What the Best Buy Visa Card Is and How to Use It
The Best Buy Visa Card is a store credit card issued by Citi that you can use at Best Buy locations and online at bestbuy.com. Unlike a general-purpose credit card, it works only at Best Buy — you cannot use it at other retailers. The card comes in two versions: one that is a Visa card (meaning you can use it anywhere Visa is accepted) and one that is a store-only card (Best Buy branded, works only there).
When you use the card to buy something at Best Buy, the purchase goes on your account with Citi, just like any other credit card. You receive a monthly bill and pay interest on any balance you do not pay off in full. The card offers rewards in the form of points on purchases, which you can use toward future Best Buy purchases or other rewards the program offers.
The main reason people open this card is to earn rewards faster on tech purchases — things like laptops, televisions, gaming systems, and appliances. If you shop at Best Buy regularly, the rewards rate may make the card worth carrying. If you rarely shop there, the card probably will not save you money.
Key Takeaways
- The Best Buy Visa Card earns rewards points on purchases, with higher earning rates on Best Buy purchases than on other retailers.
- You pay interest on any balance you carry month to month, so carrying a balance to earn rewards will cost you more than the rewards are worth.
- The card has an annual fee that varies depending on which version you choose, so check the current terms before opening an account.
- Store credit cards typically have higher interest rates than general-purpose cards, so compare the APR to other cards you might use instead.
- Rewards points expire if you do not use them within a set time period, so plan to redeem them or lose them.
Rewards Rates and How Points Work
The Best Buy Visa Card earns points on every dollar you spend. The exact earning rate depends on which version of the card you have and where you use it. On Best Buy purchases, you typically earn more points per dollar than you do on purchases outside Best Buy. On Visa purchases at other retailers, the earning rate is lower.
Points accumulate in your account and you can redeem them for discounts on Best Buy purchases, gift cards, or other rewards depending on what the program currently offers. The redemption options change, so check your account online or call the customer service number on your card to see what you can get for your points right now.
One important rule: points expire. If you do not use your points within a certain time frame — typically 12 months of account inactivity — you will lose them. This means if you open the card, earn points, and then do not use the card or redeem the points for a year, the points disappear. Set a reminder to redeem before they expire, or use the card regularly enough that your account stays active.
Annual Fees and Interest Rates
The Best Buy Visa Card charges an annual fee. The amount varies depending on which version you choose — the store-only card and the Visa version may have different fees. Before you open an account, look at the terms to see what the current annual fee is, because it changes and varies by card version.
The card also charges interest on balances you carry from month to month. Store credit cards typically have higher interest rates than general-purpose credit cards. This means if you carry a balance, you will pay more in interest charges than you earn back in rewards. The only way the card makes financial sense is if you pay off your balance in full every month.
To decide whether the card is worth the annual fee, do the math: estimate how much you spend at Best Buy in a year, multiply that by the rewards rate, and see if the points you earn are worth more than the annual fee. If you spend less than $500 a year at Best Buy, the rewards probably will not cover the fee.
When the Best Buy Visa Card Makes Sense
The card is most useful if you shop at Best Buy regularly and pay your balance in full every month. If you buy a laptop, television, or gaming system every year or two, or if you buy smaller items like cables, cases, and accessories on a regular basis, the rewards can add up. The higher earning rate on Best Buy purchases means you accumulate points faster than you would with a general-purpose card.
The card also sometimes offers promotional financing — periods where you can make a large purchase and pay no interest if you pay it off within a set time frame, usually 6 to 24 months depending on the promotion. If you are planning a big purchase and can pay it off before the promotional period ends, this can save you money on interest. Check the current promotions before you open the card.
The card is less useful if you shop at Best Buy only occasionally, if you carry a balance month to month, or if you can earn better rewards with a general-purpose card. Many cash-back cards earn 2% or more on all purchases, which may be better than the Best Buy card's rewards rate outside of Best Buy.
How to Compare This Card to Other Options
Before you open the Best Buy Visa Card, compare it to other cards you might use instead. Look at three things: the annual fee, the interest rate (APR), and the rewards rate. Write down the numbers for the Best Buy card and for one or two general-purpose cards you are considering.
Then estimate your annual spending at Best Buy and calculate how many points you would earn. Convert those points to a dollar value using the card's redemption rates. Subtract the annual fee. If the number is positive, the card saves you money. If it is negative, you lose money by carrying the card.
Also check whether you have any existing credit cards that offer rewards on tech purchases or electronics. Some general-purpose cards earn higher rates at certain retailers or on certain categories. If you already have a card that earns 3% or more on electronics, the Best Buy card may not be worth opening.
How to Open an Account and What Happens Next
You can open a Best Buy Visa Card account online at bestbuy.com, in a Best Buy store, or by phone. The process takes about 10 minutes. You will need your Social Security number, date of birth, address, and income information. Citi will check your credit report to decide whether to approve you and what interest rate to offer.
If you are approved, your card will arrive in the mail within 7 to 10 business days. You can start using it at Best Buy right away, even before the physical card arrives, if you set up your account online. Your first statement will come 30 to 45 days after your first purchase, depending on when in the billing cycle you made the purchase.
Once you have the card, log into your account online or through the Best Buy app to track your points, see your balance, and set up automatic payments. Paying automatically on the full balance due date each month is the easiest way to avoid interest charges and keep your account in good standing.
Risks and Things to Watch Out For
The biggest risk with any store credit card is overspending. Because the card is tied to a store you already shop at, it is straightforward to use it for purchases you would not normally make. If you end up carrying a balance because you spent more than you planned, the interest charges will wipe out any rewards you earned.
Another risk is that rewards points expire. If you do not redeem them within the time limit, you lose them. Set a calendar reminder for 11 months after you earn points so you remember to redeem before they disappear.
Store credit cards also typically have higher interest rates than general-purpose cards, so if you do carry a balance, it will cost you more. If you have a history of carrying credit card balances, this card may not be the right choice for you.
Frequently Asked Questions
Can I use the Best Buy Visa Card outside of Best Buy?
It depends on which version you have. The Best Buy Visa card (the one with the Visa logo) can be used anywhere Visa is accepted. The Best Buy store-only card works only at Best Buy locations and online at bestbuy.com. Check which version you have before you try to use it elsewhere.
What happens to my points if I close the card?
Points typically expire within a set time frame if your account is inactive. If you close the card, check your account terms to see whether you have a grace period to redeem your points before they disappear. It is usually safer to redeem your points before you close the account.
Does the Best Buy Visa Card hurt my credit score?
Opening any new credit card temporarily lowers your score because it creates a hard inquiry on your credit report and lowers your average account age. However, if you use the card responsibly and pay on time, your score will recover and may improve over time as you build a positive payment history.
What is the difference between the store card and the Visa version?
The store-only card works only at Best Buy. The Visa version works anywhere Visa is accepted, giving you more flexibility. The Visa version may have a different annual fee and rewards structure, so compare the two before you choose which one to open.
Can I transfer a balance from another credit card to the Best Buy Visa Card?
Some versions of the card offer balance transfer options, but not all. Check the current terms when you are considering opening an account. If balance transfers are available, there is usually a fee and a promotional interest rate period, after which the regular APR applies.