My Best Buy Visa Credit Card Review 2019

My Best Buy Visa Credit Card Review 2019

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The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

The Best Buy Visa Card is a store rewards card that offers great benefits for big Best Buy spenders. This is a Visa card and the card is accepted everywhere Visa is, meaning you do not just have to use it at Best Buy. The Best Buy Visa Card has rewards points that must be spent in the store. Cardholders can use the Best Buy Visa Platinum Card to defer interest in financing their large purchases. To illustrate what the points are worth, if you have collected 1,250 points it is equal to a $25 certificate to be spent at Best Buy. The Best Buy Visa Platinum card offers a variety of benefits for those who are loyal Best Buy shoppers.

My Best Buy Visa Card

4/5
 My Best Buy Visa Credit Card Review 2019

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Our Bottom Line

For Best Buy Frequent Customers
 
 


Credit Rating Requirements

Good – Excellent Credit

Pros
  • 5% Rewards on Best Buy

  • 2% Reward on Dining & Groceries, 1% On All Other Purchases

Cons
  • No Sign-Up Bonus or 0.00% APR Introductory Rate

  • Redemption Restrictions

Our Bottom Line

For Best Buy Frequent Customers


Credit Rating Requirements

Good – Excellent Credit

Highlights

  • No Foreign Transaction Fee
  • Earn More as an Elite Plus
  • Deferred Interest Finance Options
  • Take Advantage of Visa Benefits

 

Here’s a summary of the main pros & cons (click to see explanation or scroll down):

ProsCons
5% Rewards on Best BuyAnnual Fee
Everyday Spending RewardsNo Sign-Up Bonus or 0% APR Introductory Rate
Earn More as an Elite PlusHigh APR
Deferred Interest FinanceRedemption Restrictions
Visa BenefitsDeferred Interest Finance
Other BenefitsConfusing Application Process
No Foreign Transaction Fee

My Best Buy Visa Credit Card – Benefits

Let’s take a look at the benefits of the My Best Buy Visa card and see if it’s the right one for your wallet or not.

5% Rewards on Best Buy

Best Buy Visa Card Platinum cardholders receive 5% reward for every dollar spent at Best Buy.

Everyday Spending Rewards

Best Buy Visa Card Platinum has a 2% reward for every dollar spent on dining and groceries. This does not have a cap. Also, there are 1% rewards on all other purchases made with this card. However, any sales tax paid with the card does not get rewards.

Earn More as an Elite Plus

Best Buy has a rewards program for customers but these rewards are not as good as the rewards through Best Buy Visa Card . Customers that are designated as Elite Plus receive better rewards. If you are Elite Plus you can earn 6% in rewards with the Best Buy Visa Card . Customers will need to spend over $3,500 at a store or online to earn the 6% back.

Deferred Interest Finance

Best Buy Visa Card can be used to finance large purchases. This financing will not get the spending rewards but could be a benefit if you are planning to make a purchase and want to make payments over time. The great thing about choosing deferred interest financing is that you could end up paying no interest if the balance is paid off before the term is up. The length of the deferred interest depends on how much you plan on financing:

  • 6 months $199 and up
  • 12 months $399 and up
  • 18 months $599 and up
  • 24 months $799 and up

However, If you decide to use the deferred interest financing you do not also get the rewards from the spending. Many cards out there will have zero APR introductory rates but also will give you the points or cash back on the spending you do.
**Warning: If you do not pay off the bill in the allotted time, all deferred interest is charged to your card.

No Foreign Transaction Fee

Best Buy Visa Card does not have a foreign transaction fee. This is unusual for a non-travel rewards card. This is a great perk because you can earn Best Buy rewards on your travel spending.

Visa Benefits

Best Buy Visa Card also comes with many of the benefits Visa offers which includes fraud protection, travel and emergency services, auto rental, collision waiver, and roadside assistance.

Other Benefits

Best Buy Visa Card offers cardholders access to special sales, free shipping, and free set-up with the Geek Squad.

Limited-Time Rewards – 3% on Gas & Air Transportation

As of June 19, Best Buy Visa Card offers limited-time 3% rewards for every dollar spent on ground and air transportation and gas.

My Best Buy Visa Credit Card – Drawbacks

Here are the most important cons you should consider before apply to My Best Buy Visa card:

Annual Fee

Unless you get the platinum card, you’ll have to pay 59$ annual fee

No Sign-Up Bonus or 0% APR Introductory Rate

Best Buy Visa Card does not have a sign-up bonus or any introductory rate like many cards on the market.

