The Best Buy Rewards Visa Card gives you points on purchases, but the annual fee and earning rate mean it only makes sense if you spend enough at Best Buy to offset the cost
The Best Buy Rewards Visa Card is a co-branded credit card issued by Citi in partnership with Best Buy. You earn points on every purchase you make with the card — both at Best Buy and everywhere else — but you pay an annual fee to hold it. The card's real value depends entirely on how much you actually spend at Best Buy each year and whether the points you earn cover what the card costs.
This is not a card that rewards you for shopping anywhere. It is built for people who already shop at Best Buy regularly and want to turn that spending into discounts on future purchases. If you shop there only a few times a year, the annual fee will cost you more than the points are worth.
Key Takeaways
- The card charges an annual fee that you pay whether you use it or not, so you need to earn enough points each year to make that fee worthwhile.
- You earn points at a higher rate on Best Buy purchases than on purchases everywhere else, which is why the card only makes financial sense if Best Buy is where you already spend money.
- Points can be redeemed only at Best Buy, not transferred to other programs or converted to cash, so they have value only if you plan to shop there anyway.
- The card's interest rate applies if you carry a balance, and the rewards do not offset high interest charges, so you should pay off the full balance each month.
How the earning rate works and what it actually means
You earn points on every dollar you spend with the card. The earning rate is higher at Best Buy than everywhere else. At Best Buy stores and on BestBuy.com, you earn one earning rate. On all other purchases — groceries, gas, restaurants, utilities — you earn a lower rate.
The exact points per dollar varies depending on which version of the card you hold. Best Buy offers more than one Rewards Visa product, and the earning rates differ. You need to check your specific card's terms to know your exact earning rate, because the rate you earn at Best Buy is not the same as the rate you earn elsewhere.
Points do not expire as long as your account remains open and in good standing. If you stop using the card but keep the account active, your points stay there. However, if your account is closed for any reason — by you or by the card issuer — your points are forfeited.
The annual fee and whether it pays for itself
The Best Buy Rewards Visa Card charges an annual fee. This fee is charged to your account once per year, usually on your account anniversary or the date your statement closes. You owe this fee whether you use the card or not.
To determine whether this card makes sense for you, calculate how much you would need to spend at Best Buy each year to earn enough points to cover the annual fee. If you spend less than that amount, you are paying money to hold a card that does not benefit you. If you spend more, the card begins to add value.
Some cardholders receive promotional offers that waive the annual fee for the first year. These offers are temporary. After the promotional period ends, the full annual fee applies unless Best Buy or Citi extends the waiver, which is uncommon.
How to redeem points and what they are worth
Points are redeemed at Best Buy only — in stores or on BestBuy.com. You cannot transfer points to another rewards program, convert them to cash, or use them anywhere else. This means the points have value only if you plan to shop at Best Buy.
You redeem points by explore them as a statement credit toward your balance, or by using them at checkout in a Best Buy store or online. The redemption value — how many points equal one dollar off — varies and can change. You should check Best Buy's rewards terms to see the current redemption rate before you assume how much your points are worth.
Points earned on purchases made with the card can also be combined with points you earn through the Best Buy loyalty program (if you are a member) to reach higher redemption thresholds faster. However, this does not change the fundamental fact that points are useful only if you shop at Best Buy.
Interest rates, fees, and what happens if you carry a balance
The Best Buy Rewards Visa Card charges a variable interest rate on balances you do not pay in full by the due date. The rate you receive depends on your creditworthiness — people with higher credit scores typically receive lower rates. The card also charges a penalty interest rate if you miss a payment, which is higher than the standard rate.
If you carry a balance, you pay interest charges that will almost certainly exceed the value of the points you earn. For example, if you earn 1 point per dollar on a $1,000 purchase and carry that balance for a month at a 20% annual rate, you pay roughly $17 in interest but earn points worth perhaps $5 to $10. The interest cost far outweighs the reward.
The card also charges a late fee if you miss a payment and a foreign transaction fee if you use it outside the United States. To make this card worthwhile, you need to pay the full balance every month and use it primarily at Best Buy.
Who this card makes sense for and who should skip it
This card makes sense if you meet all three of these conditions: you shop at Best Buy regularly (multiple times per year), you can pay off the full balance every month without carrying interest, and you spend enough annually to earn points that exceed the annual fee.
You should skip this card if you shop at Best Buy only occasionally, if you tend to carry a balance on credit cards, or if most of your electronics and tech purchases happen at other retailers. You should also skip it if you can get a better rewards rate from a general-purpose card that earns points or cash back everywhere.
If you are rebuilding credit or have a lower credit score, the interest rate on this card may be high enough that the rewards do not offset the cost of carrying any balance. In that case, a card with no annual fee and a lower interest rate would serve you better, even if the rewards rate is lower.
Comparing this card to other options
A general-purpose cash back card — one that earns the same rate everywhere — might give you more value if you do not spend most of your money at Best Buy. These cards have no annual fee or a lower annual fee, and you can use the cash back anywhere.
If you shop at multiple retailers, a card that earns higher rates at different categories (groceries, gas, restaurants) might earn you more total rewards than a card that focuses on one store. You should add up what you actually spend in each category over a year and compare the total rewards you would earn.
Best Buy also offers a store credit card (not a Visa) that may have different terms and earning rates. You should compare both products if you are considering any Best Buy-branded card, because the rewards structure and fees differ.
Frequently Asked Questions
Can I use this card at stores other than Best Buy?
Yes, you can use the Best Buy Rewards Visa Card anywhere Visa is accepted. However, you earn a lower points rate on purchases outside Best Buy, and you can redeem points only at Best Buy. If you use the card primarily outside Best Buy, you are paying an annual fee for a card that earns rewards you cannot use.
What happens to my points if I close the account?
Your points are forfeited if the account is closed. This applies whether you close it yourself or the card issuer closes it. If you have accumulated points you want to use, redeem them before closing the account.
Does the annual fee get waived if I do not use the card?
No. The annual fee is charged regardless of whether you use the card. If you are not using it, you are paying money for nothing. You can request a fee waiver from Citi, but they are not required to grant one.
How do I know if the rewards are worth the annual fee?
Calculate your annual Best Buy spending and multiply it by your earning rate to find your total points. Then check the current redemption rate to see how many dollars those points are worth. Subtract the annual fee from that dollar amount. If the result is positive, the card pays for itself.
What credit score do I need to get this card?
Citi does not publish a minimum credit score, but this card typically goes to people with good to excellent credit (usually 670 or higher). If your score is lower, you may be denied or offered a higher interest rate that makes the card less valuable.