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Best buy was founded in 1966 and is now a multinational consumer electronics retailer. If you are into any electronics at all, chances are you have been to one of their 1,200+ stores.
What you may not have known is Best Buy has a credit card. In fact, they actually have three different cards, which can get a little confusing.
Although we will discuss the three different cards, this article will focus on the Best Buy® Visa® Card, specifically the pros and cons, benefits, and alternatives.
When you apply for a Best Buy credit card, your FICO score will determine which one of the three cards Best Buy offers you will get.
Best Buy states they first examine you for the Visa Platinum card (what this article is about), which does not have an annual fee.
If they determine that your credit score does not support this card, you will either qualify for the Visa Gold, which has a $59 annual fee, or their Best Buy “open-loop” card, which is essentially a store card with no annual fee nor usable outside of Best Buy.
Both the Platinum and Gold cards are issued by Citi bank and are Visa-branded, which means you can use them anywhere Visa is accepted.
Using your Best Buy® Visa® Card allows you to earn rewards on all your purchases. Best Buy offers you a welcome bonus, flexible financing, and security with their chip card. You can easily make payments online as well as check your balance and rewards.
When you use your Best Buy® Visa® Card in Best Buy, you will earn 5% back in rewards. Purchases outside of Best Buy also qualify for rewards and allow you to earn 3% on fuel, 2% on dining and groceries, and finally 1% on everything else.
Once you spend $3,500 in a year, you qualify for Elite Plus, which increases your rewards.
Redeeming your rewards is not as easy as with other cards. Best Buy states you earn a $25 reward certificate for every 1,250 points, which equates to spending $500.
Your reward certificates are emailed to you and can only be used in Best Buy. Once you reach Elite Plus status, you earn an additional 0.5 points on purchases.
Below are some alternatives and comparisons to the Best Buy® Visa® Card.
The Citi® Double Cash Card is a Mastercard that offers a 0% transfer APR for 18 months. You also earn an unlimited 2% on every purchase that is calculated by earning 1% at the time of purchase and 1% once you pay for the purchase.
Unlike Best Buy, you have numerous ways to redeem your rewards, such as cashback, statement credits, or converting your points to Citi ThankYou points which have additional perks.
Chase Sapphire Preferred® is a visa card that has great rewards for dining and travel. They also have rotating rewards such as rewards on Peloton, where you can earn 5x the points.
Right now, you can earn 80,000 bonus points plus $50 grocery store credit when you spend $4,000 in the first 90 days. That 80,000 bonus points is equivalent to $1,000 toward travel.
Chase Freedom Flex℠ is also a Mastercard with many perks that incorporates both a chip and touchless technology to their card.
Chase Freedom Flex℠ offers a 0% intro APR for 15 months and offers a $200 bonus when you spend $500 or more within the first 90 days.
The categories that you earn when purchasing rotate each month but what is standard is their partnership with DashPass that offers you a 3-month subscription to DoorDash and Caviar.
Chase Freedom Flex℠ has also partnered with Lyft, which allows you to earn 5% on all Lyft rides.
Like everything else, Amazon is in the credit card space as well, although you are only eligible for the Amazon Prime Rewards Signature Visa card if you are a Prime member.
The Amazon Prime Rewards Signature Visa card earns 2% back on restaurants, gas stations, and drugstore purchases and then 1% on everything else.
If you use the Amazon Prime Reward Signature Visa Card on Amazon or Whole Foods, you will earn 5% back, or you can opt to receive 0% APR on larger purchases.
Here are some frequently asked questions about the Best Buy® Visa® Card.
If you are a frequent shopper at Best Buy, then the Best Buy® Visa® Card will be worth it since the only way to redeem rewards is at Best Buy.
The Elite Premium status is a nice perk, but you have to spend $3,500 at Best Buy to qualify. With electronics, such as TVs, have decreased by as much as 66% the past decade, that $3,500 yearly fee is hard to reach for most.
To get a Best Buy® Visa® Card, you will most likely need to have a credit score of 660 or higher, although a credit score is not the only determining factor when providing credit.
If you do not qualify for the Visa card, Best Buy will let you know and then offer you one of their two other cards mentioned above.
Best Buy offers three credit cards. The odds are you will qualify for one of them. You will want to read the terms as they vary from card to card once you are approved.
Unless you are a frequent Best Buy shopper, it is hard to recommend the Best Buy® Visa® Card as you can only redeem rewards in Best Buy.
Furthermore, with their complicated three credit card offer, you won’t know what card you qualify for until you submit an application, and you may end up with a card that has an annual fee.
Other Store Cards:
Brian is a serial entrepreneur that loves financial technology and personal finance. From working with start-ups to creating his own recruiting company, Brian knows first hand what it takes to manage money. Throughout his career, Brian has become a respected writer covering topics in personal finance, business, and financial technology.
