Best Buy, in partnership with Citibank, offers 3 different credit cards, but only one way to apply for them.
What does that mean? It means that when you apply for a Best Buy credit card, you will first be considered for the My Best Buy Visa that is for customers with good credit histories. If you don’t qualify for the Visa, you will then be considered for one of the other Best Buy credit cards.
The main difference between the cards is where you can use them and what interest rate and fees you might pay. Below is a short explanation / review of each of these Best Buy credit cards. You will be considered for each card in the order listed:
- The My Best Buy Visa Platinum can be used for purchases at Best Buy and anywhere else that Visa is accepted for purchases. It offers 2.5 points per dollar on Best Buy purchases, 1 point per dollar on dining and grocery purchases, and a half point per dollar on all other purchases. Every time you reach 250 points, you get a $5 rewards certificate good toward a future Best Buy purchase. The interest rate on this card, as on all the Best Buy credit cards, is a ridiculously high 25.49%, which means you should avoid any Best Buy credit card if you EVER carry a balance on your credit cards. There is no annual fee for the card.
- The My Best Buy Credit Card Account can only be used at Best Buy stores. It has the same rewards program except you can’t earn points outside Best Buy. No annual fee.
- The My Best Buy Visa Gold Credit Card can be used at Best Buy and anywhere else Visa is accepted. The rewards program is the same as the others. However, note that it has an annual fee of $59! The interest rate is 25.49%.
You also have the choice to forgo the rewards program on larger purchases (usually of $199 or more) and instead take special 0% financing for 6 months to 24 months on those purchases. (The length of the 0% period varies depending on the current promotional offers.) The catch is this: you must pay off every cent of the purchase within those 12-24 months or you will be charged ALL of the interest that would have accrued since the date of purchase — as if the 0% offer had never existed! So, be careful.
With all that said, if your credit is pretty good and you want to take a shot at qualifying for the top-tier Visa, which is the only one of these cards we’d actually consider having, you can apply online via this application.