Review of the My Best Buy™ Credit Card and the My Best Buy™ Visa

Brendan Harkness

Brendan Harkness | Reviews

Aug 17, 2015 | Updated May 17, 2016

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Best Buy offers 2 branded credit cards for customers: The My Best Buy™ Credit Card and My Best Buy™ Visa (formerly MasterCard).

If you’ve shopped at Best Buy in the past, it’s likely an employee has encouraged you to get this card.

These cards can be quite rewarding if you’re always finding yourself at Best Buy or BestBuy.com, especially when you’re shopping for the more expensive electronics and appliances.

There are two ways to use these cards: to get cash back or to get no-interest financing on big purchases. One of these ways is a good idea, but the other is a pretty poor option.

In this review we’ll go over how these cards compare and how you should use them to get the best deals.

Where Can I Use The Best Buy Credit Cards?

  • You can only use the My Best Buy Credit Card at Best Buy and BestBuy.com
  • You can use the My Best Buy Visa anywhere that Visa is accepted

There is only one application for both of these cards – if you’re approved, you’ll be able to pick the one you want.

My Best Buy™ Credit Card

For People with
Fair Credit

  • Annual Fee: $0
  • Interest Rate: 25.24% (Variable) or 11.90% (Variable) on select purchases only
Quick Card Facts
  • Earn 5% cash back for every $1 spent at Best Buy OR 12 month financing on purchases $399 and higher

My Best Buy™ Visa

For People with
Fair Credit

  • Annual Fee: $0-$59 (depending on creditworthiness)
  • Interest Rate: 25.24% (Variable) or 11.90% (Variable) on select purchases
Quick Card Facts
  • Earn 5% cash back at Best Buy OR 12 month financing on purchases $399 and higher.
  • Earn 2% cash back at restaurants and on groceries
  • Earn 2% cash back on gas until January 2016
  • Earn 1% cash back on all other purchases

My Best Buy Credit Card Unboxing

The Rewards

My Best Buy Credit Card

You can only use this card at Best Buy and BestBuy.com.

You’ll be given a choice when you use it:

  • Earn 5% cash back on purchases

Or

  • Get interest-free financing:
    • 6-month financing on purchases of any items of $199 or more
    • 12-month financing on purchases of any items $399 or more
    • 18-month financing on major appliance purchases of $599 or more
    • 24-month financing on home theater purchases of $799 or more

You’ll also get a 5% cash back bonus on your first purchase with the card, for a total of 10% cash back on that purchase.

There’s also a very important condition to the financing that you need to know about.

If you don’t pay back the entire purchase balance in full by the end of the term, you’ll be charged interest going all the way back to the purchase date.

If this happens it would make your purchase much more expensive, so pay close attention to your due dates to be sure this doesn’t happen to you.

My Best Buy Visa

This card can be used anywhere that accepts Visa (which is most merchants).

You’ll get everything the card above offers, including the choice between 5% cash back and interest-free financing, and the 5% bonus on the first purchase.

You’ll also get:

  • 2% cash back on purchases from grocery stores and restaurants
  • 2% cash back on gas (only until January 2016)
  • 1% cash back on all other purchases

The Verdict

The Visa version of the My Best Buy card obviously wins here because it has everything the regular card offers, plus more. You’ll be able to get the 5% back at Best Buy and can use the card elsewhere if you ever need to.

So how should you use these cards – for the 5% cash back, or for the interest-free financing?

You should definitely use them for the 5% cash back, and I’ll tell you why.

The interest-free financing offer is nothing special: it’s only available for purchases of certain amounts, and for particular items – large appliances and home theaters, for the 18- and 24-month plans.

Not only that, if you don’t pay off the entire balance in the specified time, you’ll be charged interest going all the way back to the purchase date.

This would make your new refrigerator or home theater system quite a bit more expensive, when you thought you’d be getting a nice financing deal.

There are plenty of other reward credit cards out there that offer introductory 0% APR periods, usually for at least 12 months. With these cards:

  • You can buy anything
  • You won’t be limited to certain purchase amounts or types
  • You’ll be able to use them anywhere
  • You’ll probably even earn some rewards too

So, use The Best Buy cards to get 5% cash back at Best Buy, but avoid the financing deals. If you’re looking for 0% interest, take a look at the Best 0% Interest Credit Cards.

The Benefits

Cardholders of both cards are automatically enrolled in the My Best Buy rewards program, providing a few nice benefits.

Frequent shoppers can also be upgraded to Elite and Elite Plus status by spending more in a given year. These levels include even better perks that could make shopping at Best Buy much cheaper and easier.

