Best Buy Card Review –  If you are frequently shopping for electronics, Best Buy has two credit cards that would interest you. These cards are eligible for cash back rewards that can be redeemed at Best Buy or take the option of zero interest debt-financing on big electronic purchases. You can apply for these card in-store or online.

• My Best Buy Credit Card – This is an in-house credit card that can only be used at Best Buy stores or BestBuy.com. There is another version of this card called My Best Buy Credit Card Preferred. However, the two cards have the same features in annual fees, interest rates and rewards.
• My Best Buy Visa Card – This is card can be used wherever Visa payments are accepted. There are two versions; Platinum which has no annual fees, and Gold which carries and annual fee of $59.

Card costs

My Best Buy Credit Card

• $0 annual fee
• APR 25.24% variable or 11.90% APR variable on select purchases

My Best Buy Visa card

• $0-59 annual fee depending on ranking by creditworthiness
• APR 25.24% variable or 11.90% APR variable on select purchases

Applying for a Best Buy Credit Card

Best Buy allows only one application for all these cards then considers the application in a ranking system. The minimum credit rating accepted is Fair rating. This is 660-699 according to FICO scores. The application is ranked as follows for applicants with highest to lowest credit ratings:

1. My Best Buy Visa Platinum
2. My Best Buy Credit Card Preferred
3. My Best Buy Credit Card
4. My Best Buy Visa Gold

Card benefits

My Best Buy Credit Card

• 5% cash back for every $1 spent

Or interest-free on;

• 6 month debt-financing for purchases of $199 or more
• 12 month debt financing on purchases worth $399 and higher
• 18 month debt financing on major electronics purchases worth $599 and more
• 24 month dent financing for purchases of home theaters worth $799 and more

The interest free debt-financing does not mean that the interest is waived entirely. Rather, this offer applies when the whole financing amount is paid within the agreed time. If this does not happen, the APR on the card applies from the date the purchase was done.

Additional benefits include:

• 2% cash back for purchases made with the card at grocery stores, restaurants and stores
• 1% cash back on other purchases made with the card

The zero annual fees Best Buy card makes is actually beneficial if you can get the approval. However, the $59 annual fee applicable on cards for lower credit rating actually negates the cash back on the card. Overall, My Best Buy cards are suitable for creditworthy electronics buyers.

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