Review: Best Buy Credit Card

“Apply today, shop today” is the message you’ll see on the Best Buy credit card promotion page, so you know instant approval is a distinct possibility. In fact, you’ll get 10% back in rewards on the day you are approved and use the card to shop Best Buy.

Once you have the Best Buy Visa (or store-only card if your credit isn’t good enough to qualify), you will earn 5% in rewards on any purchases you make, in the form of points. For example, a $100 Best Buy purchase with the card would earn you 250 points, which is good for a $5 Best Buy rewards certificate that can be used toward a future Best Buy purchase.

You can also choose to get special financing on your Best Buy card purchase instead of the points. The financing offers change from time to time, but in general it means you can finance your larger purchases (over $450 or so depending on the offer) at a 0% interest rate for anywhere from 12 months to 18 months. It’s important to note that you must pay off the complete purchase within that 12-month or 18-month period. If you haven’t paid off every penny, you will suddenly get hit with ALL of the interest that would’ve accrued since the day you made the purchase, as if the no-interest offer had never even happened. Be careful.

Oh, yeah, and the interest rate you’ll pay on this card is a very high 16.24%, a good reason not to carry a balance at any time.