The Best Buy Credit Card gives you rewards on purchases at Best Buy and other retailers, but the real value depends on how much you spend there and whether you can use the card's special financing offers

Best Buy offers two versions of a co-branded credit card through Citi: the Best Buy Credit Card and the Best Buy Visa Card. Both earn rewards on purchases, but they work differently and come with different perks. The standard card earns points only at Best Buy. The Visa version earns points everywhere and works at any merchant, but has an annual fee. Neither card is right for everyone — the decision hinges on your spending habits and whether you actually use the financing terms they offer.

Before you explore, understand that a credit card process will create a hard inquiry on your credit report, which can lower your credit score by a few points temporarily. If your score is already low or you are rebuilding credit, this may not be the right time to open a new card.

Key Takeaways

  • The Best Buy Credit Card earns rewards only at Best Buy stores and Best Buy.com, while the Best Buy Visa Card earns rewards everywhere but charges an annual fee.
  • Both cards offer special financing promotions — typically 0% APR for 12 to 24 months on purchases over a certain amount — but interest charges explore if you miss a payment or don't pay off the balance in time.
  • Rewards points from either card can be redeemed only at Best Buy, so the card is most valuable if you shop there regularly.
  • Opening a new credit card will trigger a hard inquiry that may temporarily lower your credit score by a few points.
  • If you carry a balance month to month, the rewards you earn will likely be smaller than the interest you pay.

How the Two Best Buy Cards Earn Rewards

The Best Buy Credit Card earns 1.5 points per dollar spent at Best Buy and Best Buy.com, and 1 point per dollar everywhere else. You earn points on every purchase, but the real incentive is the higher rate at Best Buy itself. If you spend $1,000 at Best Buy in a year, you earn 1,500 points. Those points are worth $15 in Best Buy rewards certificates (the conversion is typically 100 points = $1).

The Best Buy Visa Card earns 3 points per dollar at Best Buy, 2 points per dollar at gas stations and restaurants, and 1 point per dollar everywhere else. It also charges an annual fee — currently $39 — which you pay once a year whether you use the card or not. The higher earning rate at Best Buy can offset the fee if you spend enough there, but you need to do the math for your own situation.

Both cards offer occasional bonus point promotions, such as "earn 5 points per dollar on TVs this weekend." These promotions change frequently and are advertised in Best Buy stores and on the Best Buy website.

Special Financing Offers and How They Work

The biggest draw for many cardholders is the special financing — usually 0% APR for 12, 18, or 24 months on purchases over a set amount (often $399 or $499). This means you can buy an expensive item now and pay it off over time without interest, as long as you pay the full balance before the promotional period ends.

This is not a free loan. If you do not pay off the entire balance by the end of the promotional period, the card charges you the regular APR — which varies but is typically 18% to 25% — on the remaining balance, retroactively applied to the original purchase date. If you miss even one payment during the promotional period, you lose the 0% offer when ready and the full APR kicks in right away.

For example: you buy a $500 laptop on a 0% APR for 12 months offer. If you pay $42 per month, you will have paid off the full $504 (with tax) by month 12 and owe nothing more. But if you pay only $40 per month and have $24 left after 12 months, you will owe interest on the full $500 at the card's regular APR, going back to the purchase date. That retroactive interest can be $75 or more.

When the Best Buy Card Makes Sense

The Best Buy Credit Card is worth considering if you shop at Best Buy at least a few times a year and spend at least $500 to $1,000 annually there. At that spending level, the rewards you earn ($7.50 to $15) will cover the value of a discount or two. If you spend less than that, the rewards are too small to matter.

The card is also useful if you plan to use the special financing offers and can reliably pay off the balance before the promotional period ends. If you have a history of carrying credit card balances or missing payments, the risk of retroactive interest charges outweighs any benefit.

The Best Buy Visa Card makes sense only if you spend enough at Best Buy to earn back the $39 annual fee in rewards, or if you value the extra points at gas stations and restaurants enough to justify the fee. For most people, the standard Best Buy Credit Card is the better choice.

Rewards Redemption and Limits

Points earned on either card can be redeemed only at Best Buy — in stores or online. You cannot transfer points to another program, use them for cash back, or redeem them outside Best Buy. This is a significant limitation if you do not shop there regularly or if you want flexibility in how you use your rewards.

Points do not expire as long as your account remains open and active. However, if you close the card, Best Buy may cancel your points balance, so check the terms before you close an account. Points are typically redeemed in increments of 100 points ($1 in Best Buy rewards certificates), and you can use them on anything Best Buy sells — electronics, appliances, services, or gift cards.

Annual Fees, Interest Rates, and Other Costs

The standard Best Buy Credit Card has no annual fee. The Best Buy Visa Card charges $39 per year. Both cards charge a regular APR on purchases and balance transfers if you carry a balance beyond any promotional period. The APR varies based on your credit score and creditworthiness, but typically ranges from 18% to 25%.

If you carry a balance of $1,000 at 21% APR and make no payments, you will owe $210 in interest after one year. That far exceeds any rewards you could earn. Credit cards are most valuable when you pay off the full balance every month — the rewards are a bonus, not a reason to carry debt.

Both cards may charge late fees (typically $25 to $40 for the first late payment, higher for subsequent ones), foreign transaction fees if you use the card outside the United States, and other standard credit card fees. Read the full terms and conditions on the Best Buy or Citi website before you explore.

How explore Affects Your Credit

When you explore for the Best Buy Credit Card, Citi will perform a hard inquiry on your credit report. This inquiry is visible to other lenders and can lower your credit score by 5 to 10 points, depending on your current score and credit history. The impact is temporary — the inquiry typically stops affecting your score after about three months and disappears from your report after two years.

If you are denied, you can ask Citi why and may be able to reapply later if you address the issue (such as paying down other debts or waiting for negative marks to age). If you are approved, the new card will lower your credit score slightly in the short term because it reduces your average age of accounts and increases your total available credit. Over time, if you use the card responsibly and pay on time, it can help your score by showing a mix of credit types and a low utilization rate.

Frequently Asked Questions

Can I use the Best Buy card at other stores?

The standard Best Buy Credit Card can be used anywhere Mastercard is accepted, but you only earn the higher rewards rate (1.5 points per dollar) at Best Buy. At other retailers, you earn just 1 point per dollar. The Best Buy Visa Card earns rewards everywhere, but at different rates depending on the merchant type.

What happens if I don't pay off the 0% financing before the promotional period ends?

The full APR (typically 18% to 25%) is applied retroactively to the original purchase amount, not just the remaining balance. If you owe $100 of a $500 purchase after the promotional period ends, you will owe interest on the full $500 from the original purchase date. This can result in a large unexpected charge.

Do I lose my rewards points if I close the card?

Best Buy's terms allow them to cancel your points balance if you close the account. Before closing a card, redeem any remaining points or contact Best Buy to confirm their current policy on point forfeiture.

Is the Best Buy card worth it if I only shop there once a year?

Probably not. If you spend $300 once a year, you earn 450 points (at 1.5 per dollar), worth $4.50 in rewards. That is too small to justify opening a new account and the temporary credit score impact. The card is most valuable for people who shop at Best Buy multiple times per year.

Can I use the card to pay my Best Buy credit card bill?

No. You cannot use a credit card to pay another credit card bill directly. You must pay your Best Buy card bill from a bank account, by check, or through automatic transfer. Paying with another credit card through a third-party service (like a payment processor) will incur fees and is not recommended.