The Best Buy Credit Card: Unveiling the Types, Rewards, and Deferred Interest Option

Updated: September 16, 2023
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The Best Buy Credit Card: Unveiling the Types, Rewards, and Deferred Interest Option


If you are a tech-savvy person and your go-to place for electronics and gadgets is Best Buy, then you are in for a treat. Best Buy is an amazing electronics store that lets you purchase new stuff that has just dropped, and you can buy many electronic items in bulk. 


Best Buy has its credit card that CitiBank issues. It is undoubtedly ideal for people who want to purchase electronics now and then. Keep going, and we will tell you what you need to know about Best Buy Credit Cards.


Individuals can earn rewards on Best Buy credit cards whenever they shop at Best Buy using its issued credit card. The prizes will be redeemable only at Best Buy, but the customers will get an edge on exciting offers and other perks.


We will tell you some things you must know about Best Buy Credit Cards.



Related: Savings Tip for American Eagle: Use American Eagle Credit Card Or Ulta credit card 


Types of Best Buy Credit Cards:


Customers who want to get their hands on the Best Buy Citi credit card can apply for it by going to the store or simply applying via online procedures. The process is opaque, and you cannot control which version you will get of the card. However, you will be able to enjoy perks and rewards from both of the cards.


There are only two basic versions of credit cards:

  • Best Buy Citi Credit Card: It is a closed-loop store card. Only accepted at Best Buy and Best Buy’s official website. No annual fee for the cardholders.

  • Best Buy Citi Visa: It is an ‘open-loop’ credit card. They are accepted anywhere, whoever is accepting Visa cards. The card has its own two versions. Gold has an annual fee of $59. Meanwhile, the Platinum version has no annual fee.


As per Best Buy, you will be first considered for the Platinum version whenever you apply for a card. They give you the Visa Gold version if you don’t make it for the Platinum. The deciding factor of which version suits you better makes your approval for your trustworthiness. All of this leads to only one question:


What Credit Score Makes Me Get A Best Buy Citi Credit Card?


Best Buy doesn’t define a credit score range for the eligibility criteria. However, its offerings suggest you qualify for at least some version of the card with fewer credits. The closed-loop store cards are easier to acquire than open-loop cards. It can be why many individuals with fair credits start with a store card.



Related: All 5 Facts You Need To Know Hereof The Ulta Credit Card


Decent Reward Rates:


If you are a cardholder of any of these credit cards, you are joining the My Best Buy Credit Card Shopper Loyalty Program. You will be rewarded with points in this program. You can turn these points into Best Buy rewards certificates: On every 250 points, you will make a $5 reward certificate. It means every moment has an effective value of 2 cents apiece.


You can purchase anything from Best Buy and pay with a credit card.


Furthermore, you can earn rewards with Best Buy Credit Cards. You will be getting the following:

  • 5% cash back of Best Buy Credit Card rewards on every purchase made at Best Buy.

  • Flexible financing plans


The Visa version of the card gives a lot more. You will be earning:

  • 3% cash back on every gas purchase

  • 2% cash back on dining out and groceries

  • 1% cash back on other essential purchases


Once you reach the 250-point limit, you will be rewarded with the certificate in your inbox. You can change the settings manually if you want. You can contact the customer service of Best Buy Credit Card to know more about how the points and rewards work.



Deferred Interest Is An Option:


Best Buy’s Citi credit cards might advertise occasional ‘no interest if paid in full. They offer deferred interest offers to the customers. It can last from six to 36 months. It will sound attractive to many customers out there. However, it’s essential to under what deferred interest means.


With such offers that attract customers, just remember that interest is never waived. It would be a true 0% intro APR promotion if it were interest-free. Instead, the deferred interest offer adjusts the draw until later.


You wonder if you are paying Best Buy for the purchase by the end of your deferred interest period. But if there is some outstanding balance of a few dollars by the end of the period, you will be charged the card’s full present interest rate on your entire purchase, which takes you back to the day you made the purchase. 


Currently, the interest rate of Best Buy Credit cards is higher. It’s 25.49% right now as of April 2022.


For all patrons, make sure you pay the bill to Best Buy at the right time, or else you will have to pay them a big sum.


Final Thoughts:


To summarize, you know what to know before getting the Best Buy Credit Card. You can use the Best Buy Credit Card reward points for your favorite electronic items. 


Also, if you want to pay the annual fees, you can opt for the gold version, and if you are thinking of dodging the yearly costs, go for the Platinum one. Make sure you make the right decision before getting a credit card.