Best Buy Credit Card Review: Flexible Financing
What Is The Best Buy Credit Card?
Best Buy is one of the best-known American companies and recognized brands in the world. As a hugely popular retailer, it needed a card to extend and support its wide variety of products. Having several decades working in the US, you can trust they know the needs of Americans pretty well.
This card is at its best for frequent Best Buy customers, but it can be useful for everyone.
One of the main uses is to cover unforeseen expenses, which all of us have. Say you need a new refrigerator or some expensive appliance. That would be hard to accommodate in your budget, right? This card provides a nice way to solve that immediately.
Sure, you can do this with any credit card now; however, you can pay later through the year with the Best Buy Credit Card, sometimes much more than a year. The best part is you can do that and not pay any interest.
Keep on reading and find out about this deferred interest financing, a fantastic offer.
Best Buy Credit Card Plans
As you will see, the Best Buy Credit Card is all about taking control of your budget, as it provides a few extra degrees of financial freedom. You should know this card comes in two formats:
Both of them work in pretty much the same way, with the Visa Card offering more points back rewards. Let’s jump straight to the topic!
What Rewards Does The Best Buy Credit Card Offer?
The Best Buy Credit Card offers points back rewards. This works as follows: On qualifying Best Buy purchases, you will receive 5% back in rewards. For each dollar you spend, you receive 2.5 points which can then be used in later purchases. For example, 1250 points can be used as $25 in reward value.
While this sounds complicated, it really isn’t once you get used to it! Just accumulate points and use them every time you buy at Best Buy.
Additionally, if you own the Best Buy Visa Card, you will get points back from many other purchases. This includes 3% on gas purchases, 2% on dining and groceries, and 1% on everything else. Of course, this applies to stores approved by Visa, so make sure you check that for big purchases.
However, with Visa having one of the most extensive networks, you can rest assured your trusted vendors are probably on the list.
It sounds like an avalanche of points will crush you, but it gets even better. You will also get 10% back on your first day using this card, and that can be today if your application is approved instantly. It’s essential to keep this in mind to plan accordingly, as this boost will be helpful in the following months.
Depending on how you use these rewards, you will be able to save a lot of money. If this sounds good to you and you are already considering applying, you can do so here.
Does the Best Buy Credit Card Offer Other Benefits?
In the spirit of making things easier for you, Best Buy Credit Card offers four different ways to pay. Whichever your preferred payment method is, you will likely see it here. The most used one is online payment through Best Buy’s well-done platform. If that does not serve your needs, you can pay by mail, phone, or text message—a great set of options to cover all of our needs.
When using a credit card, it is normal to have doubts regarding the service. You might also want to change how your payment is applied across several purchases. One great thing you should know is this card has a support line which can be really helpful. By taking advantage of it, you will surely make the best out of your credit card.
However, deferred interest financing is the benefit that takes the spotlight and is probably the main selling point of this card. You will see that offer on many of the purchases you can make at Best Buy. Get those products with this card and spread the price throughout a year or more.
As of right now, you can count on 18-month financing on purchases $499 and up. If that weren’t a great deal, you could also get funding 24-month by spending $699 or more. These involve no extra interests, and you only pay for the products you buy.
What Are The Financial Considerations Of The Best Buy Credit Card?
While these offers are already too generous, you must pay for all balances in full to avoid interests. Otherwise, you will be charged according to the APR given to you with the card. These interests will be proportional to the amount lent to you, which goes down as you pay each balance.
What does this mean in practice? Interests charged will be higher if you fail to pay the first balances and lower as your loan is paid back. This is not bad at all, given how much it provides in financial flexibility and savings.
Still, paying balances in full is always a good idea, and we advise this to all card owners. The reason for this is that credit card rates are always higher than other types of loans.
However, when you consider the Best Buy Credit Card’s reduced rate plans, you will get endless ways to make use of this card. Let’s see how those work, and while reading, you will probably imagine a few use cases.
What Are Reduced Rate Credit Card Plans?
Best Buy has several financing plans available for you to use. Firstly, it offers a deferred finance offer, which works in the same way we mentioned before. This allows you to divide your debt into monthly payments with no interest.
Secondly, you can sometimes get a reduced APR to divide part of your debt even further. Not only is the reduced APR great, but also you can get plans for up to 36 months. That’s three years! If your situation is right, this can be a game-changer.
Now, when we talk about reduced rates, we mean below 12.99%. Many credit cards will charge an APR that doubles this percentage. That’s why we consider this a great deal.
What Kind Of Interests And Fees Does Best Buy Charge?
Let’s start with the best news! When using the Best Buy Credit Card, there are no annual membership fees to consider. This means there are no drawbacks to adding it to your financial toolbox. This is huge, as other cards will often charge fees above $75.
The Best Buy cards have a variable APR of 25.24%, which is somewhat high. However, if you are a frequent reader, we expect you to be innovative and avoid these interests. If you fall behind in payments, you may be charged a late payment fee of up to $40. That’s not too bad, and hopefully, you’ll never have to pay for that if you are smart.
Cash advance fees will be either $10 or 5% of each cash advance, whichever is greater. This is nothing crazy as this feature can prove helpful, and the rate is pretty competitive. However, the APR for these operations is 27.99%.
If you wish to perform a balance transfer, you will be charged $15 or 5% of the operation, whichever is greater. Of course, this is not always possible, and you have to check for eligibility. If you go through with it, consider the APR will be 25.24% during the first four months.
Due dates are set at a minimum of 25 days after each billing cycle’s closing, which is good as other credit cards have this number at 21 days. Therefore, the Best Buy Credit Cards give you a few more days to put your affairs in order.
What Is The Application Process For The Best Buy Credit Card Like?
Applying for this card is a straightforward matter. Just log in or create your account on Best Buy’s website, and you will quickly be on your way.
The site provides all the tools to quickly check your application status, which shouldn’t take long anyway. It is very likely you can start shopping with your new card today, enjoying the 10% discount we talked about!
If you match their criteria for the most desired customers, the application will be approved instantly. Better sooner than later, you can ask for a card and save it for particular situations or offers.
Is the Best Buy Credit Card Right For You?
This is an excellent product, and there aren’t many reasons not to get it. In addition to the fantastic financing it offers, it doesn’t cost you to have it available at all times. Therefore, you won’t compromise your finances by getting this card. Quite the opposite, these qualities make the Best Buy Credit Card a risk-free venture!
While other cards are confusing with deceiving and complex terms, this one is straightforward. You take control of your expenses and can easily plan your budget through the year.
There aren’t many drawbacks we can think of, except for the redemption process for the points. However, this is something you get used to with time, which makes it pretty manageable.
If you feel that the Best Buy Credit Card is the right fit for you and would like to apply, you can do so here. If you are unconvinced and would like to know your other options, we have reviewed several credit cards, so you don’t have to!
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