If you have shopped for electronics in the past decade, chances are you’ve passed through (or browsed) Best Buy. But did you know that with either of their store credit card options you could be saving money with every purchase? Let’s run through exactly what this card has to offer, who should use it and how, and how to increase your savings by combining offers with Giving Assistant.
- Get 5% back in Best Buy rewards and 1-2% cash back with Giving Assistant. Sign up for Giving Assistant and you’ll double-dip your savings, adding 1% cash back (2% for Power Shoppers) to the rewards points you accumulate with your Best Buy card.
- Earn outside bonuses with the My Best Buy Visa card. While both card versions reward you for shopping at Best Buy, the Visa card also offers 2% back on dining and grocery purchases, 1% back on everyday purchases, and periodic limited time offers of up to 3% on special purchases like gas or sporting goods. All bonuses are paid in the form of points towards Best Buy reward certificates.
- Promotional financing in lieu of rewards points. On purchases over $199, you can take a deferred interest option instead of collecting reward points. The length of the financing is dependent on the purchase price, but in each case, you will pay no interest if you pay off the balance before the end of the promotional period (interest accrued from the date of purchase will be assessed if it is not paid in full at that time).
- No annual fee on most cards (Best Buy Visa Gold has a $59 annual fee)
- 24/7 online account maintenance
- 25-day interest-free purchases
- 26.49% variable interest rate
- Up to $38 late fees
- $2 minimum interest fee
Here’s How it Works
Are you an electronics junkie? Best Buy’s reward system is built to keep you coming back for more!
- 250 points = $5 off reward certificate
- Earn 2.5 points for every $1 spent at Best Buy or online at www.bestbuy.com
- Earn 3 points for every $1 spent if you spend over $3,500 in a calendar year
See it in Action
Finally going for that 60” flat screen for your family room? That LG you’ve had your eye on is worth every bit of the $599.99 you’re spending on it, and you’ll get $30 in rewards certificates back!
Exciting, isn’t it? So you should go out to celebrate your good fortune! Take the family out to a nice dinner, spend $100 with the Best Buy Visa card (amazing how much teenagers can eat, isn’t it?) and you’ve just earned yourself another 100 points towards your next reward!
Who is This Credit Card Best For?
Both the My Best Buy store credit card and the My Best Buy Visa card offer excellent rewards if you are an avid consumer of electronics. If you are not regularly scouting the latest tech in store, however, you’ll want to slide toward the Visa card so that you can continue to collect reward points from wherever you shop.
How to Get a Best Buy Store Credit Card
This is the easy part! Shoot over to www.bestbuy.com/creditcard and click “Apply Now.” They’ll walk you through the application (make sure you have your SSN and other pertinent information handy) and determine which cards you qualify for. If approved for more than one, you’ll get the choice of which you accept. Remember you’ve been warned: the Best Buy Visa Gold card has a $59 annual fee!
What Else Should I Know About?
The good news: This credit card comes with no annual fee! However, there are some fees you’ll want to be aware of. The card has a 27.99% variable interest rate, so as we mention below, it’s a good idea to work at paying it off at the end of each month to save money. There is a minimum interest fee of just $2, but you can get up to 25 days interest-free on your purchases. This means that if you pay your card off in less than 3 weeks, you can possibly avoid some of the heftier interest fees. You’ll also avoid late payment fees, which could cost you as much as $38 per month.
Using Your Best Buy Card Responsibly
- Don’t carry a balance. Any rewards you earn will get cancelled out quickly if you fail to pay off the balance each month. The 26.49% APR will cost you $13.24 in interest on that $600 TV you bought if you don’t pay it off within 25 days!
- Choose your benefits wisely. If you need to make a major purchase and you’re not cash rich at the moment, consider taking the deferred interest instead of the rewards points. Although the certificate is nice if you need to make another purchase soon, the savings by taking the same-as-cash deal will outweigh the rewards points by a significant amount!
- Pay off deferred interest before the promotional period ends. It cannot be stressed enough how important it is to make sure these purchases are paid before that interest kicks in. Deferred interest is NOT the same as no interest. It will accrue from the date of purchase, and if not paid off in time, it will all get added onto your balance at once. On a major purchase with an interest rate this high, that can be a major hit to your wallet!
How to Use Your Best Buy Credit Card with Giving Assistant
When you go to Giving Assistant you’ll find verified coupons for multiple brands that offer up to 30% savings on select items. By using a Giving Assistant-provided link when you shop you have the potential to earn cash back, save on your purchase price, and get the added benefits from your Best Buy Credit Card when you pay for your purchase.
Download the Giving Assistant browser extension called the Button, to automatically populate the highest-value coupons as you visit thousands of online shopping websites.
Maximize your rewards earnings and saving potential by combining your Best Buy Credit Card with discount codes and offers found at Giving Assistant today!