Best Buy Credit Card - should I get it?
I do spend a lot of money on electronics - but that is mostly on Amazon (probably my biggest spend excluding travel). I have a CS. I dont really shop on Best Buy but open to it if it saves a lot
I do not recommend this card at all. There are 3 options of cards (all bad)
(1) My Best Buy only card - closed loop - shop only at bestbuy
(2) Best Buy Visa Gold - open loop - shop anywhere
(3) Best Buy Visa Platinum - open loop - shop anywhere
Fees?
Visa Gold has a ~$50 fee, only best buy and Visa platinum are free
And the main part - reward rate which is not very exciting frankly
(1) Best buy store or site - 5% (all 3 cards)
(2) My Best Buy card closed loop (without Visa) - has no other rewards
(3) Visa card (gold or platinum) -
- 1% everywhere
- 2% grocery and dining
- 3% gas
(1) My Best Buy only card - closed loop - shop only at bestbuy
(2) Best Buy Visa Gold - open loop - shop anywhere
(3) Best Buy Visa Platinum - open loop - shop anywhere
Fees?
Visa Gold has a ~$50 fee, only best buy and Visa platinum are free
And the main part - reward rate which is not very exciting frankly
(1) Best buy store or site - 5% (all 3 cards)
(2) My Best Buy card closed loop (without Visa) - has no other rewards
(3) Visa card (gold or platinum) -
- 1% everywhere
- 2% grocery and dining
- 3% gas
Best Buy Visa Gold fees is 59, not 50.
- At 5% best buy cashback - you will have to spend 1200 just to recover fees and profit
- At 2% (guesstimate average of rewards range) - you will recover fees after 3000 in spend
- At 5% best buy cashback - you will have to spend 1200 just to recover fees and profit
- At 2% (guesstimate average of rewards range) - you will recover fees after 3000 in spend
I think some people might take Best Buy credit card just because they dont get others. So you will pay whatever fees they ask
Do not get this card (or another store card). They offer deferred interest, not 0% APR.
APR is 31.5%. Dont let deferred interest fool you. You will pay a lot more if you miss a i single payment
Always avoid deferred interest cars. If and when you a miss a payment - all of a sudden you pay interest on the entire purchase price, including money you have already paid and penalty.
Even the signup bonus is pretty useless - you get one time 10% off on Best Buy on your first purchase. So you have to make sure your first purchase is something substantial for the signup bonus to be worth it.
Do not get it 100% for fees. For free - based on your CC situation, I can see why people get it
Do not get it 100% for fees. For free - based on your CC situation, I can see why people get it