Best Buy Credit Cards 2022: The Next Big Thing to Expect this Year

 – Best Buy Credit Cards 2022 – 

Best Buy Credit Cards are great options for genuine Best Buy fans that would never use their rewards anywhere else in 2022.

BestBuy CreditCards

If you are one of them, here is everything you should know about Best Buy Credit cards in 2022 that will guide your decisions.

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Quick Features of the Best Buy Credit Cards 2022 

Here is a quick feature of the best buy credit cards for 2022 & my best buy program. 

There are a few extra benefits to joining the ‘My Best Buy program’, as well as a few that come with holding the Visa cards.

Your participation in the ‘My Best Buy Program’ entitles you to the following benefits:

  • Early access to sales and special offers
  • Exclusive member-only deals
  • Free in-home consultation
  • A special birthday gift during your birthday month
  • Free shipping on purchases of $35 and up, with no minimum purchase requirements for Elite and Elite Plus members

With $1,500 in purchases per calendar year, members can qualify for My Best Buy Elite, and with $3,500 in purchases per calendar year, they can qualify for My Best Buy Elite Plus.

They may include the following Visa perks with your My Best Buy Visa card (see your cardmember benefits explanation):

  • Travel and emergency help services
  • Auto rental collision damage waiver
  • Roadside dispatch
  • Fraud prevention
  • Emergency card replacement
  • Cardholder inquiry service
  • Extended warranty manager service

Things to Know About the Best Buy Credit Cards in 2022

Superstore for electronics “Best Buy” has two co-branded store cards that can be used to earn rewards when you purchase there.

If you spend most of your electronics shopping there, carrying one of them might make sense, especially given how costly items like cellphones, HDTVs, and laptops can be–and how rapidly they become obsolete.

However, rewards are exclusively redeemable at, Best Buy, and while the cards do offer deferred-interest financing on some purchases, in most circumstances, a true 0% intro APR deal would be a better decision.

Other reward credit cards provide more varied and adjustable rewards. The Best Buy credit card has five features that you should be aware of in 2022.

1. There are Two Basic Best Buy Credit Cards

You can apply in-store or online for Best Buy credit cards, but the process is a bit opaque. Essentially, there are two basic versions:

My Best Buy Credit Card. This is a “closed-loop” store card, meaning it’s accepted only at Best Buy and BestBuy.com. There is no annual fee.

My Best Buy Visa. This is an “open-loop” credit card, accepted anywhere that takes Visa. This card comes in two versions, with the only significant difference being the annual fee. When you submit your application, Best Buy will tell you which one you’ve been approved for:

  • This version has an annual fee of $59.
  • Platinum. This version has no annual fee.

According to Best Buy, when you apply for a card, you are first considered for the My Best Buy Visa Platinum (open-loop, no annual fee).

If you don’t qualify, you’re then considered for, in order, the My Best Buy Credit Card (store card) and finally the My Best Buy Visa Gold (with annual fee).

In other words, you won’t have any control over which version you get approved for.

2. Rewards Rates are Decent, but Redemption is Clunky

Carrying any of these credit cards means joining the My Best Buy shopper loyalty program, as rewards are earned as points in that program.

You then turn those points into Best Buy rewards certificates: Every 250 points earns you a $5 reward certificate, giving the points an effective value of 2 cents apiece. (You’ll need at least 250 points to redeem.)

For shopping at Best Buy, the rewards offerings are the same on either card version. You’ll get:

  • 5% back on all purchases at Best Buy (2.5 points per $1 spent).
  • Flexible financing options (more on that below).

But the Visa version of the card goes a lot further. Beyond 5% back at Best Buy, you’ll also earn:

  • 3% back on gas purchases (1.5 points per $1 spent).
  • 2% back on dining and grocery purchases (1 point per $1 spent).
  • 1% back on other everyday purchases (1 point per $2 spent).

