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Best Buy Credit Card Review 2020 - Rewards & Financing Benefits, Credit Score Needed, Approval Odds - YouTube
Channel: Strictly Credit Cards
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hey I'm Adam just go in this is strictly
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credit cards where we talk about
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strictly credit cards subscribe why
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don't you in this video we are going to
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review the best buy credit cards we're
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gonna look at the rewards the financing
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offers what credit score you might need
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all of that good stuff so Best Buy has a
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credit card program in partnership with
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Citibank so city is the actual issuer of
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the Best Buy credit cards and what you
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can get out of this program is obviously
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credit to buy Best Buy things as well as
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potentially things outside of Best Buy
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you can earn reward points that will be
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eventually redeemed toward future Best
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Buy purchases or you can choose to use
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the card to get 0% financing on larger
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purchases that you make at Best Buy
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right before we look at the rewards and
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the financing let's look at the
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application process because there are
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three best buy credit cards that you
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potentially could get approved for the
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first one is the my best buy platinum
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visa which can be used at Best Buy but
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also anywhere else that visa is accepted
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if you're not approved for that one you
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may be offered the my best buy credit
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card that is a store only card can only
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be used at Best Buy if you can't qualify
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for that card either you may be offered
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the best buy gold visa which has a $59
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annual fee unlike the first two cards
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that have no annual fee for the most
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part I would say you know skip that $59
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gold visa unless you have a you know bad
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credit history and feel like this is a
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card that maybe could help you build
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credit history and maybe you've had
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trouble getting approved otherwise but
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really if you can't get approved for
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those first two cards the $59 gold visa
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is not one that I would really suggest
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anyway when you apply online they're
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first going to consider you for that
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platinum visa if you don't qualify they
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would go on to the store card and then
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the gold visa in-store I have heard that
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you sort of have the choice you can
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choose to go straight for the store only
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card if you want to if you don't want a
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visa
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I think most people probably want the
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visa and not the store only card but
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that's kind of how it works alright so
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let's talk rewards Best Buy has an
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rewards program called my best buy when
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you get one of their credit cards you
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are earning rewards that go on top of
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that so when I tell you about what these
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rewards are they are going to be sort of
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the combined what you're getting from
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the card and what you are getting from
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the my Best Buy program so you can be
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part of my Best Buy without getting the
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card but the card is going to give you
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more so if we assume that you have the
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best buy Visa card you are going to get
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a 5% reward on your best buy purchases
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you're going to get a 3% reward on gas
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purchases that you are making with the
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card you're going to get a 2% reward on
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dining and take-out purchases 1%
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everywhere else in addition Best Buy has
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some rotating categories things change
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off and on in terms of where they are
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going to give some enhanced rewards but
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there's usually another category where
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you can use you can earn a higher
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rewards percentage as well I believe as
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I make this video it is groceries that
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you can get a little higher percentage
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on but those will change so that is not
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something that is set in stone just a
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quick technicality here the rewards that
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you earn on the best buy credit cards
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are technically given to you as points
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and each point is worth two cents when
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it is redeemed so when I talk about a 5%
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reward on your Best Buy purchases
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technically you are getting 2.5 points
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it really doesn't matter but if you
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actually get the card and you are you
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know kind of checking out the reward
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program and you're looking at points
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versus seeing a percentage or whatever
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that's why it is happening so it's a 5%
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reward but that comes in the way of 2.5
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points per dollar on those Best Buy
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purchases all right let's talk
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redemptions by default in the my Best
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Buy program every time you earn 250
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points you are going to automatically be
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issued a 5 dollar reward certificate and
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that 5 dollar reward certificate is
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going to expire in 60 days from the date
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that it was issued if you don't want to
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get a 5 dollar reward certificate that
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is going to expire that quickly and
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instead you would rather have the
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rewards accrue for longer so that your
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rewards to
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ticket would be bigger when you are
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actually ready to use it you had the
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option to do that but you have to go
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into your my best buy account online and
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actually change that and say I don't
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want the reward until some higher number
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so by default it's gonna be that $5 for
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every 250 points but you can change it
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and obviously you'd have to spend more
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at Best Buy or otherwise in order to get
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to a higher level but you can have that
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option to change it if you want to
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another quick note here
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Best Buy used to send out physical
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rewards certificates as far as I
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understand that they don't do that
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anymore so they will send you a link and
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you can find a printable reward
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certificate or you can access it on your
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phone if you're in a store and use it
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that way when you redeem it but you're
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not gonna have that mail option so if
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you're the kind of person that maybe
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would forget you have those rewards but
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you know if it showed up in the mail
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that would jog your memory and then you
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would go use it that's not how it's
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going to work anymore as far as I
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understand it so you're probably just
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going to get an email that says hey your
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rewards such a certificate is ready to
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go and then it's going to be kind of up
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to you to remember that you have that
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because you're not going to have
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something physical in your hands to
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remind you over and over again that you
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have the certificate you need to use
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alright one final note on rewards Best
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Buy does do a little bit of an extra for
