More than a thousand Best Buy (BBY) stores may be found in the United States and Canada, employing over 100,000 people. Shoppers may find appliances, laptops, mobile phones, gaming systems, sound equipment, hardware, software, & entertainment goods at Best Buy's brick-and-mortar locations and on the company's website.

Like many other significant businesses, Best Buy accepts credit cards as payment. Customers can use either the Best Buy store credit card or a co-branded, general-use Visa credit card, both of which come with incentives and preferential financing options.

How To Use A Credit Card At My Best Buy

You may apply for a My Best Buy credit card in-store or online. My Best Buy Credit is a store card that can only be used at Best Buy stores and on BestBuy.com, unlike the My Best Buy Visa card, which can be used everywhere Visa is accepted and earns benefits.

The My Best Buy card is similar to other store cards in that it may be used to make purchases and receive perks like special financing. It has a high annual percentage rate (APR), as is typical with shop credit cards, and good credit is required for approval. If you don't use the promotional financing option, the co-branded Visa version of the card has high-interest rates, too.

Gains and Advantages

My Best Buy credit card customers receive 5% cash rewards, the card's primary perk. If you pay off your debt in full by the end of the period, you won't be charged any interest on purchases or balance transfers made with your My Best Buy credit card.

But, if you utilize promotional financing, you won't accumulate points for that sum. Every purchase above $299 is eligible for 12 months of no interest if paid in full within that time frame. Compounded interest from the purchase date applies if paid in less than complete.

Other Credit Cards To Use Instead of My Best Purchase

Other credit cards provide 0% APR promotional interest rates for longer durations and 0% promotional interest rates with a cash-back benefit if you are contemplating using a My Best Buy credit card to finance a significant purchase at Best Buy.

U.S. Bank's Visa Platinum card includes a 0% intro APR promotion for your first 20 payments. With the Chase Freedom Unlimited credit card, you may get 1.5% cash back on all purchases after the first three months, 0% interest for 15 months, and $200 cash back after spending $500 in the first three months. Your options for using your accumulated points are cash back or participation in the Chase Ultimate Rewards program.

Spend $500 on purchases in the initial three months after account opening and receive $200 cash back with the Capital One SavorOne Rewards credit card, plus enjoy 0% APR for 15 months. Furthermore, you will receive 3% cash back on eating, entertainment, and grocery stores and 1% on all other purchases.

Is the My Best Buy Credit Card Right for Me?

Anyone planning to make a sizable purchase at Best Buy on a single day and take advantage of the store's offer of 0% APR financing or a one-time 10% incentive might consider applying for a My Best Buy credit card.

The greater rewards rate of a My Best Buy credit card is worth the bother of rewards only being provided as rewards certificates for someone who frequently spends at Best Buy. Like many retailers.

Best Buy uses gift certificates to incentivize customers to utilize their store credit cards. Those considering applying for this credit card should consider whether the rewards certificate system would tempt them to spend more than they intended.

Price of the My Best Purchase Credit Card?

My Best Buy Credit store cards had variable APRs between 28.74% and 30.74% as of February 2023 and fixed APRs between 9% and 26.34%. The variable interest rates on my Best Buy Visa card ranged from 15.24% to 30.74%, while the fixed interest rates ranged from 9.99% to 20.24%.

Conclusion

Similar to other store credit cards, the interest rates on the My Best Buy Credit store card and the My Best Buy Visa card are relatively high. Although the 5% cash-back reward is respectable, the fact that it can only be redeemed for a Best Buy gift certificate makes this card less desirable to the average customer than one that offers a regular cash-back benefit.

Suppose you often buy at Best Buy and find that the 5% back at Best Buy is worth the annoyance of the rewards certificate system. In that case, the My Best Buy card is a suitable option for financing a significant purchase, like updating the appliances in your living room.