For those who frequent Best Buy, this credit card can be a good choice. The Best Buy Credit card is a MasterCard offered through the electronics retailer. The credit card is used in conjunction with the Best Buy Reward Zone, so you earn points that can be redeemed for Best Buy merchandise.
Best Buy Credit Card: Earning and Redeeming Points
The program is set up so that you earn points on every purchase you make at Best Buy. When you have the Best Buy Reward Zone Credit Card, though, you receive two points for every Best Buy purchase. Using your card at other establishments results in more points. As you reach a certain level with your points, you are issued store credit, which can be used to reduce the cost of merchandise.
The rewards program with the Best Buy credit card is rather limited; you can only redeem rewards at Best Buy. So this credit card works best when you would buy items at Best Buy anyway.
Special Financing Offers
The Best Buy credit card also provides you access to special financing offers. At regular intervals, Best Buy will offer you no interest financing on certain purchases made with your credit card, or even on storewide purchases that meet a specified threshold. If you are planning on making a large purchase at Best Buy, these special financing offers can be attractive – and save you money as long as you pay off the card balance within the specified time period.
Interest and Fees
The Best Buy credit card does have a relatively high interest rate when compared with other credit cards. Someone with good credit will pay 25.24% (as of this writing) for purchases. Without excellent credit, the interest rate is 27.99%, and the penalty APR is 29.99%. Late payment and returned payment fees are in line with the industry average at $35 and $25, respectively. There is no annual fee for the Best Buy Reward Zone Credit Card.
Bottom Line
With its limited rewards program, and its high interest rate, the Best Buy credit card is of little use to someone who prefers to shop online when looking for deals on electronics. However, for those who frequent Best Buy, and for those interested in taking advantage of special financing options on large purchases, such as home theater systems, the Best Buy card can be a valuable tool. Any user, though, should be careful to pay off the balance as soon as possible, since the interest rate is quite high.
