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Best Buy Credit Card Review
Minimum Credit Score Needed: Good
Annual Fee: None, unless you get Gold
Buyback: 5% buyback on Best Buy Purchases
This is a solid addition to your wallet if you want to pay your bill in full each month, and are constantly shopping at Best Buy. It’s main feature is the ability to earn 5% back on Best Buy Purchases. It’s biggest flaw is the fact it’s got a deferred interest clause in its fine print. You have to choose between rewards, and promotional financing, when you sign up.
Good credit: You need good credit to get this VISA. There are 4 different credit cards, and the one you get approved for will depend on your creditworthiness. People with good credit, or better, usually get the Platinum Best Buy VISA Card, with no annual fee. It allows you to make 3% back on non-Best Buy purchases and rewards. Applicants who don’t get approved for this can get the Best Buy Preferred Visa, Best Buy Store Card, and Best Buy Gold Visa.
Fee: There is no annual fee unless you get the gold. The Platinum and Preferred cards don’t charge an annual fee. This helps you earn rewards value, and avoid spending more than you prefer. If you get approved for the Best Buy Visa Gold Card, you have to pay $59 per year.
Buyback: You get 5% back on Best Buy purchases. If you get approved for either the VISA platinum or VISA gold, you’ll earn 2% on purchases made at restaurants, bars, groceries, etc. You can also get 3% back on purchases made at Gas Stations. You can also get 1% back on all non-Best Buy purchases.
*The main selling point here is the 5% back you’ll earn on the pre-tax amount of Best Buy purchases. If you regularly get things from Best Buy, you’re making a lot of potential money.
Deferred interest: This is dangerous. If you plan on buying a big Best Buy purchase, you won’t be able to repay completely the funds in a single billing period. Deferred interest allows interest to retroactively apply to your entire original amount if you pay your bill late, or don’t repay your full balance by the end of the low-rate intro period.