Credit Cards » Credit Card Reviews » Best Buy Credit Card Review 2023 – Is It Worth it?
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Best Buy Credit Card Review 2023 – Is It Worth it?

Best buy card offers very high cash back for loyal best buy customers, as well as gas cashback and other everyday spending benefits.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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My Best Buy Visa® Card
best buy credit card

Rewards Plan

1-5% 5% back in rewards on shopping at BestBuy ( 6% back* in rewards for Elite Plus Cardmembers), 3% back in rewards on gas purchases, 2% back in rewards on dining, takeout and grocery purchases, 1% back in rewards on everyday purchases

Sign up Bonus

10% first day 10% back in rewards on your first day of purchase

Credit Rating

Good – Excellent Credit

0% Intro

None

Annual Fee

$0–$59 based on creditworthiness

APR

29.24% Variable
My Best Buy Visa® Card
best buy credit card

Rewards Plan

1-5% 5% back in rewards on shopping at BestBuy ( 6% back* in rewards for Elite Plus Cardmembers), 3% back in rewards on gas purchases, 2% back in rewards on dining, takeout and grocery purchases, 1% back in rewards on everyday purchases

Sign up Bonus

10% first day 10% back in rewards on your first day of purchase

0% Intro

None

PROS

CONS

APR

29.24% Variable

Annual Fee

$0–$59 based on creditworthiness

Balance Transfer Fee

$15 or 5%

Credit Requirements

Good - Excellent Credit

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.

Cardholders receive 5% back in rewards on shopping at BestBuy ( 6% back* in rewards for Elite Plus Cardmembers), 3% back in rewards on gas purchases, 2% back in rewards on dining, takeout and grocery purchases, 1% back in rewards on everyday purchases.

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.  

  • High Rewards on Best Buy
  • Visa Benefits
  • Other Benefits
  • No Foreign Transaction Fee
  • Earn More as an Elite Plus
  • Annual Fee
  • No Sign-Up Bonus or 0% APR Introductory Rate
  • High APR
  • Redemption Restrictions
  • Confusing Application Process

How’s The Card Customer Service Availability?

This card is part of the Citi product line, so you can access the Citi customer service team 24/7 if you have any queries or questions. You can also access support via the website and app.

How Hard Is It To Get This Card?

You do need a good to excellent credit rating to qualify for this card. Citi will assess your income and employment status as part of the application approval.

So, if you’re unsure if you have a good enough credit rating, you may be better suited to a card that is available to those with fair credit.

When You Shouldn't Consider It?

Since the card rewards are so weighted towards Best Buy purchases, if you’re only a casual shopper with the brand or you tend to have a wide variety of spending habits, you may find other reward cards offer better incentives and perks.

What Purchases Don't Earn Cashback?

The tiered reward structure for the Best Buy Citi card allows for you to earn points on practically any purchase.

However, there are some exclusions including commercial purchases, payments made on your Best Buy card, purchases paid with a gift card or reward certificate, certain fees and charges, Thermador products and Apple and Beats products not purchased on standard credit.

In This Review

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.

Best Buy Visa Card cardholders receive 5% back in rewards on shopping at BestBuy ( 6% back* in rewards for Elite Plus Cardmembers), 3% back in rewards on gas purchases, 2% back in rewards on dining, takeout and grocery purchases, 1% back in rewards on everyday purchases

Every 1,000 points is equal to a $20 certificate to be spent at Best Buy.  

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.

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

 

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.

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.  

Drawbacks

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

The annual fee is $0–$59, based on creditworthiness.

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

The APR for the Best Buy Visa Card is a 29.24% Variable 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%. 

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.

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.

How To Apply For Best Buy Credit Card?

Visit the Barclaycard Ring Mastercard Credit Card homepage and click “Apply Now.”

Best Buy Credit Card_Create an account

This takes you to the next page, where you should fill in your “Personal Information” such as your Names, date of birth, etc.

 

Best Buy Credit Card_Create an account

Next is your contact and financial information, such as income and social security number.

 

Best Buy Credit Card_Create an account

Lastly, ensure you read through the important disclosure page to know your eligibility, fees, costs, rates, etc.

Best Buy Credit Card_Create an account

Then click on “Continue” to complete the process.

Is the Best Buy 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. The Best Buy Visa Platinum card offers a variety of benefits for those who are loyal Best Buy shoppers.

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.

Compare The Alternatives

There are more online shopping credit cards worth mentioning as alternatives to the Best Buy card:

Capital One® Walmart Rewards® Card

Amazon Prime Rewards Visa Signature Credit Card Review

chase freedom unlimited card

Capital One® Walmart Rewards® Card
Amazon Prime Rewards Visa Signature Card
Chase Freedom Unlimited® card
Annual Fee
None
$0
$0
Rewards
1-5% 5% cash back at Walmart.com (including pickup and delivery), 2% cash back in Walmart stores and gas stations, at restaurants and on travel plus 1% cash back everywhere else Mastercard is accepted
1-5% 5% at Amazon.com and Whole Foods Market, 2% cash back on restaurant, gas, and drugstores, 1% cash back on all other purchases
1.5% – 5% 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
Welcome bonus
5% 5% cash back for the first 12 months when you use your card with Walmart Pay for in-store purchases, upon approval
$150 Up to $150 Amazon gift card upon approval
Up to $300 additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year)- worth up to $300 cash back
Foreign Transaction Fee
Unknown
0%
3%
Purchase APR
17.99% – 28.99% (Variable)
19.24% – 27.24% Variable
20.24%–28.99% variable

FAQ

Citi does not state what credit limit you can expect with this card, but there are reports of initial credit limits of $2,000 to $7,500 from previous and current customers. Your credit limit will be determined by a number of factors during the application process including your creditworthiness and income.

Since this is a Best Buy branded card, you’ll get the most rewards on your Best Buy purchases. So, think outside the box and explore all the store aisles and online categories.

Even if you’re a keen Best Buy fan, you may be unaware of the sheer volume of available products. You may find products that you typically buy from another retailer at Best Buy and you can earn more points.

Best Buy is a fairly large chain with a store network with almost 1,000 locations throughout the United States. There are also Best Buy stores and outlets around the country. While this is not as large a network as Walmart or Target, it is still fairly easy to find a store in most areas of the country.

Obviously, this is a Best Buy branded card, so it is a good idea for those who are particularly loyal to Best Buy. Since the card is also heavily weighted towards rewards for Best Buy purchases, you should consider it if you tend to spend a large amount in Best Buy each month or year.

Review Store Credit Cards

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Rewards Plan:
1-6% 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases
Welcome Bonus: $250 $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
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Rewards Plan:
1-5% 5% cash back on your highest eligible spend category each billing cycle up to the first $500 spent and 1% cash back thereafter
Welcome Bonus: $200 $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening (20,000 ThankYou® Points, which can be redeemed for $200 cash back)

Rewards Plan:
1% – 4% unlimited 4% cash back on dining, entertainment, and popular streaming services, 3% at grocery stores and 1% on all other purchases.
Welcome Bonus: $300 $300 cash bonus once you spend $3,000 on purchases within 3 months from account opening

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The product offers that appear on this site are from companies from which this website receives compensation. 

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In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.