What Best Buy Credit Cards Offer

Best Buy offers two main credit cards: the Best Buy Credit Card and the Best Buy Visa Card. Both earn rewards on purchases at Best Buy and other retailers, but they differ in rewards rates, annual fees, and what you can do with points. The Best Buy Credit Card is a store card that works only at Best Buy and Best Buy.com. The Best Buy Visa Card is a Visa that works anywhere Visa is accepted, which means you earn rewards on gas, groceries, and other everyday spending outside Best Buy.

The main reason to choose one over the other depends on where you spend most of your money. If you buy almost everything at Best Buy, the store card may give you better value. If you want a card that rewards you everywhere, the Visa card is the better fit. Both cards come with a rewards program that lets you accumulate points and redeem them for discounts or statement credits.

Neither card has an annual fee, which means you can open one and use it without paying to keep it open. Both cards also offer promotional financing periods on certain purchases, though the terms vary by card and by purchase category.

Key Takeaways

  • The Best Buy Credit Card earns rewards only at Best Buy, while the Best Buy Visa Card earns rewards at any retailer that accepts Visa.
  • Both cards have no annual fee and offer promotional financing on select purchases during promotional periods.
  • Rewards rates are higher at Best Buy than at other stores, so the value depends on how much you spend there versus elsewhere.
  • You can redeem points for statement credits, discounts on purchases, or other rewards through the Best Buy rewards program.
  • The Visa card reports to the three major credit bureaus, which can help build your credit history if you pay on time.

Best Buy Credit Card vs. Best Buy Visa Card

The Best Buy Credit Card is a store card that works only at Best Buy locations and on Best Buy.com. It earns 1% cash back on all purchases at Best Buy, and some categories earn higher rates during promotional periods. You cannot use this card outside Best Buy, so it is useful only if you shop there regularly. The card has no annual fee and no foreign transaction fees (though you can only use it in the US).

The Best Buy Visa Card is a general-purpose credit card that works anywhere Visa is accepted. It earns 3% cash back on Best Buy purchases, 2% cash back at gas stations and restaurants, and 1% cash back on all other purchases. Because it works everywhere, you can use it for everyday spending and earn rewards outside Best Buy. This card also has no annual fee.

The choice between them comes down to your spending pattern. If you spend $3,000 or more per year at Best Buy, the store card's simplicity and lack of annual fee may be enough. If you spend less than that at Best Buy but want a card that rewards you everywhere, the Visa card gives you more flexibility and higher rewards at Best Buy itself (3% versus 1%).

How Rewards Work and What You Can Do With Them

Both cards earn rewards in the form of points or cash back that accumulate in your account. With the Best Buy Credit Card, you earn 1 point per dollar spent at Best Buy. With the Best Buy Visa Card, you earn cash back as a percentage of your purchase (3% at Best Buy, 2% at gas and restaurants, 1% elsewhere). The rewards do not expire as long as your account remains open and in good standing.

You can redeem your rewards in several ways. The most common is to use them as a statement credit, which reduces your credit card bill. You can also use points or cash back to get a discount on a purchase at Best Buy, either in-store or online. Some redemption options let you convert points into gift cards or other rewards, though the value may vary depending on what you choose.

Rewards typically post to your account within a few days of your purchase. You do not have to wait until your statement closes to see them or use them. If you return an item, the points or cash back for that purchase are usually reversed.

Promotional Financing and Special Offers

Both Best Buy cards offer promotional financing periods on certain purchases. This means you can buy something and pay no interest for a set number of months if you pay off the balance within that period. The terms change frequently, so the current offer might be 0% for 12 months on purchases over $399, or 0% for 6 months on all purchases—check Best Buy's website or ask in-store for the current promotion.

If you do not pay off the full balance before the promotional period ends, you will owe interest on the remaining balance at the card's regular APR (annual percentage rate). The APR varies based on your creditworthiness and is not fixed in advance, so you will see it only after you are approved. This is why promotional financing works best when you have a plan to pay off the purchase before the period ends.

Cardholders also receive early access to Best Buy sales and special member-only discounts throughout the year. These perks vary by season and promotion, so check your email or log into your account to see what is currently available.

How to Open a Best Buy Credit Card

You can open either Best Buy card in-store at any Best Buy location or online at Best Buy's website. The in-store process is usually faster—you fill out an process at the register, and you get an answer within minutes. If you are approved, you can use the card when ready for your purchase that day (though you will receive the physical card in the mail within 7 to 10 business days).

To open a card online, go to Best Buy's credit card page, select which card you want, and complete the process. You will need your Social Security number, date of birth, address, and income information. Best Buy will do a hard inquiry on your credit report, which may lower your credit score slightly. You will receive a decision within minutes in most cases.

To be approved, you typically need a credit score of at least 600, though approval is possible with lower scores depending on other factors. If you are denied, you can ask why and may be able to reapply after addressing the issue (such as paying down existing debt or waiting for negative marks to age off your report).

Managing Your Account and Paying Your Bill

Once your card is open, you can manage your account online through Best Buy's website or through their mobile app. You can view your balance, make payments, see your rewards balance, and update your contact information. You can also set up automatic payments so your bill is paid on the same day each month, which helps you avoid late fees and missed payments.

Your bill is due on the same date each month, shown on your statement. If you pay the full balance by the due date, you will not owe any interest. If you pay only part of the balance, you will owe interest on the remaining amount at your card's APR. Minimum payments are usually 1% to 3% of your balance, but paying only the minimum means you will carry a balance and pay interest.

If you miss a payment, you will owe a late fee (usually $25 to $35 for the first late payment) and your APR may increase. Missing a payment by 30 days or more will also be reported to the credit bureaus and can damage your credit score. If you are having trouble making a payment, contact Best Buy's customer service to discuss options before the due date.

Building Credit With a Best Buy Card

The Best Buy Visa Card reports your payment history to Equifax, Experian, and TransUnion—the three major credit bureaus. This means that if you use the card and pay on time every month, you are building a positive credit history that can help you get approved for other credit products in the future and may may have access to you for better interest rates.

The Best Buy store card also reports to the credit bureaus, so it can help build your credit as well. The key to building credit is to keep your balance low (ideally under 30% of your credit limit) and pay your bill on time every single month. Even one late payment can hurt your score, so set up automatic payments if you tend to forget.

If you are new to credit or rebuilding your credit after past problems, a Best Buy card with no annual fee is a low-risk way to show lenders that you can manage credit responsibly. Just remember that opening a new card will lower your score slightly due to the hard inquiry and the new account, but your score should recover within a few months if you use the card responsibly.

Frequently Asked Questions

Can I use the Best Buy store card outside of Best Buy?

No. The Best Buy Credit Card works only at Best Buy locations and on Best Buy.com. If you want a card that works everywhere, you need the Best Buy Visa Card instead.

What is the APR on a Best Buy credit card?

The APR varies based on your credit score and creditworthiness. You will see your specific APR only after you are approved. Both cards have variable APRs, which means the rate can change over time based on market conditions and the Federal Reserve's actions.

Do I have to pay an annual fee?

No. Neither the Best Buy Credit Card nor the Best Buy Visa Card has an annual fee. You can keep the card open and use it without paying anything to maintain the account.

Can I transfer my balance from another credit card?

Best Buy credit cards do not offer balance transfer options. You can use the card to make new purchases and take advantage of promotional financing on those purchases, but you cannot move an existing balance from another card onto a Best Buy card.

What happens to my rewards if I close my account?

Your rewards will expire if your account is closed. Before you close a Best Buy card, redeem any remaining points or cash back. Once the account is closed, you lose access to any unredeemed rewards.