Best Buy, or BBY, is a consumer-centric electronics retail chain featuring more than 1,000 locations and around 100,000 employees across different locations in both Canada and the United States of America. Best Buy extends its myriad of products across both the national store network and even online platforms. Some of its highly sought-after products are entertainment products, hardware, appliances, software, gaming systems, sound systems, and so more.
Like most other national-level retailers out there, Best Buy also offers access to credit financing options for the customers -including Best Buy Credit Card. Best Buy provides access to both the store-based credit card and a general-use, co-branded Visa credit card to the consumers for allowing the opportunity to earn rewards or receive specialized financial terms.
How Does the Best Buy Credit Card Work?
The latest My Best Buy credit cards are applied across both Best Buy stores and online platforms. While the My Best Buy credit cards can be used for earning rewards almost anywhere, the My Best Buy Credit store-centric card can be utilized only across Best Buy stores or at the online portal.
Like most other store-based cards out there, the My Best Buy credit card also delivers access to benefits and rewards -including promotional financing for ensuring purchases made via Best Buy. The credit card also offers the standard higher APR or Annual Percentage Rate of most credit cards while requiring better or fair credit for issuance. The co-branded version of the Visa credit card also imposes higher interest rates. The only exception can be made when promotional financing is utilized for larger purchases.
Types of Best Buy Credit Cards
For the Best Buy credit card, you have the option of applying online or in-store. However, the entire process seems to be slightly opaque. Moreover, you do not have any control over the version of the credit card you will receive.
The basic versions of Best Buy cards are:
- My Best Buy Visa: It serves to be an ‘open loop’ format of a credit card. This card can be easily accepted anywhere that accepts Visa. The card is available in two versions. The only major difference here is the annual fee that is charged. As you will submit your application, Best Buy will acknowledge you about the one you have been approved for:
- Platinum: The version includes no annual fee.
- Gold: The version includes an annual fee of $59.
- My Best Buy Credit Card: It serves to be a ‘closed loop’ store card. It implies that the card is accepted only at the online portal and offline stores. There is no involvement in the annual fee.
According to the credit card service provider, as you will apply for the card, you are initially considered for the My Best Buy Platinum version of the credit card. It is an open-loop card without any involvement of the annual fee. Eventually, you are considered for the My Best Buy credit card or the store card. Finally, you will be given consideration for the My Best Buy Gold credit card -charging an annual fee. The ultimate determining factor of the exact version of the credit card that you will receive approval for is the overall creditworthiness.
What Credit Score is Required for the My Best Buy Credit Card?
Best Buy does not come forth with any particular credit score range for ensuring eligibility. However, the wide range of offerings offers the suggestion that you are able to qualify for at least some specific version of the credit card with less-than-expected credit. Generally, you can consider the following:
- Closed-loop store-based credit cards are simpler to achieve in comparison to open-loop credit cards. This is why most individuals having average or fair credit will commence with a dedicated credit card.
- When the card is available both with as well as without the annual fee, the card version imposing a fee is simpler to achieve for individuals with decent credit. It is because the fee will offset some of the potential risks.
Rewards Offered by My Best Buy Credit Card
- Earning Rewards: If you wish to earn rewards rather the leveraging the benefit of specialized financing options available along with the My Best Buy credit card, the card can help you in earning around 5 percent in the form of rewards when you select the option of standard credit.
- Redeeming Rewards: Rewards are expected to be redeemed for specific reward certificates along with promotion offers provided by My Best Buy. For every 250 points on My Best Buy credit card, redeemers of the reward will be eligible to receive the reward certificate worth $5. For those who wish to make use of a calculator, there is a redemption value of $0.02 for every point. It is utilized toward the respective certificate. It is important to note that certificates do not have any cash value. It is assumed that you will utilize the entire certificate.
Reward certificates can be utilized at the respective retail stores of Best Buy, the mobile app of Best Buy, and the online portal. However, there are some products -including premium home appliances and even home theater products, gift cards, service charges, sales tax, and other commercial purchases that might not qualify.
- Rewards Potential: To analyze the rewards potential for the My Best Buy credit card, you are expected to consider what a typical household might spend on a typical credit card almost every year.
A cardholder possessing $3500 in terms of annual purchases at the portal or at the retail store will earn around 8,750 points from the respective purchases. You can redeem the same for around thirty-five rewards of $5 each for a total amount of $175 to be used at My Best Buy.
Zero Percent Introductory Rates at My Best Buy Credit Cards
The respective My Best Buy-only purchases are expected to qualify for the wide range of financing options offered by the card. The amount spent and the merchandize type of your purchase balance will help in qualifying for the financing with respect to deferred interest.
Who Should Consider Applying for the My Best Buy Credit Card?
People who are looking forward to ensuring a major purchase at Best Buy within a single day can apply for this credit card. It will help them leverage the benefit of the single-time ten percent reward or the zero percent promotional interest rate as the financial options. Such individuals can consider applying for the My Best Buy credit card.
Therefore, if anyone is looking forward to shopping at the platform or store quite frequently and significantly that the higher rewards rate of the credit card might suffice, they can consider taking up the hassle of harnessing the rewards earned out of the credit card -especially in the form of reward certificates.
Like most other store-based credit cards, the brand goes ahead with issuing rewards to ensure that customers keep coming back while also spending money. This allows customers to leverage the respective certificates. People who are considering this credit card are expected to carefully understand whether or not they will be spending more than they wish to due to the system of rewards certificates.
Conclusion
The My Best Buy credit card, along with the My Best Buy Visa credit card, features the same rates of interest in comparison to most other store-based credit cards. The rewards system turns out to be decent at 5 percent back. However, it can be redeemed only in the form of a rewards certificate at the respective store. This feature makes the option less attractive for generalized consumers in comparison to the standard system of cash-back rewards.
The My Best Buy credit card serves to be an ideal choice when you wish to finance a major purchase -like remodeling or replacing the entire appliance range at your home. It is also a great option if you are used to shopping frequently at My Best Buy stores.
