Information About Best Buy Credit Card You Need to Know
1. Best Buy Credit Card is only used for Best Buy store and Best Buy.com.
2. Best Buy Visa card can be used anywhere a Visa card is accepted.
3. Within 14 days of opening an account, on the first day of credit card shopping, five points are awarded for every $1 (10%) spent.
4. Time limit: On the selected Samsung 4K UHD smart TV (validity to 12/24/18) and the selected Door busters project (validity to 12/20/2018), each consumption of $1 (15% incentive) gets 7.5 points.
5. When choosing standard points, Best Buy will receive 2.5 points for every $1 spent (reward 5%) when it purchases qualified Best Buy.
6. For net purchases at gas stations, 1.5 points are awarded for every $1 spent (3% of the reward).
7. Net purchases at grocery stores and furniture stores (home, office, business and outdoor) earn 1.5 points for every $1 spent (reward 3%). The validity period is 12/31/18.
8. Net purchases in restaurants and bars earn a point for every $1 spent (reward 2%).
9. Using credit cards other than Best Buy, you get a point for every $2 (1%) you spend.
10. Choose a 5% incentive or a flexible financing option. A $5 award certificate is awarded for every 250 points.
11. My Best Buy Elite Plus membership will receive a 0.5 point bonus (1% bonus, total 6%) for every dollar spent on a My Best Buy credit card with a standard credit card.
Should You Get Best Buy Credit Card?
If you like shopping very much, and you like to buy Best Buy, or you spend a lot of money on Best Buy, then Best Buy credit card is a good choice. There are four financing incentives available for Best Buy cardholders to choose from. If you are very careful, these incentives can help you save a lot of money on shopping. But they can also be a trap that cardholders can't see. These deferred interest clauses in financing mean that the slightest mistake can get you into the interest you want to avoid. The advantage of this new card is that when you buy Best Buy, you get a 5% return. According to the data, this is the ideal long-term purchase of Best Buy. The points on this card are also more suitable for Best Buyers who shop for a long time. Registered credit cards will give you a little extra credit. Each credit card has its own advantages and disadvantages, Best Buy credit card is no exception. Whether you apply for a Best Buy credit card depends on how much you need and whether it fits you. If you think this card is not suitable for you, you can look at the other credit cards we recommend.
What is a store credit card?
The only difference between store credit cards and regular credit cards is that store credit cards are branded and associated with a specific retailer and its rewards program. Store credit cards offer in-store discounts, allow cardholders to earn and redeem points when making purchases.
There are two basic types of retail store credit card:
Open-loop cards: These cards with a Visa, MasterCard or American Express logo in the bottom-right, can be used anywhere.
Closed-loop cards: These cards without a Visa, MasterCard or American Express logo only can be used at their co-branded stores, online stores or affiliates.
For example, there are three types of Best buy credit cards, My Best Buy Credit Card, My Best Buy Visa Platinum Credit Card and My Best Buy Visa Card. My Best Buy Credit Card is a closed-loop card, so you can only use it at Best Buy. My Best Buy Visa Platinum Credit Card and My Best Buy Visa Card are open-loop cards, you can use them anywhere that Visa is accepted.
What are the benefits of store credit cards?
Easy to get and can help you to build credit
Because of store credit cards’ high interest rates and low credit limits, they are easy to get with fair or poor credit. If you can use it responsibly, this is an opportunity to build up your score.
A reasonable annual fee
Many great store rewards cards don’t have an annual fee.
Save money at your favorite stores
Store rewards cards have different rewards programs which are great ways to save money, especially you are a frequent customer of that shop. For example, My Best Buy Credit Card offers as much as 5% cash back.
Additional sign-up bonuses and benefits
Many store reward cards attract new customers with a sign-up bonus. What’s more, some store reward cards offer extra benefits, such as discounts, free shipping, a birthday gift and extended return policies.
Open-loop cards can be used anywhere as normal credit cards.
What are the drawbacks of a store credit card?
Low credit limits
This means that you have the risk of going over your credit limits.
High interest rates
Most store credit cards’ interest rates are higher than the industry average (17%).
Closed-loop cards are limited to single store
Many store credit cards can only be used at their store or online shop. But some store credit cards can be used anywhere like normal credit cards, such as Amazon Prime Rewards Visa Signature Credit Card.
Customer service problems
Some store credit cards are not issued by major cards issuers, so the quality of customer service is difficult to guarantee.
Some store credit cards can’t be used for balance transfers
What do you need to apply for a store credit card?
Banks approve much lower credit scores for store cards. Therefore, applying a store card is an ideal way for someone with a fair or poor credit score to rebuild his or her credit.
Credit card application
You can apply for a store credit card online, in-store or by email depending on the card. And you just need to fill in your personal information and submit your application. The credit card issuer will consider your credit reports and several different factors when reviewing your application to get an idea of your creditworthiness.