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My Best Buy Visa Card: Best for Serious Best Buy Shoppers

This store credit card offers good rewards and flexible financing options, but it has a few caveats.

My Best Buy® Visa® Card

6.9/10 CNET Rating CNET rates credit cards by comparing their offers to those of their categorical competitors. Each card is individually evaluated through a formula which reflects the standards and expectations of the contemporary market. Credit card issuers have no say or influence in our ratings. How we rate credit cards
CNET’S PICK
My Best Buy® Visa® Card
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My Best Buy® Visa® Card

6.9/10 CNET Rating CNET rates credit cards by comparing their offers to those of their categorical competitors. Each card is individually evaluated through a formula which reflects the standards and expectations of the contemporary market. Credit card issuers have no say or influence in our ratings. How we rate credit cards
Intro Offer
No current offer
Annual fee
N/A
APR
31.49% variable
Rewards rate
1% – 5% 5% back* in rewards on Best Buy purchases; 3% back* in rewards on gas purchases; 2% back* in rewards on dining and grocery purchases; 1% back* in rewards on everyday purchases
Rewards Rate
5%
5% back* in rewards on Best Buy purchases
3%
3% back* in rewards on gas purchases
2%
2% back* in rewards on dining and grocery purchases
1%
1% back* in rewards on everyday purchases

At a glance

The My Best Buy Visa Card* really only makes sense if you regularly shop at Best Buy. While it does earn rewards for non-Best Buy purchases, you’ll only be able to redeem your rewards at Best Buy. If you do shop there often, you can turn your rewards into Best Buy savings and take advantage of a special financing plan to avoid interest for a set amount of time.

Our take

The My Best Buy® Visa® Card*, issued by Citibank, is a card with many stipulations. It can be a great fit for Best Buy loyalists, as long as you understand the risks and limitations.

If you love Best Buy, the Best Buy Visa offers competitive rewards on both Best Buy purchases and everyday spending categories like gas, groceries and dining. Its welcome offer -- 15% back on your first day of Best Buy purchases (through 5/5/24), unless you opt to use its financing plan -- could be lucrative if you can take full advantage of it. 

This card also offers deferred interest on some payments, which can help you finance big purchases interest-free -- as long as you can repay the balance within your flexible financing period. If you can’t pay off the balance in time or miss a scheduled payment, you’ll be charged retroactive interest back to the date of purchase. That’s not typical of most credit cards with 0% introductory APR offers, so be sure you can pay back the full amount on time to avoid hefty interest charges.

But you really should love shopping at Best Buy to maximize this card’s benefits, because that’s the only place you can spend your rewards.

Pros and cons of the My Best Buy Visa Card

Pros

  • Good rewards at Best Buy and elsewhere

  • Special financing options

  • No spending threshold required to use the welcome bonus

Cons

  • Retroactive interest on financing options

  • Redeem rewards at Best Buy only

Who should get this card?

While the Best Buy Visa Card has compelling rewards and a handful of useful features, it won’t resonate with every consumer. You should consider applying for this card if:

  • You shop at Best Buy frequently. You can only redeem your rewards via Best Buy, so if you don’t go there often, it won’t be worth your time.
  • You have a large, planned Best Buy purchase coming up. Part of the appeal of the card is its special financing ability. You can finance a purchase over a number of months and pay it down while it earns no interest (then 31.49% variable) -- but be extra careful with your payments. If you miss one, or can’t pay off the purchase in time, you’ll have to pay retroactive interest back to your purchase date.

Who should skip it?

There are a handful of reasons why you might want to choose another credit card. Look into other options if:

  • You don’t shop at Best Buy. You’ll only get value from this card’s rewards if you shop at Best Buy.
  • You don’t want a store card. Store cards can sometimes have worse terms than standard credit cards.
  • You don’t want a competitive welcome offer. The card’s welcome bonus only lasts a day unless you want to use deferred financing. If that doesn’t interest you (no pun intended), then a different card with a better welcome bonus might be better.

A closer look at the My Best Buy Visa Card

Rewards

The My Best Buy Visa Card gives you two options when you shop at Best Buy. You can choose 5% back in rewards, or you can choose flexible financing on qualifying purchases. If you opt for rewards, you’ll earn 5% back on Best Buy purchases, 3% back on gas, 2% back on groceries, 2% back on dining and takeout, and 1% back on all other purchases. 

Your rewards are banked as My Best Buy points. These points are issued as rewards certificates that serve as coupons for future Best Buy purchases. If you spend $500 at Best Buy, you’d earn 1,250 My Best Buy points, currently worth $25 in rewards certificates. You can redeem those points for a $25 discount on your next qualifying Best Buy purchase. 

