Best Buy offers two credit cards that can help you finance in-store purchases and earn more rewards in the My Best Buy™ loyalty program. However, the My Best Buy® Credit Card* can only be used at Best Buy locations, whereas the My Best Buy® Visa® Card* can be used anywhere Visa cards are accepted around the world.
You can opt for either of these cards if you want to boost your Best Buy rewards for spending, but you’ll want to be selective if you’re hoping for a card you can use for gas, groceries and other purchases.
However, just because you can use the Best Buy Visa Card anywhere doesn’t mean you should. The limited scope of the Best Buy™ loyalty program and its available redemption options mean you may want a more flexible rewards credit card for regular spending and bills.
What’s the difference between a closed-loop credit card and an open-loop credit card?
Closed-loop credit cards can only be used in a single store or family of stores, whereas open-loop credit cards can be used anywhere credit cards from the payment network are accepted. When it comes to Best Buy credit cards, the My Best Buy® Credit Card is the brand’s closed-loop card, while the My Best Buy® Visa® Card is an open-loop credit card.
This may not seem like a big deal, but it can be if you want a credit card that can be used for everyday expenses instead of just with Best Buy.
The chart below highlights the major features of both Best Buy credit cards
| Rewards rate | Annual fee | |
| My Best Buy® Credit Card | 5% cash back on eligible purchases at Best Buy | $0 |
| My Best Buy® Visa® Card | 5% cash back on eligible purchases at Best Buy 3% cash back on gas purchases 2% cash back on dining and takeout 2% cash back on grocery purchases 1% cash back on other purchases | $0 |
Where can I use my Best Buy credit cards?
The My Best Buy® Credit Card is a closed-loop credit card that can only be used in Best Buy stores. However, the My Best Buy® Visa® Card is a traditional Visa credit card, which means you can use it at millions of retailers and merchants that accept Visa credit cards around the world.
| My Best Buy® Credit Card | My Best Buy® Visa® Card | |
| Where can you use it? | Best Buy | Best Buy Gas stations Restaurants Grocery stores Retail stores Online shopping Anywhere else Visa is accepted |
Who should get a Best Buy card?
Best Buy credit cards are best for:
- People who spend a lot at Best Buy stores
- Consumers who want to redeem rewards for Best Buy merchandise
- Anyone who doesn’t want to pay an annual fee for a credit card
- Consumers who can pay their credit card balances in full each month
- If you’re looking for a deferred financing option
If Best Buy is your go-to electronics or home goods store, one of these cards could help you save on your next bill. Not only do these cards offer an elevated rewards rate for Best Buy spending, but cardholders occasionally qualify for flexible financing offers.
However, like most store credit cards, both of the Best Buy credit cards have a high variable APR that could lead to expensive interest charges if you carry a monthly balance. The limitations of the My Best Buy™ loyalty program are also worth noting. You’re only able to redeem your rewards for Best Buy reward certificates, and neither card offers benefits like purchase protection or extended warranties.
There’s also a deferred financing option to consider. Instead of earning rewards, you can choose to defer interest on a payment of $299 or more. The timeframes range from 12, 18 or 24 months, depending on what the purchase is.
But you should only choose an option that you’re sure you can pay back within the given timeframe. Otherwise, you’ll be on the hook for any interest that has accrued from the start of your deferred financing plan. Differed financing plans can be helpful, but they carry more risks than using a credit card with an introductory 0% purchase APR.
Who should skip the Best Buy cards?
If you fall into any of these categories, the Best Buy cards may not be a good fit:
- People who want to redeem rewards for cash back, statement credits or other flexible options
- Consumers who may end up carrying a balance from time to time
- Those who want access to more credit card benefits
- People who want a credit card that offers purchase protection, extended warranties or both
Other than using these cards to lower your Best Buy expenses, the rewards have very limited use. Rewards are only redeemable for reward certificates that can be used for Best Buy merchandise. You also need to have at least 250 My Best Buy points to get a $5 reward certificate.
If you want a credit card you can use for emergency expenses or regular purchases, you’ll also have to steer clear of the My Best Buy® Credit Card and opt for the My Best Buy® Visa® Card instead. Even then, you have to resign yourself to the fact that you will never be able to redeem rewards for flexible options like cash back or gift cards like you can with other cards.
If you need to carry a balance on your card, neither Best Buy credit card is a good option. Both charge a variable APR of 31.49%, which is higher than most other rewards credit cards charge. There are also numerous rewards credit cards with an introductory 0% APR on purchases, balance transfers or both for a limited time that can help you avoid interest should you need to revolve a monthly balance.
Neither card features built-in protections for electronics, appliances or other high-dollar items. You’d be better off using a different cash-back credit card that does offer purchase protection or something similar.
How to get the most from your Best Buy Card
If you do decide to get a Best Buy credit card, you’ll want to use it in a way that helps you maximize its benefits:
- Pair your Best Buy card with another rewards credit card. While earning 5% cash back at Best Buy with one of the store’s credit cards is nice, you should use a different rewards credit card for other spending. There are numerous other rewards credit cards that offer 2% cash back or more on all purchases or in bonus categories with much more flexible redemption options.
- Pay your credit card balance in full each month. No matter what you do, make sure to pay the balance in full on your Best Buy credit card each month. If you don’t, the card’s high variable APR means you’ll pay a lot more in interest than the rewards you earn.
- Redeem rewards for merchandise as you see fit. As you start earning Best Buy rewards, you have the option to redeem as you go or to save them up for a larger purchase. Best Buy offers the option to “bank your points” until you reach a specific threshold, at which point you can request a reward certificate to use.
The bottom line
Best Buy credit cards offer an impressive rewards rate for Best Buy purchases, but that’s about it. The closed-loop card version can only be used at Best Buy, and the open-loop credit card doesn’t provide anything you couldn’t get with a more flexible cash-back credit card or rewards card.
Our advice? Pick up a Best Buy credit card for special financing offers or just to earn 5% cash back at the retail store, but don’t use it for other purchases. Other rewards credit cards can give you a better rewards rate and more flexibility in the end, and with more additional credit card perks and features you can benefit from.
*All information about the My Best Buy Visa Card and the My Best Buy Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
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