The My Best Buy® Visa® Card, issued by Citibank, is a card with many stipulations. It can be a great fit for Best Buy loyalists, as long as you understand the risks and limitations.
If you love to shop at Best Buy, the Best Buy Visa offers competitive rewards on both Best Buy purchases as well as everyday spending categories like gas, groceries and dining. Its welcome offer — 10% back on your first day of Best Buy purchases, or choose financing — has the potential to be lucrative if you can take full advantage of it. This card also offers deferred interest on some payments, which can help you finance big purchases interest-free — as long as you can repay the balance within your flexible financing period.
But you really should love shopping at Best Buy to maximize this card’s benefits, because that’s the only place you can spend your rewards.
If you are a Best Buy enthusiast, the My Best Buy Visa Card may be a good fit for your wallet — but if you aren’t, other cards with comparable benefits but more redemption options may be better for you. Here’s what to know before you apply.
In this article:
My Best Buy® Visa® Card
Intro OfferIntro Offer: 10% back in rewards on your first day of purchases, or choose financing
APR30.74% variable
Intro Purchase APRN/A
Recommended Credit Excellent Credit
- 5% back* in rewards
- 3% back* in rewards on gas purchases
- 2% back* in rewards on dining and grocery purchases
- 1% back* in rewards on everyday purchases
Annual FeeN/A
- 5% back* in rewards
- 3% back* in rewards on gas purchases
- 2% back* in rewards on dining and grocery purchases
- 1% back* in rewards on everyday purchases
Rewards
The My Best Buy Visa Card gives you two options when you shop at Best Buy. You can choose 5% back in rewards, or you can choose flexible financing on qualifying purchases. If you opt for rewards, you’ll earn 5% back on Best Buy purchases, 3% back on gas, 2% back on groceries, 2% back on dining and takeout, and 1% back on all other purchases.
Your rewards are banked as My Best Buy points. These points are issued as rewards certificates that serve as coupons for future Best Buy purchases. If you spend $500 at Best Buy, you’d earn 1,250 My Best Buy points, currently worth $25 in rewards certificates. You can redeem those points for a $25 discount on your next qualifying Best Buy purchase.
My Best Buy members can earn rewards for every purchase they make, regardless of whether they have a My Best Buy credit card. You need at least 250 My Best Buy points to redeem a $5 Rewards Certificate, and certificates can be used for in-store or online Best Buy purchases. Certificates expire 60 days after they’re issued, unless otherwise noted. However, card members can bank their points until they’re ready to redeem them.
Note that you won’t earn rewards on Best Buy purchases when you opt for flexible financing, which gives you more time to repay your balance.
Flexible financing
Instead of earning rewards, you can defer interest and give yourself more time to pay for a purchase over $299 with flexible financing. The timeframes for the deferred interest offers range from six to 36 months and vary based on what you buy and how much you spend. We recommend proceeding with caution when using this option and only opting for a flexible payment plan if you can repay the balance in full before your deferred interest period ends.
Deferred interest is not the same thing as 0% introductory APR. With most 0% intro APR credit cards, your remaining balance starts accruing interest after the 0% APR promotional period ends. With the Best Buy Visa card, interest accrues during your promotional period, but as long as you pay your balance in full before the promotional period ends, you won’t owe any interest. Otherwise, you’re on the hook for all of the interest that has accrued on your balances since the original date of purchase, as well as new interest for each month you carry this balance. This could make flexible financing more expensive than a 0% APR card, especially since the current variable APR of the Best Buy Visa Platinum card is 30.74%, significantly higher than the average credit card APR of 20.3%.
Welcome bonus
New cardholders have the opportunity to earn 10% back on their first day of qualifying Best Buy purchases, or financing. You don’t need to make these purchases on the same day you apply for the My Best Buy Visa Card, either — you have 14 days after account opening to take advantage of the first day welcome bonus. Since card members already earn 5% on all purchases, this welcome bonus essentially lets you earn an extra 5%, which can be lucrative if you have big-ticket items to buy.
How much this bonus is worth depends entirely on how much you can spend at Best Buy in a day. Buying a phone for $500 or a laptop for $1,000 will net you $50 and $100 in rewards, respectively — less than the $200 sign-up bonus commonly found among other no-annual-fee cash back cards. But if you’re in the market for a new fridge, stove or other appliance and plan to spend $10,000, you could earn $1,000 with this welcome bonus. Just make sure you don’t overspend to earn this welcome bonus, or the interest you accrue can quickly override your rewards.
