Last Updated on 08/12/2017 by GS Staff
[otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] There are two types of Best Buy credit cards that you can obtain. There is the My Best Buy Credit Card and the My Best Buy Visa Card.
My Best Buy Visa
The My Best Buy Visa is accepted anywhere that Visa is accepted. So just like your typical Visa, you can use this card outside of Best Buy at places such as gas stations, grocery stores, and restaurants. The benefit of this card is that you receive a percentage of your purchase back in rewards. For example, the current rewards are as follows:
- 3% back in rewards for gas, air travel, and ground transportation purchases.
- 2% back in rewards for dining out and grocery purchases.
- 1% back in rewards for everyday purchases.
- 5% back in rewards at Best Buy (6% for Elite Plus members).
Additionally, this card offers promotional financing such as 6 months financing for purchases of $199 or over and 12 months financing for purchases of $399 or above. You must pay the balance in full with 6 months or 12 months, respectively, and make at least the minimum payment to qualify for this offer. See BestBuy.com for current offers.
My Best Buy Credit Card
The My Best Buy Credit Card is only for purchases at Best Buy and online at BestBuy.com. You cannot use it for outside purchases. This card offers 5% back in rewards and promotional financing like the Best Buy Visa.
Terms & Fees
The Best Buy credit cards have an annual percentage rate (APR) of prime rate plus 21.99%. The current APR is 26.24% (4.25% prime + 21.99%). You are given a 25 day grace period to make your payment after the close of the each billing cycle. The late fee issued is up to $37, if applicable. A cash advance from the My Best Buy Visa has a current APR of 28.99% but will vary based on prime. Additionally, a cash advance will have a fee of $10 or 5% of the advance (the greater of these two).
When you apply for a Best Buy credit card, you will have the option to select which card you want once you are approved.
Image Credit: Mike Mozart
