Citi My Best Buy® Visa® Card Review: Excellent Rewards for Best Buy Loyalists
The My Best Buy® Visa® Card offers unbeatable 5% rewards for frequent Best Buy shoppers, plus flexible financing options. But is it the right choice given its high APR and store-specific rewards?
| Sign-up Bonus | 10% back in rewards at Best Buy |
| Rewards Rate | 1%-5% back in rewards |
| Regular APR | My Best Buy Credit Card Purchase APR: variable 30.74% My Best Buy Visa Purchase APR: variable 30.74% Balance Transfer APR: variable 30.74% Cash APR: variable 29.99% |
| Other Fees | Balance transfer fee is the greater of $15 or 5% of the amount of each transfer Cash advance fee is the greater of $10 or 5% of the amount of each cash advance Min. interest charge: $2 |
Overview
For dedicated Best Buy shoppers, the My Best Buy® Visa® Card delivers a powerful combination of rewards and financing options. Its standout feature is a generous 5% back in rewards on all Best Buy purchases, making it one of the most rewarding ways to pay for electronics and appliances. The card also offers respectable bonus categories elsewhere, earning 3% back on gas and 2% on dining and groceries. When making a large purchase at Best Buy, cardholders get a unique choice: they can either take the rewards or opt for flexible financing, which can be a valuable perk for spreading out the cost of a new TV or laptop.
However, the card's appeal comes with a significant warning: its regular APR is exceptionally high. This makes it a risky choice for anyone who might carry a balance from month to month, as steep interest charges can quickly erase the value of any rewards earned. Furthermore, rewards are issued as Best Buy certificates, not flexible cash back, which limits their utility to future purchases at the store.
Ultimately, this card is tailor-made for the Best Buy loyalist who consistently pays their balance in full. If you frequently shop at the electronics retailer and can avoid the high interest rates, the excellent rewards rate and financing options can make this no-annual-fee card a valuable addition to your wallet. For everyone else, a general-purpose cash-back card with a lower APR would likely be a better fit.
Pros & Cons
What's great
- No annual fee
- Generous sign-up bonus
- High rewards rate
- Cashback on purchases
- No foreign transaction fees
- Rotating bonus categories
Things to consider
- High regular APR
- No intro APR period
- High balance transfer fee
Benefits
High Rewards for Best Buy Loyalists
The main appeal of the My Best Buy® Visa® Card is its generous rewards rate for brand loyalists. You’ll earn an excellent 5% back in rewards on all Best Buy purchases, making it a powerful tool for anyone who frequently buys electronics, appliances, or other tech. The card also extends its value to everyday spending, offering a solid 3% back on gas and 2% back on groceries, dining, and takeout. While other cards may offer higher rates in these categories, they provide a convenient way to rack up Best Buy rewards on your daily essentials.
A Valuable Welcome Offer for Big-Ticket Buys
New cardmembers receive a compelling welcome offer: 10% back in rewards on all Best Buy purchases made on the first day of account opening. This is particularly valuable if you’re planning a large, one-time purchase, such as a new laptop or home theater system, as it can generate a significant reward certificate right away. A key feature of this card is the choice it offers on Best Buy purchases—you can either opt to earn rewards or select a flexible financing plan. This flexibility allows you to prioritize immediate savings via rewards or spread out the cost of a major purchase over time with potentially low monthly payments.
Redemption and Travel-Friendly Perks
It’s important to note that rewards are issued as Best Buy reward certificates, meaning their value is locked to the store. This makes the card ideal for dedicated Best Buy shoppers but less flexible than a standard cash-back card. On a positive note, the card comes with some valuable extras not always found on store cards. It charges no foreign transaction fees, making it a decent option for use abroad, and cardmembers receive free shipping on qualifying Best Buy orders and access to special bonus offers throughout the year.
Drawbacks
The card's biggest weakness is its exceptionally high ongoing APR. At a variable 30.74%, carrying a balance—even for a short time—can quickly lead to interest charges that wipe out the value of any rewards you've earned. This makes the card a poor choice for anyone who doesn't pay their bill in full every month. The lack of an introductory APR offer for purchases or balance transfers further underscores this risk, and the balance transfer fee is a steep 5% of the amount transferred.
Beyond the high potential cost, the rewards program is quite rigid. While the 5% rate at Best Buy is generous, all rewards are issued as Best Buy certificates. This lacks the flexibility of true cash back or travel points, locking you into spending your rewards at a single retailer. Similarly, the sign-up bonus is highly restrictive, only applying to Best Buy purchases made on your very first day with the card. Finally, while it's advertised with no annual fee, some applicants may be charged a fee of up to $59 depending on their creditworthiness, which is a potential downside for a store-branded card.
Decision Guidance
This card is an excellent choice for Best Buy loyalists who pay their balance in full each month to capitalize on the high rewards rate or use the special financing for large purchases. However, the exceptionally high APR makes it a risky option if you ever carry a balance, as interest charges can quickly erase your rewards. Those seeking flexible cash back or who only shop at Best Buy occasionally will be better served by a general-purpose rewards card.
Summary
For the dedicated Best Buy loyalist, this card offers an unbeatable 5% back in rewards or valuable financing options on big-ticket items. Just be warned that its sky-high APR and rewards locked into Best Buy certificates can quickly negate its benefits if you ever carry a balance, making it essential to pay in full every month.