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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 credit cards.

The Best Buy Reward Zone Mastercard was once issued by HSBC and then by Citi but, unfortunately, it's no longer offered. Same with the Magnolia® Credit Card and the Pacific Sales® Credit Card, both cards are no longer available for new applicants. However, Magnolia Home Theater and Pacific Sales are Best Buy's subsidiaries, so you can freely use any My Best Buy credit card to shop at those brands.

Today, there basically are two Best Buy credit cards: My Best Buy® Credit Card and My Best Buy® Visa®. The My Best Buy Credit Card is a store-only credit card that can only be used at and Best Buy locations. The card earns 5% back in rewards per $1 spent on Best Buy purchases. That's 2.5 points per dollar spent on best buy purchases. As a My Best Buy cardmember, you may also be offered special limited time only deferred interest promotional offers for up to 36 months on select items. Still, the My Best Buy Credit Card comes with a high interest rate that won't get lower even if you have good or excellent credit.

The second credit card from Best Buy - My Best Buy Visa credit card - has two versions: My Best Buy Visa Platinum and My Best Buy Visa Gold. The two cards are almost the same and the only difference is the annual fee: you will have to pay a $59 annual fee for the My Best Buy Visa Gold card. All other features and benefits are the same. Since both cards are Visa cards, they can be used outside the Best Buy network and will earn rewards on gas purchases (3% back in rewards), dinging and grocery (2% back in rewards), and on all everyday purchases (1% back in rewards). The interest rates are the same as for the store-only card and won't get lower if you have perfect credit.

Another thing you should know about existing Best Buy credit cards is that you can't choose which card to apply for. When you submit your application, Citi will consider it for the My Best Buy Visa Platinum first, then, if you do not qualify for the Platinum card, you will be considered for the My Best Buy Credit Card, and then for the My Best Buy Visa Gold.

While Best Buy credit cards may look like great options for you, there always are better cards out there. Take the Discover it® Cash Back card as an example. The card earns 1% cash back on all purchases and up to 5% cash back in quarterly categories when you activate (up to the quarterly maximum). The 5% cashback calendar is available on the Discover website so you can plan your purchases in advance to maximize your savings. In addition to cash back rewards, the Discover it Cash Back card comes with a 0% Intro APR for 15 months on purchases (when the promotional rate is over, then 17.24% - 28.24% Variable APR on purchases will apply) and no annual fee.

tags : Store Cards