best Buy purchases, while points earned through the My Best Buy Visa Card can be redeemed for statement credits or Best Buy purchases. It’s important to carefully consider your spending habits and rewards preferences before deciding which card to apply for.

How to Apply for a Best Buy Credit Card Account

If you want to apply for a Best Buy Credit Card account, there are just a few simple steps you need to follow:

Step 1: Check if You Meet the Qualifications

Before applying for a Best Buy Credit Card account, you need to check if you meet the required qualifications. The standard Best Buy Credit Card account typically requires a fair credit score (usually 660-699). However, there are other options available, such as the My Best Buy Visa Card issued by Citibank, which is a general-use credit card that gets you 5%–6% rewards on Best Buy purchases, and can be used anywhere.

Step 2: Submit Your Application

Once you have verified your eligibility, you can proceed to submit your application. You can apply for a Best Buy Credit Card account online or in-store.

Online

To apply online:

• Visit the Best Buy Credit Card application page.
• Fill in the required personal and financial information.
• Click on “Submit” to send your application.

In-Store

To apply in-store, simply visit any Best Buy location, and ask for assistance from one of the store associates. They will guide you through the application process, and help you submit your application.

Step 3: Wait for Application Review

After submitting your application, you will need to wait for the review process to be completed. This can take a few days or longer, depending on the type of application you submitted. Once your application has been reviewed, you will receive a notification either by email or mail.

Step 4: Activate Your Card

Once you receive your Best Buy Credit Card, you will need to activate it. To activate your card, simply follow the instructions provided with your card, or call the activation phone number provided.

The Rewards You Can Enjoy

The Best Buy credit card account provides decent reward rates for its cardholders. Shoppers can earn 5% cashback on all purchases made at Best Buy, which is equal to 2.5 points per $1 spent. Points can be redeemed for flexible financing and other benefits.

In addition, the My Best Buy Visa card is a general-use credit card that also offers rewards for purchases made at Best Buy. Users can earn between 5% to 6% rewards when shopping at Best Buy.

It is worth noting that redemption of rewards with the Best Buy credit card account can be clunky. The process can take time and may not be as straightforward as with other credit cards. However, the rewards rates are still competitive, especially for frequent Best Buy shoppers.

How to Maximize Your Best Buy Credit Card Account

Opening a Best Buy credit card account comes with benefits such as rewards and flexible financing options, but how can you maximize the rewards potential of this card?

Earn Rewards at Best Buy

The Best Buy credit card account awards 5% back in rewards for every dollar spent on purchases from Best Buy. This means that you’ll earn 2.5 points for every dollar spent with your card [3]. To maximize rewards, use your card for purchases at Best Buy, including electronics, appliances, and other items. Don’t forget to redeem your rewards certificates toward future Best Buy purchases [2].

Earn Rewards Everywhere Else

Not every purchase can be made at Best Buy, and that’s where rewards still come in from your Best Buy credit card account. For every dollar spent outside of Best Buy, cardholders can earn one point. You can accumulate rewards, as there is no limit to the number of points that you can earn. Keep in mind that the points will expire after 12 months [2].

Take Advantage of Flexible Financing

Best Buy offers flexible financing options for their credit card account holders. For purchases over $299, cardholders can get interest-free financing if paid in full within 12 months. For purchases over $499, cardholders can get interest-free financing if paid in full within 18 months. For purchases over $1,099, cardholders can get interest-free financing if paid in full within 24 months. This can be an excellent way to use your Best Buy credit card account for more expensive purchases without incurring interest charges [2].

Pay in Full and On Time

To maximize the benefits of the Best Buy credit card account, it is imperative to pay in full and make payments on time [3]. Late payments or carrying a balance can negate the benefits of rewards and financing options, and may incur interest fees and penalties.

Deferred Interest on Best Buy Credit Card Account

The Best Buy Credit Card offers a deferred interest option on purchases made at Best Buy, giving cardholders the advantage of lower monthly payments for a set amount of time. However, it is important to note that these types of loans carry risks because the monthly payments increase after the deferred period. This could lead to a higher risk of defaulting on the loan and potentially losing one’s home. Thus, customers must weigh the pros and cons before opting for a deferred interest payment plan.

