My Best Buy Visa Credit Card: Good Rewards but Limited Redemptions and Risky Financing Options

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My Best Buy Visa Card

My Best Buy Visa Card

Editor’s Score: (3.25/5)
Learn more externa link icon at our partner’s secure site
Rewards rate:

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.

  • Intro bonus: N/A
  • Recommended credit score: 740-850 (Excellent)

The My Best Buy Visa Credit Card* is best for consumers who spend a lot with the big box tech retailer, but most shoppers will probably find better value from a more general cash back card

When you use this card to make a purchase with Best Buy, you can choose between earning rewards or flexible financing on large purchases. There are also different versions of this card you may be approved for based on your creditworthiness, so it’s important to understand the differences before you apply.

At a Glance

  • 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 
  • 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
  • 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 

Pros

  • Earn rewards on Best Buy spending and other categories

  • No annual fee for some cardholders

  • Special financing offers available for large purchases

Cons

  • 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

There are a few different versions of this card you may get approved 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.

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. 

Pro Tip

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.

Should You Get this Card?

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. The 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.

How to Use My Best Buy Visa Credit Card Card

When you submit your application, pay attention to which version of the card you’re approved for. If you only qualify for the My Best Buy Credit Card (the non-Visa card) or the My Best Buy Visa Gold card (which has a $59 annual fee), consider the limitations of each before opening your account. 

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. 

My Best Buy Visa Card Compared to Other Cards

My Best Buy Visa Card

My Best Buy Visa Card

Editor’s Score: (3.25/5)
Citi® Double Cash Card

Citi® Double Cash Card

Editor’s Score: (4.4/5)
  • Intro bonus:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    13.99% – 23.99% (Variable)
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon At our partner’s secure site
Chase Freedom Unlimited®

Chase Freedom Unlimited®

Editor’s Score: (4.7/5)
  • Intro bonus:
    $200
  • Annual fee:
    $0
  • Regular APR:
    14.99% – 24.74% Variable
  • Recommended credit:
    670-850 (Good to Excellent)
  • Apply Now externa link icon At Chase’s secure site

Bottom Line

The My Best Buy Visa Credit Card is only good for people who like spending at Best Buy and do so regularly. It does offer some lucrative rewards on Best Buy purchases, but limited redemption options make it far less valuable than more flexible cash back credit cards. And while no interest on large purchases is enticing, there are plenty of 0% interest cards that don’t risk deferred interest charges. What’s more, you may end up only qualifying for the $59 annual fee version or Best Buy store card.

Depending on your spending goal, a general cash back credit card or card with introductory 0% APR on purchases will bring you much more value than a card limited to this single retailer. 

*All information about the My Best Buy Visa Card and Citi® Double Cash 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.