My Best Buy Visa Credit Card Review: Is It Worth It?

My Best Buy Visa Credit Card Review: Is It Worth It?

The My Best Buy Visa credit card from American Express has always been one of my favorite store-branded credit cards, because of its strong earnings at Best Buy and a range of financing options. But it also has one benefit that could end up costing you lots of money in the long run: The ability to return any item at any time, whether you have the receipt or not, and even if you opened the package. That’s why I put together this full review — so you can decide whether this card makes sense for you in 2019, or if there are better ways to earn rewards through your spending habits.

The Pros

One of the main benefits of this card is the higher purchase rewards that most cards offer. You’ll earn 6 points per dollar spent at Best Buy and 3 points on general spending. If you’re someone who shops at Best Buy regularly, it’s likely that these rewards will really add up. The APR for purchases is 24.99% variable and there are no foreign transaction fees, which is fantastic if you spend a lot overseas or on online shopping sites that don’t do international shipping. You’ll also enjoy extended warranties and zero fraud liability, which means that in case your phone malfunctions in any way when you use your card to make a purchase, you won’t be liable for any of the costs related to fixing it.

There are some great additional benefits, such as a $25 gift card every time you spend $250 at Best Buy and you can earn more points with certain vendor partners. On top of that, you’ll also get access to special events like members-only sales and presales, which is a nice perk if you’re interested in buying concert tickets or going to a big game. There’s also no annual fee for your first year with your card — but keep in mind that after that point, you’ll need to pay $49 annually to keep it active. You’ll also enjoy price protection on big purchases in case something similar goes on sale within 14 days of your purchase.

The Cons

High APR costs and store-only rewards could make it less than worthwhile. For example, customers who want to purchase a $1,000 laptop may end up paying $122 in interest fees over two years because of the high APR. Spending that same amount at another store would earn far more in rewards. Not to mention that the spending requirements on these cards are high: the lowest is $250 per month. That’s an expensive purchase requirement if you don’t shop at Best Buy frequently enough.

Despite these drawbacks, there are some perks to consider, such as financing and an annual gift card. If you’re planning on buying a big-ticket item soon, you can apply for no-interest financing to get extra time to pay it off. The total purchase amount is also divided into 12 payments of $50 each (this number varies). Once you’ve made all your payments on time, you’ll receive a $100 gift card every year.

Final Verdict & Next Steps

The card is not the best at earning rewards but it does have strong rates for retailers like Best Buy and financing options. The one potential downside is that you can be hit with a 20% redemption fee if you’re not buying anything with your cash back before the expiration date. That’s a high percentage to worry about in addition to just making sure to remember when your credit card statement closes and make sure you use your rewards points before then. If you’re looking for cash back without having to buy something specific, we recommend using the Bank of America Cash Rewards credit card which is our favorite credit card on the market right now.

The Bank of America Cash Rewards credit card comes with cash-back rewards that are standard in most places and even has a sign-up bonus worth $200. The rate on all purchases is 1.5% and it has no annual fee. It’s a relatively basic credit card, but that also means it’s easy to use and works in many situations where more exotic cards don’t work as well. Also, you get your cash back at set time intervals throughout the year instead of having to redeem it for specific things so you have greater flexibility in what you can do with your rewards if you don’t need them immediately for an upcoming purchase.

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