Best Buy (BBY) offers consumers both a store credit card and a co-branded general-purpose Visa credit card that allows them to choose whether to be rewarded or receive special financing terms. The main benefit of a store credit card is that it offers 5% cashback for its loyal cardholders and 6% cashback for Elite Plus members on qualifying purchases. Each of the four credit cards earns 5% on in-store purchases and 6% back if you reach Elite Plus status.
Example
For example, in 2020, cardholders had a limited time to earn 10% rewards on drugstore and pharmacy purchases and 5% rewards on wholesale club purchases upon activation. All of these programs are free, with the exception of the My Best Buy Visa(r) gold card, so you can earn rewards on all your Best Buy purchases. If you don't plan to make a big purchase at Best Buy or make a LOT of purchases there, there are alternative cashback credit cards that can earn you more cashback with more flexible reward redemption.
Refund
Or you can get a flat 2% refund on every purchase (1% refund at the time of purchase, plus an additional 1% when paying for those purchases), even at a big box tech retail store, with a card like Citi(r) Dual Cash . The Citi Dual Checkout Card allows its customers to earn 2% on every purchase with unlimited 1% cashback at the time of purchase, plus an additional 1% on those purchases. My Best Buy credit card offers some great benefits for in-store purchases, but limited redemption options make it less valuable than moreflexible cashback credit cards.
Great rewards
Not only do these two Best Buy-branded credit cards offer great rewards for loyal electronics shoppers, but you can also earn rewards faster with the Best Buy loyalty program. If you regularly spend enough money at Best Buy electronics to earn elite membership tiers, a Best Buy credit card might make sense, especially since you'll likely be shopping enough in-store to be able to cash out on your rewards base on a regular basis. .For other everyday purchases, consider pairing with the Universal Cash Back Rewards Card, which offers more bonus rewards and greater redemption flexibility.
Keep track
If you're not likely to frequent Best Buy and/or don't want to keep track of your certificates, you can do better with a lower-maintenance cashback card like the Citi(r) Double Cash card, which allows you to earn cashback on your purchases. Best Buy with no expiration date on your rewards. Show yourself other cashback cards you should consider, such as Chase Freedom Unlimited by American Express or Blue Cash Preferred (r). Some of the different options include cashback, Chase Ultimate Rewards, and gift cards.
Large purchase
These cards can help you pay for a large purchase without the risk of deferred interest and offer multiple repayment options including bank statements, cashback, gift cards and more. Instead of the 10% lump sum repayment option, you can also opt for flexible financing (i.e. deferred payment offers). We recommend that you prepare for any purchases that qualify for special financing before you buy so you can avoid deferred interest (high interest rate of 25.24% with Visa cards).
Deferral period
If you have a balance after the interest deferral period, even a few dollars, you will be charged the full current interest rate of the card on the entire purchase from the day you made it. APR zero interest credit cards are better for financing a purchase as they charge nothing for deferred interest even if the customer fails to pay the balance in full within the allotted time period. Rewards can only be redeemed at Best Buy, and while the cards offer deferred interest on some purchases, in most cases, it's best to opt for the zero-interest start April deal.
Interest Rates
A co-brand also carries high interest rates, unless the advertising funding is used for larger purchases. Visa cards can be used anywhere a Visa card is accepted, but while the Visa Platinum version of the card has no annual fees, you will be charged $59 per year if you qualify for Visa Gold only. Both cards come with higher terms than you'll find with other reward credit cards, especially if you qualify for the card with a $59 annual fee.
Redeem points
You can redeem points for just 250 points, a $5 store credit. Earn 1 point for every $1 (2% bonus back) spent on net restaurant, bar and grocery store purchases. .You'll also earn 2% at grocery stores and wholesale clubs (combined quarterly purchases of up to $2,500 plus 3% in categories, then 1% back).
Loyalty Program
For example, if you're lucky enough to get a coveted Playstation 5 and spend $500 with a My Best Buy Visa card, you'll earn 1,250 points worth $25 in Best Buy purchases, enough for a three-month Playstation Plus subscription. . Also, using promotional financing offers can be very helpful when you are making a major purchase or during the holiday season. To become a My Best Buy Visa cardholder, you must enroll in the Best Buy Loyalty Program, which members are eligible for exclusive benefits such as free two-day shipping (with a minimum purchase of $35) and a free Geek Setup Team. The best thing about buying discounted used gift cards from a gift card merchant is that there is always a wide variety of gift cards on sale.
