What the Best Buy Credit Card Does
Best Buy offers two credit cards through Citi: the Best Buy Credit Card and the Best Buy Visa Card. Both let you earn rewards on purchases at Best Buy and other retailers, but they work differently and carry different costs. The standard card earns points only at Best Buy; the Visa card earns cash back everywhere. Neither card charges an annual fee, but both charge interest on unpaid balances, and the rewards structure changes based on how you use them.
The main reason to consider either card is the sign-up bonus and the accelerated earning rate at Best Buy. If you shop there regularly, the points add up faster than using a debit card or cash. But the interest rate is high if you carry a balance, so the card only makes financial sense if you pay off what you charge each month.
Key Takeaways
- The Best Buy Credit Card earns points only at Best Buy, while the Best Buy Visa Card earns cash back at any store, so your shopping habits determine which is worth holding.
- Both cards charge no annual fee, but the interest rate on unpaid balances is typically 20% or higher, making them expensive to carry a balance on.
- The sign-up bonus and accelerated earning rates only create value if you pay your statement balance in full each month.
- Best Buy also offers a store card with special financing offers on large purchases, which is separate from the rewards cards and works differently.
How Rewards Work on Each Card
The Best Buy Credit Card earns points at Best Buy only. You earn 1 point per dollar spent in-store and online, plus a bonus during promotional periods (usually 5 points per dollar during special sales events). Points convert to dollars at a 1-to-1 rate, so 100 points equals $1 off a future purchase. The card does not earn rewards at other stores.
The Best Buy Visa Card earns 3% cash back at Best Buy and 1% cash back everywhere else. Cash back posts to your account as a statement credit and does not expire. This card is more flexible if you shop at multiple retailers, but the 3% at Best Buy is lower than the accelerated earning on the standard card during promotional periods.
Both cards offer a sign-up bonus when you open the account — typically $50 to $100 in rewards or cash back, depending on the current promotion. You usually need to spend a minimum amount within the first few months to earn it. Check Best Buy's website or call Citi directly to see what bonus is running right now, because it changes throughout the year.
Interest Rates and Fees You Need to Know
Both cards charge no annual fee, which is standard for retail credit cards. However, the interest rate on purchases is typically 20% to 27% APR, depending on your credit score and current market rates. This rate applies only if you carry a balance — if you pay your full statement balance by the due date, you pay no interest.
Best Buy also offers a separate store card with promotional financing options, such as 0% APR for 12 months on purchases over a certain amount. This is not the same as the rewards cards and is issued by a different lender (Citi Retail Services). The promotional rate applies only to may have access to purchases and only if you make on-time payments; missing a payment can trigger the regular APR retroactively.
Late payments carry a fee, typically $35 to $40 for the first late payment and up to $40 for subsequent ones. If you miss a payment by 60 days or more, the card issuer may report it to credit bureaus, which can lower your credit score and affect your ability to borrow money in the future.
When the Best Buy Card Makes Financial Sense
The card is worth holding if you shop at Best Buy regularly and pay your balance in full each month. If you spend $1,000 a year at Best Buy on the standard card, you earn $10 in rewards (at the base 1 point per dollar rate). During promotional periods, that same $1,000 could earn $50 in rewards. Over time, this adds up, especially if you time large purchases during bonus earning events.
The card also makes sense if you plan to use the promotional financing offer on a large purchase — a TV, laptop, or appliance — and you can pay it off within the promotional period. The 0% APR saves you hundreds in interest compared to paying with a regular credit card or taking out a personal loan.
The card does not make sense if you carry a balance month to month. At 20%+ APR, the interest you pay will exceed any rewards you earn. For example, a $500 balance carried for one month costs about $8 to $11 in interest, while you would need to spend $800 to $1,100 at Best Buy to earn that back in rewards.
How to Compare This Card to Other Options
If you shop at Best Buy but also at other electronics retailers or general retailers, a cash-back card with no annual fee might be better. Cards like the Chase Freedom Unlimited or Capital One SavorOne earn 1.5% to 2% cash back on all purchases, which is lower than the 3% on the Best Buy Visa at Best Buy but higher than the 1% you earn elsewhere on that card. Run the math on your own spending to see which earns more.
If you only shop at Best Buy occasionally, the rewards are too small to justify holding the card. The sign-up bonus might be worth it as a one-time benefit, but after that, the card sits unused and does nothing for you.
If you need financing for a large purchase, compare the Best Buy promotional financing to other options: a personal loan from your bank, a 0% APR offer from another credit card, or paying cash if you have it. The Best Buy offer is competitive if you can pay off the balance within the promotional period, but if you miss the important date, the regular APR kicks in and becomes expensive fast.
How to Use the Card Responsibly
Set up automatic payments to pay your full statement balance each month. This ensures you never miss a due date and never pay interest. Most credit card issuers let you set this up online in minutes, and it takes the guesswork out of managing the card.
Track your rewards and redeem them before they expire. Best Buy points do not expire as long as your account is open, but if you close the card, you may lose unused points. Check your account online regularly to see your balance and plan when to use them.
Do not open the card just for the sign-up bonus if you do not shop at Best Buy regularly. The bonus is a one-time benefit, and after that, the card only helps you if you use it. Opening and closing cards frequently can lower your credit score, so only open cards you plan to keep and use.
Frequently Asked Questions
Can I use the Best Buy card at other stores?
The standard Best Buy Credit Card works only at Best Buy stores and online. The Best Buy Visa Card works anywhere Visa is accepted, earning 3% at Best Buy and 1% everywhere else. Choose based on where you shop most.
What happens if I miss a payment?
A missed payment triggers a late fee (usually $35 to $40) and interest on your balance. If you miss a payment by 60 days or more, the issuer reports it to credit bureaus, which can lower your credit score and make it harder to borrow money in the future.
Do Best Buy rewards expire?
No, points do not expire as long as your account is open. However, if you close the card, you may lose unused points. Check your account terms or call Citi to confirm the policy on your specific card.
Is the promotional financing offer worth it?
Yes, if you can pay off the balance before the promotional period ends. The 0% APR saves you interest compared to a regular credit card. If you cannot pay it off in time, the regular APR (20%+) kicks in and becomes expensive, so only use this offer if you have a clear plan to pay it off.
How does this card affect my credit score?
Opening the card creates a hard inquiry, which may lower your score slightly. Using the card responsibly — paying on time and keeping your balance low — builds positive payment history and can improve your score over time. Carrying a high balance or missing payments will hurt your score.