Benefits of Using Best Buy Credit Card Account

The Best Buy Credit Card Account offers several enticing benefits to its users. One of the most significant benefits is free shipping on most purchases made both online and in-store. Users also receive access to exclusive member-only sales where they can enjoy significant discounts on various products. Additionally, cardholders have access to financing options that allow them to purchase expensive items without paying upfront, subject to credit approval. Despite some clunky redemption options, the Best Buy Credit Card Account is a worthy choice for frequent Best Buy shoppers who want to enjoy significant rewards and exclusive discounts.

Best Buy Credit Card Account vs Other Credit Cards

Best Buy Credit Card Account is a great credit card option for anyone who loves tech gadgets, appliances, and electronics. It gets 5% back on all purchases at Best Buy and offers flexible financing, making it an excellent option for those looking to buy expensive gadgets, appliances, and electronics from Best Buy [6]. The My Best Buy Visa Card, on the other hand, is a general-use credit card issued by Citibank that can be used anywhere, offering 5%-6% rewards on Best Buy purchases. Other credit card options require a fair credit score to qualify, but the Best Buy Credit Card Account does not have any specific credit score requirements. There are two basic versions of the Best Buy Citi Credit Card: Gold and Platinum. Gold requires an annual fee of $59, but Platinum has no annual fee [1].

Frequently Asked Questions (FAQs)

What is the requirement to apply for a Best Buy Credit Card Account?

To apply for a Best Buy Credit Card Account, you would need a fair credit score, which is generally between 660-699. Upon applying, your credit score will be reviewed to determine if you can qualify for the standard Best Buy version. Another version of the Best Buy Credit Card is the My Best Buy Visa Card, which is a general-use credit card issued by Citibank that can be used anywhere.

Can I use my Best Buy Credit Card Account for purchases outside Best Buy?

The Best Buy Credit Card Account is a closed-loop store card that is only accepted at Best Buy stores and their affiliated websites. The My Best Buy Visa, on the other hand, can be used anywhere credit cards are accepted.

What is the difference between a My Best Buy Card and a Best Buy Credit Card Account?

The Best Buy Credit Card Account is a general-use credit card issued by Citibank, but is only accepted at Best Buy stores or their affiliated websites. The My Best Buy Card, on the other hand, is a loyalty program card that is free to sign up for, and its benefits include reward certificates, free shipping, and exclusive access to member-only deals. The My Best Buy Card does not offer financing options, while the Best Buy Credit Card Account provides flexible financing options for purchases made at Best Buy.

Conclusion

If you frequently shop at Best Buy, having a Best Buy credit card account can offer you great rewards and financing options. With the 5% back reward rate and flexible financing, it can help you save money and make purchases more manageable. However, it’s important to note that the rewards are redeemable only at Best Buy and there are different versions of the card with varying annual fees and qualifications. Make sure to do your research and choose the card that best fits your needs and credit score.

If you are a frequent shopper at Best Buy, it may be worth considering opening a Best Buy credit card account. There are two different versions of the card: Gold and Platinum. The Gold version has an annual fee of $59, while the Platinum version has no annual fee.

One of the main benefits of the card is the rewards program. Cardholders earn 5% back on all purchases made at Best Buy, which equates to 2.5 points per $1 spent. The rewards can be redeemed for certificates that can be used toward future purchases at Best Buy.

Another benefit of the Best Buy credit card account is the flexible financing options. Cardholders can choose between deferred interest financing and equal monthly payments. Deferred interest financing offers lower monthly payments for a set amount of time, but be aware that the monthly payments will increase after the promotional period ends. With equal monthly payments, cardholders can pay for their purchase over a fixed amount of time with no interest.

It’s important to note that the rewards are only redeemable at Best Buy, and the interest rates on the card are relatively high. However, if you are a frequent shopper at Best Buy and can pay off your balance each month, the rewards and financing options may make it worth considering opening a Best Buy credit card account.

In conclusion, if you frequently shop at Best Buy, the Best Buy credit card account may be a good addition to your wallet. With rewards rates of 5% back on all purchases at Best Buy and flexible financing options, it could help you save money on your purchases. However, it’s important to note the high interest rates and the fact that rewards are only redeemable at Best Buy. As with any credit card, make sure to use it responsibly and pay off your balance each month to avoid accruing interest charges.