Again, every 250 points will earn you a $5 reward certificate. You’ll receive a certificate automatically to your inbox every time you reach 250 points unless you choose to manually change this setting.

3. Deferred Interest may be an Option … but it Comes with Potential Risk

The Best Buy cards advertise occasional “no interest if paid in full” offers (aka, “deferred interest” offers), ranging between six and 36 months, which might sound attractive. But it’s important to understand what deferred interest means.

With such an offer, interest is not waived, as it would be with a true 0% intro APR promotion. Instead, a deferred-interest offer merely sets aside that interest until later.

If you pay off your purchase by the end of the deferred-interest period, you’re fine. But if you carry a balance past the end of the period — even a few dollars — you’ll be charged the card’s full ongoing interest rate on your entire purchase, going back to the day you made it.

And the interest rate on Best Buy credit cards is high: 25.24% as of July 2020. If you need to finance a large purchase and avoiding interest is your primary aim, consider instead credit cards with a true 0% APR offer.

4. You’ll get an Incentive for Opening the Card

Like many store credit cards, Best Buy offers a one-time incentive for new cardholders.

A common offer is to receive a total of 10% back in Best Buy points on your first day of purchases when you are approved for the card.

That means if you’re spending $2,000 on your first Best Buy credit cards purchase, you’ll get 10,000 points. That’s equal to $200 in Best Buy rewards certificates.

Unlike many credit cards, you won’t have to spend a certain amount on purchases on your new card before you receive the bonus.

In lieu of the one-time 10% back option, you can also choose flexible financing (aka, deferred interest offers).

5. If You’re not a Die-hard Best Buy Shopper, you can do Better

If you’re regularly spending enough at Best Buy to earn your way into an elite membership level, then a Best Buy credit card might make sense, especially because you’d likely be shopping at the store enough that you could regularly cash in your rewards.

But with its $59 annual fee, the ‘My Best Buy Visa Gold’ is not a good deal. Even if you were an Elite Plus member, you would have to spend nearly $1,000 at Best Buy before your rewards would make up for the annual fee.

If you’re considering a Best Buy credit card, you’d want either the ‘My Best Buy Credit Card’ (store card) or the ‘My Best Buy Visa Platinum’.

But, again, you don’t have control over which card you’ll be approved for.

For most people, a general rewards credit card that’s not tied to any specific retailer will be a better and more flexible option.

Best Buy Credit Cards Terms

A credit card is more than a piece of plastic. They’re complicated goods that can either help you better your financial status or hurt you financially if you don’t use them correctly.

BestBuy CreditCard

Also, knowing the jargon is necessary if you want to get the most out of your credit card.

Building your credit card vocabulary will not only make you a more informed consumer, but it will also help you get the most out of every credit card you’ll ever own.

 1. Annual Fee 

Some credit cards charge a fee for every year you keep the card. Annual fees are more common with credit cards for bad credit and travel rewards credit cards, but some small business and cash-back rewards credit cards also charge these fees.

Depending on the credit card, you may not have to pay an annual fee for the first year you own it.

2. Annual Percentage Rate (Annual Percentage Rate)

The annual percentage rate, or APR, is the total cost of borrowing money with your credit card on an annual basis. It offers information regarding the interest rate, fees, and other expenditures associated with the card.

3. Permitted User

You may use another person’s credit card account to make purchases as an authorized user, but you are not responsible for paying the bill.

Allowed users usually gain their own card that is linked to the account of the principal cardholder.

As a result, being an allowed user has another advantage: the card issuer discloses the account’s activity and history to the credit bureaus on your behalf.

“You are free to use the card and to make payments.”

4. Auto Rental Collision Damage Waiver 

If you pay for a car rental with your credit card, you may be eligible for this advantage. It doesn’t cover liability insurance, and most cards have some exclusions and limitations.

For most cards, the coverage is secondary. This implies that if you have a personal auto insurance policy, you must first file a claim with that provision, after which your credit card’s coverage will kick in.

