- Intro offer:N/A
- Recommended credit score:740-850 (Excellent)
5% back* in rewards. 6% back* in rewards for Elite Plus members. 3% back* in rewards on fitness and sporting goods purchases. 3% back* in rewards on gas purchases. 2% back* in rewards on dining and grocery purchases. 1% back* in rewards on everyday purchases.
- Earn rewards on Best Buy spending and other categories
- No annual fee for some cardholders
- Special financing offers available for large purchases
- Must choose between flexible financing or rewards on Best Buy spending
- Rewards are only redeemable for Best Buy rewards certificates which expire after 60 days
- Some cardholders will be approved for a $59 annual fee card
- Financing offers carry deferred interest
Additional Card Details
- For Best Buy purchases, earn 5% back (6% back if you’re an Elite Plus cardmember) OR choose flexible financing options for purchases $299 and up
- Visa versions of the card can be used anywhere, but if you only qualify for the My Best Buy Credit Card store card, you’ll be limited to Best Buy spending only
- Ongoing 25.24% variable APR for purchases
- Up to $59 annual fee, based on creditworthiness
My Best Buy Visa Full Review
The My Best Buy Visa Credit Card is a retail rewards credit card, designed for frequent Best Buy shoppers.
The annual fee for this card ranges from $0 to $59, depending on the card you qualify for based on your creditworthiness.
When you apply, you submit an application for a My Best Buy Visa Platinum card account. If you don’t qualify for that card, you’ll be considered for the My Best Buy Visa Gold and the My Best Buy Credit Card. Unlike the Visa cards, the My Best Buy Credit Card is a closed-loop store card, so you can still use the Best Buy-specific perks, but won’t be able to spend or earn rewards elsewhere. Both Visa cards can be used anywhere Visa is accepted, but while the Visa Platinum version of the card has no annual fee, you’ll be charged $59 annually if you only qualify for the Visa Gold.
The My Best Buy Visa Card has no welcome offer.
When you make a purchase at Best Buy and choose to earn rewards with your Best Buy Visa, you’ll get 5% back in rewards, or 6% back if you’re an Elite Plus cardmember. To become an Elite Plus member, you must spend at least $3,500 at Best Buy or BestBuy.com in a calendar year, or spend at least $3,500 anywhere with the My Best Buy Visa card in a calendar year.
If you have a large upcoming tech purchase, you can forgo rewards and instead opt for flexible financing options (when you spend more than $299). These options vary based on your purchase — for example, right now you can get no interest for 12 months on any purchase at Best Buy over $299, or no interest for 18 months on appliance purchases over $599, among other offers. If you choose this option, you won’t earn any points on your purchase.
There’s another catch, too: These financing offers are “deferred interest” deals. There’s no interest if you pay the purchase off in full before the financing period ends. However, if you still have a balance left at the end of the period, you’ll be charged the interest you would have accrued on each month’s balance going all the way back to your purchase date.
In addition to Best Buy rewards, you can also earn 3% back in rewards at gas stations, 2% back in rewards at grocery stores and on dining and takeout purchases, and 1% back on other purchases.
Your annual fee will depend on which version of the card you’re approved for, and can range from $0 to $59. There’s also a late payment fee up to $40.
Remember, if you take part in a promotional financing period, your interest isn’t a standard 0% APR offer. Instead, the interest is deferred, meaning you’ll take on interest going back to the time of your original purchase if you don’t pay it off in full by the end of the deferral period.
How to Use My Best Buy Visa Credit Card Card
If you decide to open any version of the My Best Buy Visa Credit Card, have a spending plan in mind. You’ll want to prepare for any purchases that qualify for special financing before you buy, so you can avoid taking on deferred interest (at this card’s high 25.24% interest rate). It may also be worth waiting until you have the money to buy it outright, and earn rewards on your purchase instead. Either option can be a good one if you’re shopping for something expensive at Best Buy, such as a home entertainment center or new kitchen appliances.
As for the card’s other rewards categories, you can earn on gas, groceries, and dining if you prefer to redeem your rewards at Best Buy. But if you have other cash back or rewards cards already in your wallet that earn in these categories — like the Chase Freedom Unlimited® or Blue Cash Preferred® Card from American Express — you may get more value from their more flexible redemptions.
Pay attention to which version of this card you’re approved for after you apply. Your creditworthiness can determine whether you’ll take on an annual fee or qualify for a store-only retail card.
My Best Buy Visa Card Compared to Other Cards
My Best Buy Visa Card
Citi® Double Cash Card
- Intro offer:N/A
- Annual fee:$0
- Regular APR:14.74% – 24.74% (Variable)
- Recommended credit:670-850 (Good to Excellent)
- Learn more At our partner’s secure site
Is My Best Buy Visa Right for You?
The My Best Buy Visa Credit Card is geared toward true Best Buy enthusiasts who would never consider redeeming their rewards elsewhere. Everyone else can do better.
Best Buy isn’t a common credit card rewards category among other cash back cards, which can increase this card’s appeal for frequent shoppers. But there are other rewards card options. U.S. Bank Cash+® Visa Signature® Card, for one, offers electronics stores (including Best Buy) among its 5% cash back categories. Or, you can earn a flat 2% cash back on every purchase (1% cash back when you buy, plus an additional 1% as you pay for those purchases), including at Best Buy, with a card like Citi® Double Cash.
As for financing, Best Buy’s deferred interest options are only available for purchases over $299. For some options — such as 24 months no interest on select exercise equipment over $799 — you’ll need to spend much more than that. Not only do you risk paying back all that interest if you don’t pay the purchase off in full by the end of the period, but you also won’t earn any rewards on your financed purchases. There are plenty of better options for introductory 0% APRs that don’t charge deferred interest and even offer rewards on your purchase.
And for the rewards you do earn, redemption options are limited. Your rewards accumulate as My Best Buy points, so the 5% cash back you earn at Best Buy will look like 2.5 points per $1 when you spend. These points can only be redeemed for Best Buy reward certificates, which are basically coupons you can use for Best Buy merchandise. You can redeem rewards certificates once you’ve accumulated at least 250 points (worth $5), and they expire 60 days after issuance.
The other bonus rewards categories (3% back in rewards at gas stations, 2% back in rewards at grocery stores and dining and takeout purchases, and 1% back on other purchases) do offer competitive cash back rewards, but you’re still stuck with only Best Buy rewards certificates as your redemption option.
If your goal is earning rewards and saving money on interest, consider other cash back credit cards that offer 0% APR on purchases for a limited time. These cards can help you finance a large purchase without the risk of deferred interest and offer multiple redemption options, including statement credits, cash back, gift cards, and more.
*All information about the U.S. Bank Cash+® Visa Signature® Card and My Best Buy Visa Card has been collected independently by NextAdvisor and has not been reviewed by the issuer.
Frequently Asked Questions (FAQ)
Where can I use the My Best Buy Visa Credit Card?
The My Best Buy Visa Credit Card can be used anywhere Visa is accepted. The My Best Buy Credit Card store card can only be used at Best Buy.
Is the My Best Buy Visa Credit Card a good credit card?
You can earn good rewards with the My Best Buy Visa Credit Card if you shop at Best Buy often. However, there are more lucrative no annual fee rewards and 0% interest credit cards.
What is the annual fee on the My Best Buy Visa Credit Card?
The My Best Buy Visa Platinum Credit Card doesn’t charge an annual fee. If you don’t qualify for that version, your application may be considered for the My Best Buy Visa Gold Credit Card, which has the same card details but charges a $59 annual fee.