My Best Buy members can earn rewards for every purchase they make, regardless of whether they have a My Best Buy credit card. You need at least 250 My Best Buy points to redeem a $5 Rewards Certificate, and certificates can be used for in-store or online Best Buy purchases. Certificates expire 60 days after they’re issued, unless otherwise noted. However, card members can bank their points until they’re ready to redeem them.

Note that you won’t earn rewards on Best Buy purchases when you opt for flexible financing, which gives you more time to repay your balance. 

Flexible financing

Instead of earning rewards, you can defer interest and give yourself more time to pay for a purchase over $299 with flexible financing. The timeframes for the deferred interest offers range from six to 36 months and vary based on what you buy and how much you spend.

We recommend proceeding with caution when using this option and only opting for a flexible payment plan if you can repay the balance in full before your deferred interest period ends.

Deferred interest is not the same thing as 0% introductory APR. With most 0% intro APR credit cards, your remaining balance starts accruing interest after the 0% APR promotional period ends.

With the Best Buy Visa card, interest accrues during your promotional period, but as long as you pay your balance in full before the promotional period ends, you won’t owe any interest. Otherwise, you’re on the hook for all of the interest that has accrued on your balances since the original date of purchase, as well as new interest for each month you carry this balance.

This could make flexible financing more expensive than a 0% intro APR card, especially since the current variable APR of the Best Buy Visa Platinum card is 31.49%, significantly higher than the average credit card APR of 20.3%.

Welcome bonus

New cardholders have the opportunity to earn 15% back on their first day of qualifying Best Buy purchases (through 5/5/24), or financing. You don’t need to make these purchases on the same day you apply for the My Best Buy Visa Card, either -- you have 14 days after account opening to take advantage of the first day welcome bonus. Since card members already earn 5% on all purchases, this welcome bonus essentially lets you earn an extra 15%, which can be lucrative if you have big-ticket items to buy. 

How much this bonus is worth depends entirely on how much you can spend at Best Buy in a day. Buying a phone for $500 or a laptop for $1,000 will net you $75 and $150 in rewards, respectively -- less than the $200 welcome bonus commonly found among other no-annual-fee cash back cards. But if you’re in the market for a new fridge, stove or other appliance and plan to spend $10,000, you could earn $1,500 with this welcome bonus. Just make sure you don’t overspend to earn this welcome bonus, or the interest you accrue can quickly override your rewards.

If you choose to use your 15% welcome bonus, you cannot also use flexible financing on the same purchase.

Exclusive offers

My Best Buy Visa cardholders have the opportunity to take advantage of limited-time bonus categories as well as exclusive offers. You can view and activate these offers from your online account. 

Annual fee

There are two versions of the My Best Buy Visa Card, and the card you receive will depend on your creditworthiness. When you apply, you’ll first be considered for the The My Best Buy Visa Platinum card, a no-annual-fee card designed for people who have established a positive credit history. If you aren’t approved for this version, you may be approved for the My Best Buy Visa Gold card, which comes with the same rewards opportunities as the Platinum card, but charges a $59 annual fee.

Comparable cards

Prime Visa

If you use Amazon Prime on a regular basis, you might want to consider the Prime Visa. This no-annual-fee card offers 5% back at Amazon, Amazon Fresh and Whole Foods Market with eligible Prime membership (which costs $139 per year), as well as 2% back at restaurants, gas stations, local transit and on commuting (including rideshares). Most other purchases earn 1% cash back, and new cardholders can earn an Amazon gift card for $100 instantly upon approval.

The Prime Visa card also offers flexible reward redemption options, giving you the opportunity to turn your rewards into statement credits, bank deposits, discounts on Amazon purchases and more. Like the Best Buy Visa card, the Amazon Prime card offers promotional financing, though taking advantage of promotional financing will preclude you from earning cash back on that purchase. The Amazon Prime card’s offer is better than the Best Buy Visa’s, however, because if you don’t pay off your entire balance before the end of the promotional period, you’re only on the hook for interest on the unpaid balance going forward, instead of all the interest on the original balance.

Target RedCard™

If you shop at Target more often than Best Buy, take a look at the Target RedCard™*. This retail credit card charges no annual fee and offers an automatic 5% off all Target purchases. When you shop online, you automatically get free two-day shipping on all qualifying purchases.

The Target RedCard also offers 2% back on dining and gas, 1% back on all other purchases. The rewards you earn on dining, gas and other shopping can be redeemed for Target gift cards.