Basic My Best Buy Membership Elite Status Elite Plus Status
Membership Automatic for cardholders $1,500 in purchases per calendar year $3,500 in purchases per calendar year
Points Basic point structure (described above) 10% point bonus 25% point bonus
Point Banking Option No Yes Yes
Free Shipping Free Standard Shipping ($35 minimum purchase) Free Standard Shipping (no minimum purchase amount) Free Expedited Shipping
Returns & Exchanges 15 Days 30 Days 45 Days
Access to Special Sales and Offers Yes Yes (Elite access) Yes (Elite Plus access)
24/7 Customer Service Basic (1-888-BEST-BUY) Dedicated line for Elite members Dedicated line for Elite Plus members

You’ll also have access to member-only Exclusive Offers, which currently include:

  • 15% off ink and toner
  • 15% off regular-priced K-Cup and K-Carafe packs
  • 15% off refrigerator water filters
  • $10 in reward certificates per video game when you pre-order

The Verdict

You’ll get the same extra benefits with each card, so neither comes out on top here.

Some of these extra perks could be quite valuable (as long as you take advantage of them), in particular the free shipping and discounts on expensive items like ink and toner. Keep an eye on these exclusive offers, especially when you’re planning on a big purchase or making repeated purchases.

The Costs & Fees

Card Annual Fee Regular APR Regular Balance Transfer APR Cash Advance APR Foreign Transaction Fee
My Best Buy Credit Card $0 25.24% (Variable) or 11.90% (Variable) on select purchases only N/A N/A Only usable at Best Buy and BestBuy.com
My Best Buy Visa $0-$59 (depending on creditworthiness) 25.24% (Variable) or 11.90% (Variable) on select purchases 25.24% (Variable) 27.99% (Variable) See Terms
Card Penalty APR Late Fee Returned Payment Fee
My Best Buy Credit Card None Up to $38 Up to $38
My Best Buy Visa None Up to $38 Up to $38

The Verdict

The My Best Buy Visa may come with an annual fee, depending on your creditworthiness, and this is the only significant difference between these two cards.

If you can get it without an annual fee the My Best Buy Visa will be your better choice, but otherwise it probably won’t be worth the annual fee, and the regular My Best Buy Credit Card might be the best option. You’ll be able to get your 5% cash back at Best Buy, and you can easily use other credit cards elsewhere.

The Bottom Line

If you shop there often enough, these cards can both give you a decent discount at Best Buy.

You’ll want to use them for the 5% cash back rather than for the financing plans, because you can easily get better 0% APR deals with other credit cards.

And, if you’d be forced to pay an annual fee to use the My Best Buy Visa, you might be better off going with the basic My Best Buy Credit Card. There are plenty of other reward credit cards out there with no annual fee, and you’ll often get a 0% introductory APR on top of that.

So, in general, use both of these cards at Best Buy only for the 5% cash back and extra perks they provide, and look into other credit card options for other kinds of spending.

Did you like this review? Go ahead and share it with a friend! And if you use either of these cards, leave your own review of the My Best Buy Store card or My Best Buy Visa for other visitors, we’d love to hear from you!

Was this helpful?
  • MarkRadaba

    When I first got this card, it was done through HSBC, and for the most part I was pretty happy with it. Since then, HSBC sold all their BBY card accounts, and after changing hands a couple of times, they all ended up at Citibank.

    Since then, the benefits of the card have become more restrictive, and even just basic maintenance options have been removed. I’m constantly having to change my password in order to access my account because they’ve made changes to their site that prevent from password from working. This usually requires me to call them, since the site has an issue allowing me to reset my password because when Citibank took over the accounts, everyone’s date of birth was reset to a generic birthdate (the same thing happened to my Dad and another friend who have the card — apparently we were all born on the same date and year!)

    Since Citibank took over, you can no longer download your statements in to your financial software, either. When inquiring about why they don’t allow this, their employee told me this was “not having this ability was a ‘feature’ due to staff reductions and they would consider removing this ‘feature’ in the future to allow members to download their statements if staff was returned to a certain level.”

    Citibank’s credit card app wouldn’t access this account, requiring you to use their limited website on a PC in order to view transactions, make a payment, find your balance, etc.

    I card recently expired and they never sent me a new one. When I asked where my replacement card was, I was told my account was recently closed (without any notice), and when I asked why they claim I wasn’t using the card enough to justify the cost of maintaining the account.

    Needless to say, I would never recommend a Citibank card to anyone, and I would recommend any else to avoid them, as well. This bank has issues and their bad reputation is reflecting poorly on the retailers who use them for their store branded cards. My only hope is that Best Buy sees this and decides to move on to a different bank to handle their store-branded cards.

  • chapelkim

    I have had an ongoing dispute with this company since Apr. concerning a transfer of $300 I requested be sent from my card to my credit union to pay a bill (a service they offer). The money never made it to my checking acct. I have sent them two bank statements. The first was in June; I never received a response. I made several phone calls and sent several emails regarding the dispute. In Sept., I received a letter from the Citicorp Card Services Executive Response Unit requesting a second bank statement, which I sent. Today I received a letter stating the statement did not show they deducted $300 from my checking acct. I signed up for this card in January to receive a discount on a tv. In Sept., I paid my balance except for this $300, the $15 fee, plus some for the interest I have accrued because of this. I have also closed the account. Had I known what I know now, I never would have opened this account. Don’t make the mistake I did. They’re a terrible company.

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