High APR

The APR for the Best Buy Visa Card is a 27.49% variable rate for all who are approved which is very high for a card that requires borrowers with excellent credit histories. In case of a cash advance, the rate is  30.24%.

Redemption Restrictions

Best Buy Visa Card rewards can only be redeemed or spent at Best Buy. They send you a voucher for $5 every time you hit 250 points. This is automatic and makes it difficult to build up rewards or use the rewards when you want.

Deferred Interest Finance

Deferred interest financing can be a double-edged sword. If you do not pay off the balance on your card, all interest is then charged and with the Best Buy Visa Card Platinum, the APR is high and could be a shock. Make sure if you use this option you can pay the balance off in the chosen time frame.

Confusing Application Process

When you apply for the Best Buy Visa Card , Best Buy also considers you for other cards they offer. You could end up with the Best Buy Visa Card Platinum or the Best Buy Credit Preferred. These are different cards than what you applied for.

Alternatives to My Best Buy Visa Card

There are other credit cards that do offer comparable cash back rewards – we’ve summarized the most popular cards which can use as an alternative to the Best Buy Visa Card:

Sam's Club MastercardSam’s Club Mastercard

The Sam’s Club Mastercard is a competitive store card for those who shop at Walmart and Sam’s Club. The Sam’s Club Mastercard offers an introductory cashback reward on gas of 5% for the first year then 1% after that. Sam’s Club Mastercard has 3% back on restaurants and travel. The card has 1% on all other spending including Sam’s Club. This card also does not have an annual fee, but you still have to pay for the Sam’s Club membership.

Target Red CardTarget Red Card

The Target Red Card is a straightforward store card. The card can be either a credit card or set up as a debit card. This card allows card holders to earn 5% off their purchases at Target. They also get two-day free shipping through Target. The card can be used at other places but does not offer any points or cash back. This card is great because it takes 5% off your purchase at the register or when you’re purchasing online and you don’t have to worry about when, how, or where your rewards will be redeemed.

Amazon Prime Rewards Visa Signature CardAmazon Prime Rewards Visa Signature Card

The Amazon Prime Rewards Visa Signature Card is about as good as it gets when it comes to co-branded credit cards. Cardholders with prime memberships will certainly see the value since they are already avid Amazon users. For many people, the perk of unlimited 5% cash back on Amazon and Whole Foods purchases on top of the other rewards on the purchase will truly just be a bonus. However, you have to be an Amazon Prime member to hold the Amazon Prime Rewards Visa Signature Card, which has an annual fee of $119.

Chase FreedomChase Freedom

The Chase Freedom card offers a $150 sign-up bonus after only spending $500 in purchases after 3 months. That is a low spending threshold to receive a sign-up bonus. The Chase Freedom is an actual cashback card that has 1% cash back on all purchases. This card also has revolving cashback bonuses that offer 5% on rotating categories. These categories change once a quarter but can increase your cash back if the consumer pays attention to their spending. It does have a cap of $1,500 on the bonus spending category. The Freedom card does not come with an annual fee.

Is the My Best Buy Visa Card Right for You?

Best Buy Visa Card is best for consumers who are frequent customers at Best Buy or are planning to make large purchases at Best Buy. Best Buy Visa Card offers rewards outside of Best Buy, but those rewards must be spent within Best Buy. The rewards offered outside of Best Buy can be recreated with other cards that are more competitive. A potential consumer looking at making a large purchase for appliances or a new home theater system and who wants to pay that overtime may want to consider the Best Buy Visa Card . They can defer interest for a time and pay off the balance of that large purchase.

Always be cautious on deferred-interest financing because if you do not pay off the balance, the balance will be charged to your credit card. The application process for this card can be confusing and you might not end up with the card that you intended. In the right setting and for big spenders at Best Buy, this card is great. If that does not describe you, you may want to look for other rewards cards that offer bigger benefits.

ABOUT THE AUTHOR

Aditi Shekar

Aditi is the Founder and CEO of Zeta, a personal finance tool for couples. Not only does Aditi obsess about the financial well-being of couples, she shares their stories via The Money Date podcast that she co-hosts with her husband. She’s also an expert contributor to Refinery29 and CNBC. You can find Aditi on Twitter or get in touch here.