Capital One Walmart Rewards® Mastercard®

Walmart shoppers who like cash-back rewards should consider the Capital One Walmart Rewards® Mastercard®*. This no-annual-fee credit card offers 5% cash back on Walmart.com purchases, including pickup and delivery, as well as 2% cash back on purchases in Walmart stores, Murphy USA and Walmart fuel stations. Plus, you’ll earn 2% cash back on restaurants and travel, and 1% on all other purchases.

The Capital One Walmart Rewards Mastercard doesn’t offer a welcome bonus, but new cardholders can bump their in-store rewards from 2% to 5% during their first year of membership by using Walmart Pay to make Walmart purchases. Your cash back accrues as Capital One Rewards points, giving you plenty of redemption options -- statement credits, gift cards, travel and more.

How My Best Buy® Visa® Card compares to other cards

CNET’S PICK
My Best Buy® Visa® Card
Learn More

My Best Buy® Visa® Card

6.9/10 CNET Rating CNET rates credit cards by comparing their offers to those of their categorical competitors. Each card is individually evaluated through a formula which reflects the standards and expectations of the contemporary market. Credit card issuers have no say or influence in our ratings. How we rate credit cards
Intro Offer
No current offer
Annual fee
N/A
APR
31.49% variable
Intro Purchase APR
N/A
Rewards rate
1% – 5% 5% back* in rewards on Best Buy purchases; 3% back* in rewards on gas purchases; 2% back* in rewards on dining and grocery purchases; 1% back* in rewards on everyday purchases
Prime Visa
Learn More

Prime Visa

8.3/10 CNET Rating CNET rates credit cards by comparing their offers to those of their categorical competitors. Each card is individually evaluated through a formula which reflects the standards and expectations of the contemporary market. Credit card issuers have no say or influence in our ratings. How we rate credit cards
Intro Offer
Get a $100 Amazon Gift Card Get a $100 Amazon Gift Card instantly upon approval exclusively for Prime members
Annual fee
$0
APR
19.49% – 27.49% Variable
Intro Purchase APR
N/A
Rewards rate
1% – 5% Earn unlimited 5% back at Amazon.com, Amazon Fresh, Whole Foods Market, and on Chase Travel purchases with an eligible Prime membership; Earn unlimited 2% back at gas stations, restaurants, and on local transit and commuting (including rideshare); Earn unlimited 1% back on all other purchases
Target RedCard™
Learn More

Target RedCard™

5.4/10 CNET Rating CNET rates credit cards by comparing their offers to those of their categorical competitors. Each card is individually evaluated through a formula which reflects the standards and expectations of the contemporary market. Credit card issuers have no say or influence in our ratings. How we rate credit cards
Intro Offer
Save $50 on a future qualifying purchase Save $50 on a future qualifying purchase over $50 when approved for a credit or debit RedCard. Offer is redeemable only through Target Circle™. Valid 10/29/23 – 12/9/23
Annual fee
$0
APR
28.15% Variable
Intro Purchase APR
N/A
Rewards rate
1% – 5% Save 5% in store and online at Target; For each eligible purchase you make in gas or dining merchant categories, you earn rewards at a rate of 2% of the eligible purchase amount.; For each eligible purchase you make at a merchant that is not in a gas or dining category, you earn rewards at a rate of 1% of the eligible purchase amount.

FAQs

Co-branded credit cards are developed when a bank partners with a retailer. In this case, Citi and Best Buy partnered to offer the My Best Buy Visa Card to consumers interested in earning rewards on gas, groceries, dining and Best Buy purchases. When you apply for a My Best Buy Visa Card, you’re actually applying for a Citi credit card. This is different from a store card that can only be used at a particular store. Best Buy also offers a store credit card -- the My Best Buy card, which can only be used at Best Buy stores or at BestBuy.com.

Store credit cards may be easier to get approved for than traditional or co-branded credit cards. If you shop at a particular store often, a store card may help you build credit while also earning some rewards. However, store cards tend to have higher APRs than most traditional credit cards. Make sure you only charge what you can afford to pay off in full -- otherwise a store credit card can cost you more in interest than you’ll earn in rewards.

The My Best Buy Visa Card is a co-branded card that lets you cash in your rewards at Best Buy. It’s not a store card, since you can use it anywhere Visa is accepted. This may be a good card for Best Buy loyalists. It offers competitive rewards rates, but you can only redeem them towards future Best Buy purchases. If you’re not a Best Buy loyalist, other retail credit cards offer better rewards or more flexible redemption options.

*All information about the Target RedCard, Capital One Walmart Rewards Mastercard and My Best Buy Visa Card has been collected independently by CNET and has not been reviewed by the issuer.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

Nicole Dieker has written about personal finance for nearly a decade. In addition to CNET, her work has appeared on Bankrate, CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar and NBC News. Dieker also spent five years as a writer and editor for The Billfold, a personal finance blog.