What the Citi Best Buy card is and who should consider it
The Citi Best Buy card is a rewards credit card issued by Citibank that gives you points on purchases, with bonus points when you shop at Best Buy. You earn 3 points per dollar at Best Buy, 1 point per dollar everywhere else. The card has an annual fee of $0 — you pay nothing to hold it — and the points convert to Best Buy certificates you can spend in stores or online.
This card makes sense if you shop at Best Buy regularly and want to turn spending into store credit. It does not make sense if you rarely visit Best Buy, because the rewards are tied to that one retailer. The card is also worth considering if you want a straightforward rewards structure without rotating categories or bonus categories that change each quarter.
The card does require you to have a credit score in the good to excellent range — typically 670 or higher — to be approved. If your credit is still building, you may not may have access to, and that is worth knowing before you explore.
Key Takeaways
- You earn 3 points per dollar at Best Buy and 1 point per dollar everywhere else, with no annual fee.
- Points are redeemable only as Best Buy gift certificates, not cash back or points you can transfer elsewhere.
- The card charges interest on unpaid balances, so carrying a balance will cost you money and erase the value of rewards.
- You need a credit score of roughly 670 or higher to be approved, and the card reports to all three credit bureaus.
- Best Buy also offers a store credit card through Citi with different terms, so confirm you are looking at the right product before you open an account.
How rewards and points work on this card
Every dollar you spend at Best Buy earns you 3 points. Every dollar you spend anywhere else — groceries, gas, restaurants, other retailers — earns you 1 point. There is no bonus category that changes, no quarterly rotation, and no cap on how many points you can earn.
Points convert to Best Buy gift certificates at a fixed rate. The exact conversion depends on how many points you redeem at once, but generally you get $1 in Best Buy credit for every 100 points. That means your 3 points per dollar at Best Buy is worth roughly 3 cents per dollar in store credit, and your 1 point per dollar elsewhere is worth roughly 1 cent per dollar.
You redeem points through your online account or in a Best Buy store. Once you convert points to a certificate, you have the certificate balance to spend on anything Best Buy sells — electronics, appliances, services, or anything else in the store. The certificate does not expire as long as your account remains open, but if you close the account, Best Buy may cancel unused certificates.
Annual fees, interest rates, and what the card actually costs
There is no annual fee. You will not receive a bill for holding the card itself.
The card does charge interest on balances you do not pay in full each month. The interest rate (called the APR, or annual percentage rate) varies by person and is based on your credit score and credit history. Citi does not publish a single rate; your rate could be anywhere from around 16% to 27% depending on your creditworthiness. You can ask Citi what your rate would be before you open the account.
If you carry a balance, interest charges will quickly outpace the value of your rewards. For example, if you charge $1,000 at Best Buy and pay interest at 20% APR, you will owe $200 in interest over a year if you make no payments. Your rewards on that $1,000 would be worth roughly $30 in Best Buy credit — so interest costs you $170 more than you gained. The card only makes financial sense if you pay the full statement balance every month.
How opening this card affects your credit
When you open the account, Citi will run a hard inquiry on your credit report. This is a formal check of your credit history, and it temporarily lowers your credit score by a few points — usually 5 to 10 points. The impact fades over a few months.
Once the account is open, Citi reports your payment history and balance to Equifax, Experian, and TransUnion — the three major credit bureaus. If you pay on time every month, this helps your credit score over time. If you miss a payment, it damages your score and stays on your report for seven years.
Opening a new account also lowers your average account age, which is a small factor in your credit score. If you have only had credit for a short time, opening another account has a bigger impact than if you have been building credit for years.
Comparing this card to other Best Buy and rewards options
Best Buy also offers a store credit card through Citi with different rewards and terms. That card gives you 5% back on Best Buy purchases if you use it in store, but only 1% back if you use it online. It also has an annual fee of $0. The main difference is that store card rewards are higher in-store but lower online, whereas the Citi Best Buy card gives you the same 3% everywhere at Best Buy. Check which one fits your shopping pattern.
If you shop at multiple retailers and want rewards that work everywhere, a general rewards card like the Chase Freedom Unlimited or the Capital One SavorOne might be better. Those cards give you 1.5% to 2% cash back on all purchases, which you can use anywhere. The tradeoff is that you do not get the 3% bonus at Best Buy.
If you want the highest rewards at Best Buy specifically, the store card's 5% in-store offer beats the Citi Best Buy card's 3%. But the store card does not reward online shopping as well, so it depends on where you actually shop.
What happens if you miss a payment or carry a balance
If you miss a payment, Citi will charge you a late fee — usually $25 to $40 depending on how late you are. More importantly, a missed payment stays on your credit report for seven years and damages your credit score significantly. Even one missed payment can lower your score by 100 points or more.
If you carry a balance month to month, interest accrues daily on the unpaid amount. Citi calculates interest using the average daily balance method, which means the longer you carry the balance, the more interest you owe. There is no grace period for balance transfers or cash advances — interest starts when ready on those.
If your balance grows and you cannot pay, Citi may close your account and send the debt to a collection agency. This damages your credit score and can result in lawsuits or wage garnishment depending on your state. The best protection is to charge only what you can pay off in full each month.
How to open the account and what documents you need
You can open the account online through Citi's website, by phone, or in a Best Buy store. Online is usually fastest — the process takes about 10 minutes.
You will need your Social Security number, date of birth, current address, and employment information. Citi will ask for your annual income and whether you rent or own your home. Have a government-issued ID ready in case they ask to verify your identity.
Once you submit your process, Citi will tell you when ready whether you are approved, denied, or pending review. If you are approved, your card arrives in the mail within 7 to 10 business days. You can use the card number online before the physical card arrives.
Frequently Asked Questions
Can I use this card outside the United States?
Yes, but Citi charges a foreign transaction fee of 3% on purchases made outside the U.S. If you travel internationally or shop from foreign websites, that fee adds up quickly. A card with no foreign transaction fee is better for international spending.
What happens to my points if I close the account?
Best Buy may cancel unused points or certificates when you close the account. Before you close, redeem any remaining points to a gift certificate and use it, or contact Best Buy to confirm their policy on your specific account.
Can I transfer points to another person or use them as a gift?
Points themselves cannot be transferred, but once you convert them to a Best Buy gift certificate, you can give the certificate to anyone. The certificate works like any other Best Buy gift card.
Does this card offer purchase protection or extended warranties?
The Citi Best Buy card includes purchase protection that covers items against damage or theft for 120 days after purchase, and extended warranty coverage that adds one year to manufacturer warranties on may be able to access items. Check your cardholder agreement for the full terms and exclusions.
What is the credit limit, and can I request a higher one?
Your credit limit depends on your credit score and income. Citi does not publish a standard limit. You can request a credit limit increase after you have held the card for six months and made on-time payments. Citi may do a hard inquiry when you request an increase, which temporarily lowers your score.