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people that spend a lot of money with
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Best Buy so if you have spent fifteen
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hundred dollars within the last year
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with Best Buy you would be considered an
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elite member if you have spent thirty
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five hundred dollars or more you would
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be considered an elite Plus member and
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you get a little bit extra for that so
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if you're an elite member you don't get
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a whole lot but one thing you do get is
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points banking which means when you have
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your points you don't have to set a
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default that says I'm going to get a
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certificate at X number of dollars you
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essentially can just bank those points
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for as long as you want to and then you
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can really accrue them and use them when
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you are ready to so you're not forced
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into doing any you know default setting
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and they're just going to get that
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certificate sent to you whenever you hit
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it if you are in Elite Plus you have the
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points banking but then you also get 6%
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in rewards on your best
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purchases instead of the default 5% so
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not a huge bonus if you are elite or
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Elite Plus but a little something extra
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par let's talk financing when you are a
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Best Buy credit card holder you have the
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option when you make a larger purchases
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to take advantage of a zero percent
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financing offer instead of earning
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rewards on those purchases so as I make
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this video there are offers of 0% for 12
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months on purchases of $2.99 or more 0%
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for 18 months on purchases of $4.99 or
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more there are offers of 0% for 24
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months on some larger purchases within
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certain categories so sometimes a 0%
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offers are store wide sometimes they are
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within certain categories and the length
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and type of offers can change as well so
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I'm kind of telling you what's happening
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now as I'm making this video but if you
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get the car down the road there could be
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other different offers as well now an
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important thing to know about these 0%
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offers is that they are what is known as
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deferred interest offers and what that
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means is that you have to pay them off
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in full within that time frame that they
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give you otherwise you're going to be
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charged all of the interest that would
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have accrued from the date of purchase
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as if that 0% offer had never existed so
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let's say you take a 0% for 18 month
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offer on something that costs $500 if
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you don't pay off that complete $500
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within that 18 months even if you only
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owe you know $7 more on the thing if you
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haven't paid it off in full they are
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going to act like that 0% offer never
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existed and they're going to charge you
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all of the interest that would have
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accrued all those months since the date
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of purchase so you have to make sure
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that you do pay it off in full otherwise
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you're gonna get all that interest and
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it's all gonna show up at one time all
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right so that's rewards and financing I
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do want to take a step back for just a
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moment and talk about two other things
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with the application process and the
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first of those is that when you apply
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for a Best Buy credit card if you apply
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and are instantly approved and you use
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the card on the day that you
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are approved you will actually earn 10%
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in rewards on any best buy purchases so
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a little extra perk if you use the card
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immediately once you actually are
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approved for it now the other question
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that many people often have about these
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cars is what credit score do I need to
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get approved so for the best buy cards
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like I said there are 3 of them for that
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Best Buy Platinum visa if you have a 700
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or / credit score I have to imagine you
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are going to get approved unless there's
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something you know very strange in your
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credit report between 650 and 700
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probably still approved but maybe
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there's going to be some rejections in
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there between 600 and 650 I think it's
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going to be a little tougher to get your
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hands on that visa but you would
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probably be approved for the store card
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now once you get under 600 that is a
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place where there's no telling what they
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do you're probably not going to get the
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visa if you're under 600 you may still
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qualify for the store card or you might
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get offered that gold visa that has the
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$59 annual fee these are not set in
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stone numbers they are going to look at
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more than just your credit score if
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there's some other thing that jumps out
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at them that would be part of whether
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you are you know approved or denied if
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you've applied for a ton of credit cards
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in the last six months or 12 months or
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whatever that could be something that
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hurts you more even if your credit score
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is a little higher if your credit scores
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a little lower and you don't have a
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whole lot of credit history but it's not
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that bad
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they could you know potentially approve
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you for something a little better so you
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never know for sure but those are sort
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of some guidelines overall best buy
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credit cards not a bad deal 5% at Best
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Buy is nice if you have the Visa Card
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you can get some of those enhanced
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categories like gas and dining purchases
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so it could be something that makes
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sense for someone that really spends a
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lot at Best Buy on a regular basis
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however it's a very inflexible card in
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the fact that the rewards you receive
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are only on Best Buy purchases in the
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future so for that visa for example if
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you could get those same percentages on
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gas and dining or some of those other
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rotating categories with a good cash
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back card well that would make more
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sense because then you have a lot of
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flexibility and how you use your rewards
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with this card you could only you
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them toward Best Buy on the other hand
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if you could not maybe qualify for some
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of the better cash back cards or other
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credit cards out there you could qualify
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for this one then maybe it would make
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sense to get those enhanced rewards and
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use them toward Best Buy that would be
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up to you obviously certainly not a bad
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card but not an everyday card for most
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people so that is it for this video
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thank you for watching I would ask you
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again to subscribe and we'll see you
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next time
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