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My Best Buy® Credit Card review: Financing for Best Buy shoppers in 2023

Best Buy is an electronics superstore and number one choice for many Americans when they need to buy various devices, like smartphones, HDTVs and laptops. And since electronics almost never cheap, many consumers choose to carry a My Best Buy Credit Card to save on their electronics shopping. Here we'll dig into whether the My Best Buy card is worth it, or there are better alternatives.

Why we like My Best Buy Credit Card

The My Best Buy credit card is great for Best Buy purchases as it offers solid rewards. You will earn 5% back in rewards at Best Buy. If you are planning a big purchase and need some time to pay it off, you can choose a deferred interest financing offer.

What is also good about My Best Buy points you earn, you can save your points until you are ready to use them as a rewards certificate, or you can set up rewards certificates to auto-issue at select reward value (e.g.: $5, $10, $20, $50, $100).

Why we don't like My Best Buy Credit Card

When you apply for the My Best Buy credit card, you are actually considered for three different credit cards: My Best Buy® Credit Card, My Best Buy® Visa® Platinum, or My Best Buy Visa® Gold account. You cannot choose which card to apply for, you can either accept the bank's decision or consider an absolutely different credit card instead.

While rewards are great, you are limited to how you can redeem them. Well, you can redeem your Best Buy points towards Best Buy purchases only. You could definitely do better with a general-purpose credit card.

Another tricky thing about the My Best Buy card is financing. First, when you choose financing, you don't earn rewards. And second, you do not get real 0%. You get it IF you pay in full by the end of the promotional period. That means, if you are unable to pay off your purchases by the end of the promotional period, you'll be charged the full ongoing interest rate (which is 31.49% as of September 2023) on your entire purchase, going back to the date you made it.

IS MY BEST BUY CARD WORTH IT?

  • Sign-up bonus: Additional rewards on the first day of purchases when approved for the My Best Buy Credit Card.
  • Annual fee: No annual fee.
  • Key feature: Cardmembers get a $5 reward certificate for every $100 spent at Best Buy®.

The My Best Buy Credit Card might be a good choice if you enjoy shopping regularly at the big box retailer. However, the card's high interest rate requires confidence that you'll be able to pay off the card balance in full each month. Otherwise, the card's 31.49% variable APR will eat 5% back in rewards up. If you choose special financing, you won't earn rewards, which is not what you would want on a big purchase.

COMPARE CREDIT CARDS FOR BEST BUY PURCHASES AND MORE

  • Best Cards
  • Reward Cards
  • No Annual Fee
  • Limited/No Credit
Viewing 1 - 2 of 3

our choice

on Discover's secure website

Rating 5.0

Excellent/Good Credit

REWARDS BONUS

  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.

REWARDS

  • Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.

INTRO APR ON PURCHASES

  • 0% Intro APR (15 months)

REGULAR APR

  • 17.24% - 28.24% Variable APR

ANNUAL FEE

See other options

Rating 3.0

Excellent / Good Credit

REWARDS BONUS

  • Earn 10% back in rewards on first day of purchases8

REWARDS

  • Get 2.5 points per $1 spent (5% back in rewards) on qualifying Best Buy® purchases when you choose Standard Credit with your Best Buy Credit Card.8
  • Earn 1% back in rewards (0.5 points per $1 spent) on eligible purchases.8
  • Earn a $5 reward for every 250 points you accrue and apply your rewards toward future Best Buy purchases.8

INTRO APR ON PURCHASES

  • No intro APR8

REGULAR APR

  • 31.49%8

ANNUAL FEE

  • $08

Rating 4.7

Excellent/Good Credit

REWARDS BONUS

  • Limited time offer: Earn 30,000 bonus points when you spend $1,500 in purchases in the first 3 months - that's a $300 cash redemption value.

REWARDS

  • Earn unlimited 3X points on the things that really add up - like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases.

INTRO APR ON PURCHASES

  • 0% intro APR for 12 months from account opening

REGULAR APR

  • 20.24%, 25.24%, or 29.99% Variable APR

ANNUAL FEE

Viewing 1 - 2 of 3

our choice

Rating 5.0

Excellent/Good Credit

REWARDS BONUS

  • Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

REWARDS

  • Earn unlimited 2% cash rewards on purchases.

ANNUAL FEE

on Discover's secure website

Rating 5.0

Excellent/Good Credit

REWARDS BONUS

  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.

REWARDS

  • Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.

ANNUAL FEE

on Citi's secure website

Rating 5.0

Excellent, Good, Fair Credit

REWARDS BONUS

  • Earn $200 in cash back after you spend $1500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® points, which can be redeemed for $200 cash back.

REWARDS

  • Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.

ANNUAL FEE

Viewing 1 - 2 of 3

our choice

on Discover's secure website

Rating 5.0

Excellent/Good Credit

INTRO APR ON PURCHASES

  • 0% Intro APR (15 months)

REGULAR APR

  • 17.24% - 28.24% Variable APR

KEY FEATURE

  • UNLIMITED BONUS: Only Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. For example, if you earn 35,000 Miles, you get 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.

