If you’ve ever shopped at Best Buy, the cashier likely tempted you with a Best Buy credit card at checkout. Now, as a smart shopper and savvy consumer, you’ve been trained to decline these offers. Approvals are not guaranteed, and applying for the credit card will decrease your credit score. But while you shouldn’t make a habit of arbitrarily applying for credit cards that you don’t need, there are sound reasons to consider Best Buy credit cards.
These cards feature rates higher (after the introductory rate period) than most credit cards, which may not work if you carry a balance from month-to-month. You’ll pay a higher minimum payment, plus it’ll take longer to pay off your balance. Best Buy credit cards, however, might be a good match if you frequently shop with the retailer and pay your credit card balance in full each month.
What features make Best Buy credit cards special?
- Lucrative rewards program. While other reward programs give 1 point per every $1 spent in-store or online, Best Buy’s RewardZone MasterCard pays more than double the average rewards program. Earn 1 point plus 1.5 bonus points whenever you use your rewards credit card at Best Buy or Best Buy.com. That’s the equivalent of 5% cash back. Maybe you’re saving for something special, such as a new laptop computer or a television. The more points you earn, the faster you can reach your goal
- Plenty of no interest promotions. Adopting a cash only mentality is a key way to avoid debt and keep your finances in order. And since retail credit accounts are known for their higher rates, you may have never considered a Best Buy account. You might reason: I can save money and enjoy a better rate with my Amex or bank Visa. This is probably true. There are, however, plenty of no interest financing options with a Best Buy credit card. Enjoy 0% financing for six months on purchases totaling $149 and up, as well as 0% interest for 18 months on purchases totaling $429 and up. Pay off your purchase within the low-rate period and avoid interest. Flexible financing is subject to credit approval.
- No annual fee. The Best Buy credit card and the Reward Zone credit card have no annual fees or costs. This is a unique feature, especially since an annual fee is common with other rewards credit cards.
- Access to exclusive discounts. Being a cardmember opens the door to additional savings. Not only can you earn points toward future purchases, you’re also eligible for exclusive promotions such as taking an additional 10% off purchases with your Best Buy credit cards. These promotions typically last several weeks or months, letting you maximize your savings. There are also frequent offers to earn additional points or bonuses with the rewards credit card.
Of course, you shouldn’t apply for a Best Buy credit card simply because of the features. Can you benefit from an account? Applying for a new account has credit consequences, plus there’s the temptation to spend money you don’t have. Be honest and ask yourself: How often do I shop at Best Buy? Do I have the discipline to pay off my balances in full each month, or at least within the 0% interest period? If you answer “no” to either question, this may not be the card for you.