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.