If you choose to use your 10% welcome bonus, you cannot also use flexible financing on the same purchase.
Exclusive offers
My Best Buy Visa cardholders have the opportunity to take advantage of limited-time bonus categories as well as exclusive offers. You can view and activate these offers from your online account.
Annual fee
There are two versions of the My Best Buy Visa Card, and the card you receive will depend on your creditworthiness. When you apply, you’ll first be considered for the The My Best Buy Visa Platinum card, a no-annual-fee card designed for people who have established a positive credit history. If you aren’t approved for this version, you may be approved for the My Best Buy Visa Gold card, which comes with the same rewards opportunities as the Platinum card, but charges a $59 annual fee.
Alternative cards
Amazon Prime Rewards Visa Signature Card
If you use Amazon Prime on a regular basis, you might want to consider the Amazon Prime Rewards Visa Signature Card. This no-annual-fee card offers 5% back at Amazon and Whole Foods Market with eligible Prime membership (which costs $139 per year), as well as 2% back at restaurants, gas stations and drugstores. All other purchases earn 1% cash back, and new cardholders can earn an Amazon gift card for up to $100 instantly upon approval.
The Amazon Prime Rewards Visa Signature card also offers flexible reward redemption options, giving you the opportunity to turn your rewards into statement credits, bank deposits, discounts on Amazon purchases and more. Like the Best Buy Visa card, the Amazon Prime card offers promotional financing with equal monthly payments at 0% APR, though taking advantage of promotional financing will preclude you from earning cash back on that purchase. The Amazon Prime card’s offer is better than the Best Buy Visa’s, however, because if you don’t pay off your entire balance before the end of the promotional period, you’re only on the hook for interest on the unpaid balance going forward, instead of all the interest on the original balance.
Target RedCard
If you shop at Target more often than Best Buy, take a look at the Target RedCard. This retail credit card charges no annual fee and offers an automatic 5% off all Target purchases. When you shop online, you automatically get free two-day shipping on all qualifying purchases.
The Target RedCard also offers 2% back on dining and gas, 1% back on all other purchases. The rewards you earn on dining, gas and other shopping can be redeemed for Target gift cards.
Capital One Walmart Rewards® Mastercard®
Walmart shoppers who like cash-back rewards should consider the Capital One Walmart Rewards® Mastercard®. This no-annual-fee credit card offers 5% cash back on Walmart.com purchases, including pickup and delivery, as well as 2% cash back on purchases in Walmart stores, Murphy USA and Walmart fuel stations. Plus, you’ll earn 2% cash back on restaurants and travel, and 1% on all other purchases.
The Capital One Walmart Rewards Mastercard doesn’t offer a welcome bonus, but new cardholders can bump their in-store rewards from 2% to 5% during their first year of membership by using Walmart Pay to make Walmart purchases. Your cash back accrues as Capital One Rewards points, giving you plenty of redemption options — statement credits, gift cards, travel and more.
FAQs
How does a co-branded credit card work?
Co-branded credit cards are developed when a bank partners with a retailer. In this case, Citi and Best Buy partnered to offer the My Best Buy Visa Card to consumers interested in earning rewards on gas, groceries, dining and Best Buy purchases. When you apply for a My Best Buy Visa Card, you’re actually applying for a Citi credit card. This is different from a store card that can only be used at a particular store. Best Buy also offers a store credit card — the My Best Buy card, which can only be used at Best Buy stores or at BestBuy.com.
When should I get a store credit card?
Store credit cards may be easier to get approved for than traditional or co-branded credit cards. If you shop at a particular store often, a store card may help you build credit while also earning some rewards. However, store cards tend to have higher APRs than most traditional credit cards. Make sure you only charge what you can afford to pay off in full — otherwise a store credit card can cost you more in interest than you’ll earn in rewards.
Is the My Best Buy Visa Card a good store credit card?
The My Best Buy Visa Card is a co-branded card that lets you cash in your rewards at Best Buy. It’s not a store card, since you can use it anywhere Visa is accepted. This may be a good card for Best Buy loyalists. It offers competitive rewards rates, but you can only redeem them towards future Best Buy purchases. If you’re not a Best Buy loyalist, other retail credit cards offer better rewards or more flexible redemption options.
*All information about the Target RedCard, Amazon Prime Rewards Visa Signature Card, Capital One Walmart Rewards Mastercard and My Best Buy Visa Card has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
My Best Buy Visa Card: Best for Serious Best Buy shoppers – CNET
Source: Media Star Philippines
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