Primary coverage by American Express and the Chase Sapphire Preferred, Chase Sapphire Reserve, and United Explorer Cards, and does not need you to file a claim elsewhere.

5. Available Credit

The amount of credit you can use. It’s calculated by subtracting your current balance plus any pending transactions from your credit limit.

6. Average Daily Balance

They calculated this figure by multiplying the total number of days in a statement period by the total number of days in that period.

However, the Credit card uses the average daily balance to calculate how much interest you owe. If you pay off your balance in full by the due date, you can avoid incurring any interest.

7. Balance Transfer

The procedure of transferring a portion or all of your credit card balance from one card to another. People often do this to take advantage of a lower interest rate or an introductory zero percent APR promotion.

They are most credit cards user charge a balance transfer fee, but some balance transfer credit cards offer an introductory $0 fee.

8. Cash Advance

It took a cash loan from your credit card account using an ATM, bank withdrawal, or check from your card issuer.

Also, your cash advance limit is typically lower than your overall credit limit. Credit card issuers often charge a higher APR on cash advances than regular purchases, and interest accrues immediately with no grace period. Also, cash advances typically incur a fee.

Cash advances can be costly, says Svehla. “There is often an immediate fee and higher interest rate imposed on the card with a cash advance. The rate can be as high as 30 percent, depending on the card.”

9. Money-Back Guarantee

A rewards program that provides you with a portion of your money back as cash for every dollar you spend. They usually return this money as a statement of credit, direct deposit, or physical check.

Some cashback credit cards also let you exchange points for gift cards.

10. Co-branded Card No

A specific business partner sponsored a credit card, such as a retailer, airline, or hotel chain. Co-branded cards frequently come with exclusive privileges from the partner brand, as well as bonus rewards on purchases made with that brand.

“When you make transactions with that airline carrier, a co-branded airline card will give larger points,” explains LaToya Irby, a credit expert.

Best Buy Black Friday

Credit and debt management for TheBalance.com. Using a co-branded card might also help the cardholder reach loyalty program elite status faster than if they used a regular credit card.

11. Issuer of a Credit Card

A bank, credit union, or other financial organization issues and services a credit card. These are not to be confused with payment networks that do not issue credit cards, such as Visa and Mastercard.

American Express, Discover, Capital One, Chase, and Citi are some of the most well-known credit card companies.

12. Maximum Credit Limit

The maximum amount that can be on a credit card. When you open a credit card account, you’ll usually be a credit limit, but you can seek an increase later.

Your credit limits are by several factors, including the sort of card you have, your creditworthiness, your income, and your overall debt load.

13. Credit Utilisation Rate

The amount you owe on your credit card divides the amount you have available on your credit card. Credit scoring models use this rate to calculate your credit score.

Keep your credit utilization rate as low as workable for each card and across all of your cards to improve your credit score.

14. Disputation

You can contact your card issuer if you spot an unauthorized transaction or disagree with a charge on your statement.

To resolve the disagreement, the issue usually has two billing cycles. You may receive a temporary credit for the disputed amount in the meantime.

15. Chip EMV

A credit card with a digital chip generates a unique transaction code each time it is. This transaction number, unlike the magnetic stripe on the back of your card, which means it can help prevent credit card fraud.

EMV stands for Europay, Mastercard, and Visa, the three businesses that agreed to the EMV chip’s security standards.

16. Warranty Extension

This coverage often mirrors the manufacturer’s warranty and extends the warranty on specific products purchased with the card for one year or more.

Although you may not need to register the product in order to receive the benefit, it is prudent to maintain your receipt.

17. Grace Period

The duration between the end of your billing cycle and the final debt due date for that cycle. You can pay off new purchases without incurring interest during this time.

If your credit card includes a grace period, it must be at least 21 days long, according to the CARD Act of 2009.

18. Payment Delayed

The credit card provides considers your payment late if you do not pay at least the minimum amount by the due date.

