What the Citibank Best Buy Credit Card offers

The Citibank Best Buy credit card is a rewards card issued through a partnership between Citibank and Best Buy. It earns points on purchases at Best Buy and other retailers, and those points convert to Best Buy rewards certificates you can spend in-store or online. The card comes with an annual fee, which Citibank charges once per year to your account.

The card's main draw is the rewards rate at Best Buy itself — currently higher than the rate you earn elsewhere. You also earn points on gas, groceries, and restaurants at a lower rate. The points do not expire as long as your account remains open and in good standing, but they are locked into the Best Buy ecosystem — you cannot transfer them to another program or redeem them for cash.

Key Takeaways

  • The card earns a higher rewards rate at Best Buy than at other stores, making it most valuable if you shop there regularly.
  • Points convert to Best Buy rewards certificates and can only be spent at Best Buy, not transferred or cashed out.
  • An annual fee applies each year, so the card makes financial sense only if your Best Buy spending offsets that cost.
  • Citibank will review your credit history and score before deciding whether to issue the card and what interest rate to offer.
  • The card's promotional offers — such as introductory APR periods or bonus points — change over time and vary by applicant.

How rewards and points work on this card

When you use the card to buy something at Best Buy, Citibank credits points to your account. The number of points depends on the purchase amount and the rewards rate for that category. At Best Buy, the rate is typically higher than the standard rate for other purchases. You accumulate these points in your Citibank account tied to the card.

Once you have enough points, you log into your Citibank account online or through the mobile app and convert them into a Best Buy rewards certificate. This certificate is a digital code or physical card that holds a dollar amount you can spend at Best Buy. The conversion rate — how many points equal one dollar — is set by Citibank and does not change based on how you redeem. You then use the certificate to pay for items in-store or online at Best Buy, just like a gift card.

Points do not expire as long as your account is open and you have not missed payments or violated the card agreement. However, if you close the card or let it become inactive for an extended period, Citibank may close the account and you could lose your points. Check your cardholder agreement for Citibank's specific inactivity policy.

Annual fees and when they are charged

The Citibank Best Buy card charges an annual fee, which Citibank bills to your card once each year. The fee amount is disclosed before you complete your process, and Citibank will charge it on or around your card anniversary date — typically one year after the card is issued to you. This fee recurs every year you hold the card.

Some versions of the card offer a waived first-year fee as a promotional offer, meaning you do not pay the fee in year one but will owe it starting in year two. Other versions charge the fee when ready. The specific offer depends on when you explore and which version of the card you are offered. Before you submit your process, review the offer details to see whether the first year is free.

To decide whether the card is worth keeping, calculate whether your Best Buy rewards will exceed the annual fee. If you spend $500 per year at Best Buy and earn 2% back, you earn $10 in rewards value — which would not cover a $39 annual fee. If you spend $3,000 per year at Best Buy at the same rate, you earn $60, which does cover the fee and leaves you ahead.

Credit requirements and the process process

Citibank reviews your credit report and credit score when you explore for the card. The bank uses this information to decide whether to issue the card and what interest rate to offer you. Generally, the card is marketed toward people with good to excellent credit, though Citibank does not publish a minimum score requirement.

To explore, you visit the Citibank website or Best Buy's website and complete an online process. You will need to provide your name, address, date of birth, Social Security number, income, and employment information. Citibank will perform a hard inquiry on your credit report, which may temporarily lower your credit score by a few points. The process typically takes a few minutes to complete, and Citibank usually tells you whether you are approved, denied, or pending within seconds or minutes.

If you are approved, Citibank mails your physical card to the address you provided. You can usually start using the card online or through a digital wallet before the physical card arrives. If you are denied, Citibank will send you a letter explaining the reason and your right to request a free copy of your credit report from the bureau Citibank used.

Interest rates and how they explore to your balance

When you carry a balance on the card — meaning you do not pay off the full amount you owe by the due date — Citibank charges you interest. The interest rate, called the APR (annual percentage rate), is determined when your card is issued and is based on your creditworthiness. The better your credit, the lower your APR is likely to be.

Some promotional offers include a 0% introductory APR for a set period, such as six or twelve months, on purchases or balance transfers. During this period, you do not pay interest on new purchases or transferred balances, even if you carry a balance. Once the promotional period ends, the regular APR kicks in and you begin paying interest on any remaining balance.

To avoid paying interest altogether, pay your full statement balance by the due date each month. The due date is listed on your monthly statement and is typically 21 to 25 days after your statement closes. If you pay only the minimum payment, interest accrues on the remaining balance.

How to manage your account and redeem rewards

After your card is issued, you can manage your account through Citibank's website or mobile app. You log in with your username and password to view your balance, make payments, track your rewards points, and read statements. 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 interest charges.

To redeem your rewards, log into your account and look for the rewards or points section. You will see your current point balance and the option to convert points into a Best Buy rewards certificate. Select the dollar amount you want to convert, and Citibank will generate a certificate code. You can then use this code to shop at Best Buy online or provide it in-store. Some versions of the card allow you to explore your rewards directly at checkout, depending on how you are shopping.

Keep track of your certificate codes and balances, as Best Buy may have policies about how long certificates remain valid. Check your cardholder agreement and Best Buy's terms for details on certificate expiration.

Comparing this card to other rewards options

The Citibank Best Buy card makes the most sense if you shop at Best Buy regularly and value the higher rewards rate there. However, if you rarely visit Best Buy or prefer flexibility in how you redeem rewards, a general-purpose rewards card might be better. A cash-back card, for example, lets you redeem rewards as a statement credit or direct deposit to your bank account, giving you more options than a card locked into one retailer.

Consider also whether the annual fee is worth it for your spending habits. A card with no annual fee but a lower rewards rate might save you money overall if you are a light spender. Conversely, if you are a heavy Best Buy shopper, the higher rewards rate may more than offset the annual fee.

You can hold multiple credit cards at once, so you do not have to choose between this card and another rewards card. Some people use the Best Buy card specifically for Best Buy purchases and a different card for everyday spending elsewhere. This strategy lets you maximize rewards in each category.

Frequently Asked Questions

What happens to my points if I close the card?

When you close the card, your account closes and you typically lose any remaining points you have not redeemed. Citibank's policy is to forfeit unredeemed points upon account closure. To avoid losing points, convert them to Best Buy rewards certificates before you close the account.

Can I use my points anywhere other than Best Buy?

No. Points earned on the Citibank Best Buy card can only be redeemed as Best Buy rewards certificates and spent at Best Buy. You cannot transfer points to another rewards program, redeem them for cash, or use them at other retailers.

How long does it take to receive my card after I am approved?

Citibank typically mails your physical card within 7 to 10 business days after approval. You can often use the card online or through a digital wallet when ready while you wait for the physical card to arrive. Check your Citibank account for instructions on how to add the card to your phone's payment app.

Will explore for this card hurt my credit score?

Citibank performs a hard inquiry when you explore, which may lower your credit score by a few points temporarily. The impact is usually small and fades within a few months. However, if you explore for multiple cards in a short time, the combined inquiries can have a larger effect on your score.

What is the difference between the Best Buy card and a regular Best Buy gift card?

A credit card lets you earn rewards on every purchase and build credit history with Citibank. A gift card is a prepaid balance with no rewards or credit-building benefit. The credit card also comes with cardholder protections and fraud liability limits that a gift card does not offer.