Credit Card

Best Buy Store Credit Card Review 2023

My Best Buy® Visa® Platinum Card

Information about the My Best Buy® Visa® Platinum Card has been collected independently by CNBC Select and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards

    5% back at Best Buy, 3% back at gas stations and 2% back on dining and grocery purchases. All other purchases earn 1% back.

  • Welcome bonus

    10% back on your first day of purchases

  • Annual fee

    $0 ($59 if approved for the My Best Buy® Visa® Gold card)

  • Intro APR

  • Regular APR

  • Balance transfer fee

    $15 or 5% of the amount of each transfer, whichever is greater

  • Late payment fee

Pros

  • No annual fee
  • Rewarding for Best Buy purchases
  • Potentially useful limited-time offers for cardholders

Cons

  • Rewards are only redeemable at Best Buy
  • No 0%-APR offers, deferred-interest offers only
  • Confusing application process, you could be approved for a different card

Best Buy credit card review

Welcome bonus

You earn 10% back in Best Buy rewards on your first day of purchases.

Benefits and perks

How to earn and redeem Best Buy rewards

Earning

The Best Buy Visa Platinum card earns rewards at the following rates:

  • 5% back on Best Buy purchases (2.5 Best Buy points per dollar)
  • 3% back on gas purchases (1.5 Best Buy points per dollar)
  • 2% back on dining and takeout purchases (1 Best Buy point per dollar)
  • 2% back on grocery purchases (1 Best Buy point per dollar)
  • 1% back on all other purchases (0.5 Best Buy points per dollar)

Redeeming

For every 250 Best Buy points you earn, you’ll automatically receive a $5 reward certificate, which is a discount you can apply to your next Best Buy purchase (online or in-store). You can change or remove the threshold to receive an auto-issued reward certificate by logging into your Best Buy account. If you close your Best Buy card, you will no longer be able to earn Best Buy points and will have 90 days to redeem your rewards.

Rates and fees

Best Buy card alternatives

When you apply for a Best Buy card, you won’t know which version of the card you’ll qualify for. The My Best Buy Visa Platinum card has no annual fee and is the most rewarding Best Buy card, but it has the highest requirements for good credit.

If you don’t qualify for the Best Buy Visa Platinum, you may first be considered for the My Best Buy Credit Card (which is a store card that can only be used at Best Buy), and then for the My Best Buy Visa® Gold® Card (which has a $59 annual fee). But if you’re eligible for a Best Buy Visa Platinum card, you’ll likely qualify for plenty of credit cards not affiliated with Best Buy that provide far better perks and rewards.

Better cards for 0% Introductory APR offers

Introductory 0%-APR offers are better than the deferred interest financing deals available with the Best Buy credit cards. In both cases, you’ll want to plan on having the full balance paid off before the promotion period expires, but there is less risk with a 0%-purchase APR offer. With deferred-interest financing, if you pay off 99% of your purchase by the offer end date, you’d still pay all of the interest accumulated from the date of purchase. With a 0%-APR offer, you start paying interest only when the introductory period expires.

A number of no-annual-fee cards come with 0%-introductory-APR offers for over a year for new purchases. The U.S. Bank Visa® Platinum Card has an intro APR of 0% for the first 18 billing cycles for purchases and balance transfers (then 18.74% – 29.74% variable APR); balance transfers fees is either $5 or 3% of the amount transferred, whichever is greater.

U.S. Bank Visa® Platinum Card

Information about the U.S. Bank Visa® Platinum Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards

  • Welcome bonus

  • Annual fee

  • Intro APR

    0% for the first 18 billing cycles on balance transfers and purchases

  • Regular APR

    18.74% – 29.74% (Variable)

  • Balance transfer fee

    Either 3% of the amount of each transfer or $5 minimum, whichever is greater

  • Foreign transaction fee

  • Credit needed

See rates and fees. Terms apply.

Amex EveryDay® Credit Card

Information about the Amex EveryDay® Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards

    2X Membership Rewards® points at U.S. supermarkets on up to $6,000 per year in purchases (then 1X), 1X Membership Rewards® points per dollar spent on all other purchases

  • Welcome bonus

    Earn 10,000 Membership Rewards® points after you make $2,000 in purchases in your first 6 months of card membership

  • Annual fee

  • Intro APR

    0% for the first 15 months on purchases and balance transfers from the date of account opening

  • Regular APR

    18.24% to 29.24% variable

  • Balance transfer fee

  • Foreign transaction fee

  • Credit needed

Cards with better benefits and rewards

The rewards you earn with a Best Buy credit card can only be redeemed at Best Buy, and the card also lacks notable benefits, such as purchase protection or extended warranty coverage. However, other no-annual-fee credit cards earn more flexible rewards and have useful perks.

The Chase Freedom Flex℠ earns 5% cashback in rotating quarterly categories when you activate (up to $1,500 in purchases each quarter, then 1%). It also has both purchase protection and extended warranty protection which automatically apply to eligible purchases. The extended warranty protection extends eligible warranties by an extra year, and the purchase protection covers eligible items against damage or theft for 120 days, up to $500 per claim and $50,000 per account.

Chase Freedom Flex℠

  • Rewards

    5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%), 5% cash back on travel booked through the Chase Ultimate Rewards®, 3% on drugstore purchases and on dining (including takeout and eligible delivery services), 1% cash back on all other purchases

  • Welcome bonus

    $200 cash back after you spend $500 on purchases in your first three months from account opening

  • Annual fee

  • Intro APR

    0% for the first 15 months from account opening on purchases and balance transfers

  • Regular APR

  • Balance transfer fee

    Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.

  • Foreign transaction fee

  • Credit needed

  • Member FDIC. Terms apply. Information about the Chase Freedom Flex℠ has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

Is the Best Buy credit card right for you?

The Best Buy Visa Platinum card is most rewarding for Best Buy purchases, and those rewards can only be redeemed at Best Buy. That means if you find a better deal for that pair of wireless earbuds or smart TV at another retailer, you’ll earn far fewer rewards if you purchase it with your Best Buy card, and you won’t be able to use any of the Best Buy rewards you’ve already accumulated to help pay for the purchase. Plus, the cash savings by going to another retailer may outweigh any rewards you would have earned from the Best Buy card. 

In short, there are plenty of no-annual-fee cards with better 0% intro-APR offers, more flexible rewards and additional benefits that aren’t available with Best Buy credit cards.

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Bottom line

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For rates and fees of the Amex EveryDay® Credit Card, click here.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.