Is there an annual fee for Best Buy Credit Card?

The top Best Buy® Credit Card benefits include 10% back in rewards (5 points per $1 spent) on your first day of purchases made within the first 14 days, 2.5 points / $1 spent on qualifying Best Buy purchases, $0 annual fee, 0% foreign transaction fee, and the option to choose deferred interest on purchases.… read full answer

The financing side of things is hit or miss, but all the other perks simply help you save. Plus, you only need fair credit or better to get the Best Buy® Store Card, but its use will be restricted to Best Buy. The Best Buy® Credit Card requires good credit or better, but it also packs additional benefits. If you don't get approved for the Best Buy® Credit Card, the Best Buy® Gold Visa Credit Card packs the same benefits and accepts fair credit, but will charge you a $59 annual fee.

Here are the top Best Buy® Credit Card benefits:

• 10% back in rewards (5 points per $1 spent) on your first day of purchases made within the first 14 days when choosing standard credit.
• 2.5 points per $1 spent on Best Buy purchases, 1.5 points per $1 spent at gas stations, 1 point per $1 spent at restaurants, bars and grocery stores, and 0.5 points per $1 spent on all other purchases. Each point is worth 2% back in rewards. You get a $5 reward certificate for every 250 points.
• Choose between standard credit (for 2.5 points / $1 spent at Best Buy) and flexible financing options (0% - 12.99% for 12 - 48 months).
• My Best Buy Elite Plus members get a 0.5-point bonus added to the 2.5 points / $1 spent at Best Buywith standard credit.
• Shop anywhere Visa is accepted.

For the Best Buy® Store Card, you get:

• 10% back in rewards (5 points per $1 spent) on your first day of purchases made within the first 14 days when choosing standard credit.
• Choose between standard credit (2.5 points / $1 spent at Best Buy) or flexible financing options (0% - 12.99% for 12 - 48 months). Get a $5 reward certificate for every 250 points.
• My Best Buy Elite Plus members get an extra 0.5-point bonus added to the 2.5 points / $1 spent at Best Buy.
• Enjoy exclusive discounts and events and free shipping on purchases $35 and up.

The promotional financing offers for the Best Buy® Credit Card can be an attractive benefit, but they're also somewhat dangerous. Some items are eligible for deferred interest, which means you pay no interest for a certain period of time. But if you don't pay your full balance by the end of that period, a high interest rate will go back and apply to your original purchase amount. So, the savings you thought you were getting could turn into some nasty extra charges if you're not careful.

If you're after financing, it's better to go with a card that gives you true 0% interest. If you have a balance at the end of the 0% period, you'll only pay interest on the amount that remains, rather than what you originally spent. Check out our editors' picks for the best 0% intro APR credit cards.

The Best Buy® Credit Card credit score requirement is 700 or better. That means people with good credit or better have a shot at getting approved for the Best Buy® Credit Card.

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Best Buy® Credit Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.… read full answer

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Best Buy® Credit Card credit score requirement. You can check your credit score for free on WalletHub.