My Best Buy Visa Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 25.24%. 
  • Purchase intro APR: 0% to 12.99% for six to 48 months.
  • Cash advance APR: 27.99%.
  • Rewards: 1% to 5% cash back.
  • Sign-on bonus: 10% cash back on the first purchase.
  • Annual fee: $0.
  • Late fee: $40.
  • Credit score: Good to Excellent (700-850).
  • Compare cards here.

Benefits

  • No annual fee: The My Best Buy Visa Card has no annual fee, so you don’t need to worry about justifying whether your rewards will make up for an annual fee;
  • No foreign transaction fee: When you are traveling, you can use your My Best Buy Visa Card without worrying about foreign transaction fees;
  • Bonus spending: Although the highest percent back (5%) is for purchases made at Best Buy, the My Best Buy Visa Card offers 10% back in rewards on your first purchase at Best Buy, 3% back in rewards on gasoline purchases, and 2% back in rewards on dining and takeout purchases;
  • Elite status perks: When you spend $3,500 within the first year of opening your My Best Buy Visa Card, you’ll achieve Elite Plus Cardmember status. Elite status gives you an additional 0.5% back per dollar spent, free expedited shipping for online purchases, and an extra 15 days to return or exchange items free of charge;
  • Deferred interest financing: The My Best Buy Visa Card offers deferred interest for qualifying purchases — 12 months interest-free for purchases between $299 and $498, 18 months interest-free for purchases between $499 and $998, and 24 months interest-free for purchases $999 and up;

Drawbacks

  • Confusing application: The application for the My Best Buy Visa Card can be confusing since the same application is used to apply for all three cards offered by Best Buy: the Best Buy Credit Card, the My Best Buy Visa Gold, and the My Best Buy Visa Platinum. When you apply, your creditworthiness determines which of the three cards you are approved for;
  • Complex APR structure: With deferred interest, and the other various APR parameters of the My Best Buy Visa Card, it can be difficult to navigate the APR structure. This is especially true since the purchase intro APR varies in both percentage and term length;
  • Balance transfer fee: The My Best Buy Visa Card has a balance transfer fee of 5% with a $15 minimum. This means you would need to earn $15 worth of points in order to break even if you transfer a balance from another card. For example, at a rate of 3% cash back, you would need to spend $500 to earn 750 points. This many points would earn you a $15 rewards gift card for Best Buy, or it would be enough to cover the balance transfer fee;
  • Rewards redemption: You also need to spend rewards within 12 months or else your rewards will start to diminish in $5 increments each month;
  • Sign-on bonus restriction: The My Best Buy Visa Card offers 10% back on your first purchase at Best Buy. Unless you are planning to purchase a large ticket item already, you would need to spend a large amount of money to gain much of a sign-on bonus. The sign-on bonus also comes in the form of a Best Buy gift card. So for example, you would need to spend $500 to get a $50 gift card for Best Buy.

What Can You Expect From the My Best Buy Card?

  • Accessibility: The My Best Buy Visa Card can be accessed via mobile phone on the Best Buy mobile app. You can avoid bringing the physical card with you and access your account from your phone instead. You’re able to view your points balance, set custom notifications and pin preferences, and transfer your points to gift cards all from the mobile app. If you do not have a smartphone, you can access all the information you need from your computer online, and remember to bring the physical card with you when you go shopping;
  • Rewards: There are lots of rewards to keep track of. You want to be on top of things since all spending on the My Best Buy Visa Card is worth some amount of points, and those points need to be redeemed within 12 months
  • Security: To access your rewards for in-store redemption, you must access your mobile account, enter your pin, select “Best Buy Pay,” provide identification, and have the check-out employee scan the QR code.

Who Should Get the My Best Buy Card?

The ideal My Best Buy Visa Card candidate is someone who spends a lot of their money at Best Buy since you can earn 5% in rewards on any purchase, and your rewards points are bestowed to you in the form of gift cards for Best Buy. This is also true because if you are someone who is a Best Buy frequenter — either online or in-store — you can access free shipping once you gain elite status.

This card is not a card for someone who is trying to raise credit, or earn cash back for spending. The My Best Buy Visa Card is a better fit for individuals who use a lot of gasoline, go out to eat frequently, or shop at Best Buy often and are looking to gain rewards for those purchases.

Compare other rewards credit cards and learn more here.


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