Many issuers levy a late fee, however, some will waive the first one or even all of them. If you miss a payment by over 30 days, it can hurt your credit score.

19. Minimum Payment 

The smallest amount you must pay on your credit card each month to avoid incurring a late fee.

Different card issuers may calculate differently your minimum payment, but the standard is 1% of your balance plus any interest or fees due. If you have a low balance, it may require you to pay a minimum amount that is greater than 1%.

20. Payment History 

Your credit score’s most essential aspect. Make at least the minimum payment on time every month to maintain a solid payment history. You can even go one step further and pay down the entire sum to avoid paying interest.

23. Payment Network

The core business of a credit card company is to process credit card transactions. The four major payment networks in the United States are Visa, Mastercard, Discover, and American Express. Credit card providers Discover and American Express are also credit card companies.

22. Price Protection

If you buy something with your card and the price reduces or you discover it cheaper somewhere else within a certain time frame, you’ll get a refund for the difference.

Credit card issuers may differ in terms of the time length, coverage limits, and eligibility conditions.

23. Purchase Protection

Also, if you buy something with your card and it becomes damaged, lost, or stolen within a certain amount of time, this benefit reimburses you for the cost of the item.

Credit card issuers may differ in terms of the time length, coverage limits, and eligibility conditions.

24. Return Protection

Extends the return period for an item you bought with your credit card beyond the retailer’s return policy or establishes one if the merchant doesn’t have one.

You can, however, submit the item to the credit card company for a refund if you are eligible. Credit card issuers may differ in terms of the time length, coverage limits, and eligibility conditions.

25. Schumer Box

A standardized box-shaped disclosure that informs potential applicants about crucial credit card terms, such as interest rates and fees.

The box makes it easier for customers to compare credit card terms and, in most cases, eliminates hidden fees that can be in the fine print. It included them in the Truth in Lending Act and they named him for Senator Charles Schumer.

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Best Buy Credit Cards Fees

Best Buy Credit Card

The store card carries a high APR, for purchases that are eligible for the 48-month reduced rate plan. This card has no fees except for a late payment fee and returned payment fee, each $39.

It can only be used when shopping in Best Buy.

Best Buy Credit Cards Compared

Fees My Best Buy Credit Card My Best Buy Visa® Credit Card
Annual Fee $0 $0-$59 (depending on creditworthiness)
Where can you use it? In-store purchases only Anywhere
Annual Percentage Rate (APR) for Purchases 26.74% This APR will vary with the market based on the Prime Rate. 11.90% for select purchases eligible for the 48-month reduced rate credit plan (The store sales associate or store website will identify which purchases are eligible for the reduced rate credit plan) 26.74% This APR will vary with the market based on the Prime Rate. 11.90% for select purchases eligible for the 48-month reduced rate credit plan (The store sales associate or store website will identify which purchases are eligible for the reduced rate credit plan)
How to Avoid Paying Interest on Purchases Your due date is at least 25 days after the close of each billing cycle. Your due date is at least 25 days after the close of each billing cycle.
Minimum Interest Charge If you are charged interest, the charge will be no less than $2. If you are charged interest, the charge will be no less than $2.
Late Payment Fee Up to $38 Up to $38
Returned Payment Fee Up to $38 Up to $38

The card’s interest rate is high for purchases and balance transfers. Purchases that are eligible for the 48-month reduced rate plan charge a lower APR.

Based on your credit score, there will either be an annual fee of $59 or no annual fee.

Both cards include higher terms than you’ll find with other rewards credit cards, especially if you happen to qualify for the one with the $59 annual fee.

If this is the case, there are many others available with no annual fee at all and more benefits.

Interest Rates on Credit Cards is High

Both Best Buy cards carry high APRs which can quickly add up if you aren’t diligent in paying your balance in full each month.

If you typically carry a balance, it’s best to choose a card with a lower interest rate. Great options include:

If you can pay your entire balance in full each month and avoid paying interest, the high APR is less of an issue.