ANNUAL FEE

on Citi's secure website

Rating 5.0

Excellent, Good Credit

INTRO APR ON PURCHASES

  • 0% (15 months)

REGULAR APR

  • 18.74% - 28.74% (Variable)

KEY FEATURE

  • Earn 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com

ANNUAL FEE

on Citi's secure website

Rating 5.0

Excellent, Good, Fair Credit

INTRO APR ON PURCHASES

  • 0% (15 months)

REGULAR APR

  • 19.24% - 29.24% (Variable)

KEY FEATURE

  • Earn $200 in cash back after you spend $1500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® points, which can be redeemed for $200 cash back.

ANNUAL FEE

Viewing 1 - 2 of 3

our choice

REGULAR APR

  • See terms

KEY FEATURE

  • Get Personalized Credit Card Offers Based on Your Credit File from Experian®. 100% Free!

ANNUAL FEE

  • See terms

BUILD CREDIT

  • Yes

ACTIVATION FEE

  • $0

KEY FEATURE

  • 1% Cash back on Debit Card purchases with qualifying activity. See website for details

MAINTENANCE FEE

  • $0

MEMBER FDIC

  • Yes

REGULAR APR

  • 0%

KEY FEATURE

  • Chime® Checking Account and $200 qualifying direct deposit required to apply. Eligibility requirements apply for Credit Builder metal card

ANNUAL FEE

  • $0

BUILD CREDIT

  • Yes
Viewing 1 - 2 of 3

our choice

on Discover's secure website

Rating 5.0

Excellent/Good Credit
See other options

Rating 3.0

Excellent / Good Credit

Our Conclusion:

Apply for Discover it® Cash Back - Credit-Land.com

our choice

PROS
  • 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate.
  • Unlimited 1% cash back on all other purchases - automatically.
  • Unlimited Cashback Match - only from Discover.
  • 0% intro APR for 15 months on purchases (then the standard purchase APR applies).
  • No annual fee.
CONS
  • Bonus category activation is required.
  • Quarterly limits on how much 5% cashback bonus you can earn.
My Best Buy® Credit Card

For Best Buy Fans Only

PROS
  • 5% back in rewards at Best Buy
  • No annual fee
  • Can choose 0% interest financing
CONS
  • Can't choose which Best Buy card to apply
  • Financing options offer deferred interest
  • Can't choose both 0% interest and rewards earning
  • Limited redemption options
  • No sign-up bonus

Is the My Best Buy Credit Card right for you?

A loyal Best Buy customer who wants the latest technology and always buys it at Best Buy can find the My Best Buy Credit Card worth it. However, given that you cannot choose which card to apply, you might as well be approved for the My Best Buy Visa Gold account that comes with a $59 annual fee. That means you should spend at least $1,200 to offset that annual fee. If you don't spend that much on the Best Buy credit card annually, you'd want either the My Best Buy store card or the My Best Buy Visa Platinum card.

Another thing to consider is the card's interest rate. The Best Buy credit card comes with a steep 31.49% variable APR (no matter what version you are approved for). So, if you do not have a habit of paying off the card balances in full each month, you may find yourself deep in debt quite quickly.

There are plenty of no annual fee credit cards with more flexible rewards, with real 0% intro APRs on purchases and additional benefits that are not available with the Best Buy credit card.

Alternatives to the My Best Buy Credit Card

No matter what card you apply, there's always a better option just for you. Therefore, it's always worth considering alternatives before you go ahead and apply for a Best Buy credit card. Here you can see some credit card options to consider instead of the My Best Buy Credit Card.

  • Costco Anywhere Visa® Card by Citi: Cardholders can earn 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter; 3% cash back on restaurants and eligible travel purchases; 2% cash back on all other purchases from Costco and Costco.com; and 1% cash back on all other purchases. There is no annual fee for the card.
  • Citi Double Cash® Card: This is a general-purpose credit card with a simple and straightforward rewards structure. The card earns 2% on every purchase with no limits: you will earn 1% as you buy, plus an additional 1% as you pay for those purchases. The card has no annual fee.
  • Discover it® Cash Back: This card earns 5% cash back on everyday purchases at different places each quarter, up to the quarterly maximum when you activate. For example, during the fourth quarter (October - December 2023) 5% cash back categories are Amazon.com and Target. Plus, all other purchases earn unlimited 1% cash back - automatically. The card's bonus is offered in the form of Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. You could turn $150 cash back into $300.

questionsABOUT SHOPPING
CREDIT CARDS

I once had a Reward Zone Mastercard for my Best Buy purchases, and my friend uses Magnolia credit card. I can't find either of the two cards, only My Best Buy card so I assume they stopped offering the two cards, is that true? Can you help me here?

Best Buy has a rich history of credit cards. There've been at least five Best Buy credit cards that were issued by HSBC, Capital One, and Citi at different times. Citi still partners with Best Buy and issues My Best Buy...

Read more
What is the difference between the Best Buy store card and the Best Buy Visa and how do I choose which one to apply for?

They are similar in that they both come with the same benefits within the store such as financing options and rewards. They also both come with high APR's. The main difference is the card branded with the Visa logo can...

Read more
Do I increase my rewards if I use the My Best Buy loyalty program and Best Buy credit card together?

Yes, your loyalty program card becomes attached to your credit card and you will increase your points by using them together. The base reward for the My Best Buy loyalty program is 0.5 points per dollar, and for the...

Read more
See all questions

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