Best Buy Credit Card Review: Should You Get One?
Published: September 6, 2023
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Having no cash to pick out of your wallet when emergency purchases is a bad feeling. Not even for emergencies but seeing something you like in the mall and not able to pay straight cash is bad as well. Thinking of ways to finance that dream vacation or home theater system? Maybe you just need to apply for something, something like for example a Best Buy credit card.
You might be thinking that having a credit card is risky, right? Well, to be honest, it has a certain risk factor to it. Owning a credit card is a responsibility with advantages and disadvantages. As the owner of a credit card, you need to know the interest rates and how much should you spend. Temptation will be your biggest enemy since you may have a “buy now and pay later” mentality.
Sure, there will be great deals for a console you have been waiting to buy or a new dress. However, you might want to first look at certain factors before committing to a purchase such as how big the interest rates will be and how many months you have to pay for it. For example, if you see a wonderful deal on a 4K TV in Best Buy, you’ll have to ask if they have an installment financing option or not.
Speaking of Best Buy, do you know that they have their own Visa credit card right now? Yes, there is such a thing and you might want this if you are a patron of Best Buy. Let’s talk about what it offers and the financing options available.
Best Buy Has A Visa Card Now?
Yes, the existence of a Best Buy credit card is a reality. Now you’ll have a card that you can use in and out of Best Buy. You might ask how do you apply for one, right? Well, first off you need to fill an application form that can be found on Best Buy’s website. Then, like all other credit card applications you need to submit the proper requirements.
Best Buy credit cards are under Citi and if they find you capable of owning one then you’re good to go. They’ll also be the ones to determine what card fits your profile. However, you might want to know what type of My Best Buy credit card do you want.
Properly informing yourself regarding the different kinds of cards they offer is a big plus. There are four kinds of Best Buy credit cards with different features and restrictions. Knowing what card you may want to get and every detail about you can help in the long run.
Let’s take a look at the different Best Buy credit Cards that you can apply for right now. We’ll state the differences between each other as well as their pros and cons.
Kinds Of My Best Buy Credit Cards
Excited to learn what are the different types of credit cards you can apply for in Best Buy? You won’t have to wait anymore as here are the four types of My Best Buy credit cards.
1. My Best Buy Visa Platinum and Gold
Here are two types of credit cards that can be used while shopping in Best Buy or in other establishments that accept Visa cards. According to an article by fool.com, there is not much difference between the two but the Gold option has an annual fee of $59 per year.
When applying for a credit card, Best Buy and City will start with the Platinum. If your profile does not meet their requirements then they’ll put you on either Gold or the two other options.
Having a good credit score and the financial capability will land you on either Platinum or Gold status. These two tiers also give you rewards on dining and shopping from other establishments.
2. My Best Buy Credit Card Preferred and My Best Buy Credit Card
What’s the main difference between these two cards compared to the two from above? Well, you can only use these two when purchasing anything from Best Buy. Which is still something, right? Also, since you can only use this when purchasing at Best Buy, they won’t have the rewards that the Gold and Platinum options have.
All options, however, will give you rewards certificates if you use them within the store. If you are an Elite member at Best Buy, then you’ll get 6% in rewards compared to the 5% that these cards already have.
Of course, you want to know about the flexible payment options that a Best Buy credit card offers, right? Don’t worry as we’ll be discussing that before giving out our final verdict.
Best Buy Credit Card Flexible Payment Options
Let’s start with the minimum amount purchase, you’ll need to spend the amount of $199 and up to avail of the flexible payment options. Depending on the price of your final purchase, the Best Buy credit card offers 6, 8, 12 and 24 months to pay plans.
I can’t reiterate this enough, the amount of time you’ll be given to pay in installments is still dependent on your purchase.
Is It Worth It?
If you’re the type of person that usually shops at Best Buy and loves to buy in bulk then sure this card is for you. However, if you’re a normal consumer like the rest of the world then this card ain’t worth it. You may find other cards that offer more in terms of rewards and payment options.
Most cards should already be equipped with the ability to used anywhere when it’s accepted. Given, this is a Best Buy card so they’ll still offer something that can be used in their own store alone.
In the end, if you can pay for it and you prefer shopping at Best Buy then go for it. Like I said earlier, before applying you should know the pros and cons of owning a Best Buy credit card. Lastly, you should also be aware of the restrictions that these cards have to avoid problems in the future.