Saving on Interest with Special Financing

The Best Buy special financing offers are dependent on how much you spend at Best Buy. Although you can avoid paying interest for as long as 24 months, this is only if you spend more than $799.

If you plan on making a smaller purchase or purchasing with different retailers, you may be better off with a card that offers a 0% introductory APR.

It is nearly as long as Best Buy’s longest financing offer. Plus, you don’t have to spend a certain amount to take advantage of it.

Credit Score Needed for Best Buy Cards

Store cards are generally easier to qualify for if you have had minor credit score problems in the past. Your credit score rating is considered bad if it is in the lower 600s. You may have a better chance of approval for the Best Buy cards than you would with other cards.

Be prepared, however, to receive a relatively low initial credit line — around $500 or less. With a low credit limit, you may not be able to charge an electronic purchase to the My Best Buy cards.

After 6 months of responsible usage, you can request a credit line increase so that you can purchase larger items with the Best Buy on the card.

Fortunately, the higher credit line can also help you improve your credit scores.

Best Buy Credit Cards vs. Best Buy Store Card

Both the store card and the credit card allow you to make purchase products from Best Buy and pay them off later, either monthly or all at once.

BestBuy CreditCard

You can also apply for either through the Best Buy online application process.

Once you are approved, you can choose between the two. You cannot use the store card outside of Best Buy.

You will, however, earn 5% rewards for Best Buy products.

If you happen to be an Elite Plus member (which is based on your annual spending — see below for more information), you’ll earn 6%.

My Best Buy Visa cardholders also earn 2% back on dining out, groceries, and gasoline, and 1% back on everything else.

Both cards allow you to choose the 5% option for Best Buy purchases or special financing. For example, on purchases totaling $199 or more, you get six months to pay off your balance without any interest.

On purchases totaling $399 or more, you get 12 months at no interest. On purchases of more than $599 get 18 months, and those totaling more than $799 get 24 months.

Elite vs. Elite Plus Status at Best Buy

Best Buy operates the ‘My Best Buy Rewards program’ that is free for anyone to join.

The program’s benefits include rewards on every Best Buy purchase, free shipping, and special offers.

However, there are two other program tiers that can provide even more perks for the frequent Best Buy shopper: Elite and Elite Plus.

The rewards earned under all Best Buy cards will be saved under the ‘My Best Buy Rewards program’.

Elite and Elite Plus statuses in this program require $1,500 and $3,500 in purchases per calendar year, respectively. Each of these levels provides additional perks and benefits. They include:

  • Points bonuses
  • Free standard and expedited shipping without minimums
  • Extended periods of time for returns and exchanges

If you happen to shop frequently at Best Buy, these elite status levels can cause more points and more savings on each purchase.

Redeeming your Best Buy Rewards

You can earn 2.5 points for each dollar spent with Best Buy, which is equal to 5%. Every 250 points is worth a $5 Best Buy certificate that you can use toward your next purchase.

However, this limits your rewards to only those made at Best Buy stores. Other credit cards allow you to redeem as a statement credit toward any purchase, or even for cash and gift cards with other retailers.

Because of this, your rewards certificates are only useful if you continuously shop at Best Buy.

This program also offers free standard shipping on orders $35 or more as well as access to special sales and promotions.

My BestBuy Programs

My Best Buy programs Core members Elite members Elite Plus members
Shipping fees Free 2-Day shipping (with no annual fee) on thousands of items available on BestBuy.com 2-Day Free Shipping (with no annual fee) on thousands of items available on BestBuy.com Free 2-Day shipping (with no annual fee) on all items available on BestBuy.com
Rewards Points if you are a My Best Buy credit card user 5% back or 2.5 points for every $1 spent on eligible purchases 5% back or 2.5 points for every $1 spent on eligible purchases 6% back or 3 points for every $1 spent on eligible purchases
Rewards points when using another qualifying form of payment 1% back or 1 point for every $2 spent 2% back or 1 point for every $1 spent 5% back or 1.25 points for every $1 spent
Returns/Exchanges 15-day return/exchange period Extended 30-day return/exchange period Extended 45 day return/exchange period
Specials   Member-Only Access to special offers and pre-sale exclusives, such as the Black Friday Early Access event Member-Only Access to special offers and pre-sale exclusives, such as the Black Friday Early Access event

 Best Buy Credit Cards Promotions and Sign-Up Offers

The Best Buy Credit Cards currently offer an additional bonus of 5% rewards on your first purchase made within the first 14 days.

That’s a total of 10% rewards for your initial Best Buy purchases. The value of this sign-up offer depends on how much your purchase costs.

For example, if you buy a new television from Best Buy that costs $1,500, you earn 7,500 points, which is worth a $150 certificate. This can result in significant savings on your next purchase.

However, credit cards often provide valuable sign-up bonuses in order to attract new cardholders. It may be worth more to you especially if you don’t plan on making a large purchase at Best Buy right away.

In comparison, the Blue Cash Preferred® Card from American Express typically offers welcome bonuses worth hundreds of dollars. The cashback can be used for anything you want, not just Best Buy spending.

Best Store Credit Cards

Best Store Credit Cards Rewards APR Annual Fee
Best Buy® Store Card 5% back or 2.5 points for every $1 spent on eligible purchases 0% (for 6 months on purchases $199 and up; 12 months for $399 and up) $0
Home Depot® Credit Card No rewards program 0% (for 6-12 months) $0
Walmart® Store Card 5-cent per gallon savings on Walmart gas stations 0% (for 6-24 months) $0
GAP Store Card 5 points per $1 spent 24.99% $0
Staples® Credit Card 5% cashback 0% (for 6-18 months) $0
Amazon Store Credit Card 5% cashback with Amazon Prime 0% (for 6-24 months) $0
Apple Store Credit Card 3 points per $1 at Apple & iTunes 0% (for 6-18 months) $0
Overstock™ Store Credit Card 1% on non-Overstock purchases, 8% Overstock purchases 0% (for 6 months) $0

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Frequently Asked Questions

Best Buy Credit Cards

How do I apply for a Best Buy Credit Card?

You can apply for a My Best Buy credit card in-store or online. If you want to apply online, you’ll first have to create a BestBuy.com account (if you don’t already have one).

What Bank does the Best Buy Credit Card go Through?

The My Best Buy credit cards are co-branded cards through Best Buy and Citibank.

Is there an Annual Fee for the My Best Buy Visa Platinum or the My Best Buy card.

There is an annual fee of $59 for the My Best Buy Visa Gold.

Does the Best Buy Credit Card have an Activation Fee?

No, the Best Buy credit cards do not have an activation fee.

Where Can you Use a Best Buy Credit Card?

You can use either of the My Best Buy Visa cards (the Platinum or Gold) anywhere Visa is accepted. You can only use the My Best Buy card at Best Buy retail stores or online at BestBuy.com.

Does the Best Buy Credit Card offer Buyer Protection or an Extended Warranty?

Most Visa credit cards do provide some sort of protection and extended warranty. Please see your card member benefits explanation for additional details.

How do I pay my Best Buy Credit Card Bill?

You can pay your Best Buy credit card bill online, in-store, by mail (to the address on your statement), or by phone (888-574-1301).

Can I Pay my Best Buy Credit Card Bill with Another Credit Card?

No, you cannot pay your My Best Buy Credit Card bill with another credit card.

Note that If you shop at Best Buy often and/or generally spend a good amount on electronics, then a Best Buy credit card could definitely come in handy, but only if you’re a responsible cardholder.

Best Buy Credit Cards

I hope this article has been useful enough and able to guide you. If it was, please do well to share it with friends and loved ones, to keep them updated in 2022 about Best Buy Credit Card.

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