No, there is no annual fee for the Best Buy® Credit Card. So you don’t have to worry about paying a cent for just having it. You can keep it open with 0 balance and it will help you improve your credit score. Just remember to use it from time to time to avoid it being closed due to inactivity.
Here’s what you need to know about the Best Buy® Credit Card:
It has a $0 annual fee
Good credit or better is required for approval
Best Buy® Credit Card is part of the Visa network, so can be used anywhere that accepts Visa.
It has a deferred interest plan. So, make sure to pay your balance in full before the reduced rate period concludes to avoid high APRs being applied to your entire original purchase amount.
Some of Best Buy® Credit Card’s other fees include a 5% (min $10) cash advance fee and a late fee of up to $35. So, the $0 annual fee helps offset these other costs.
Applying for the Best Buy® Credit Card and getting rejected will have you considered for the Best Buy Store Card and Best Buy® Gold Visa Credit Card. So, make sure you know where you stand before applying. You can check your credit score for free, right here on WalletHub.
It is also worth noting that Best Buy® Credit Card offers 10% back in rewards (5 points per $1 spent) on your first day of purchases made within the first 14 days. So, if you’re a regular Best Buy shopper and use your Best Buy® Credit Card responsibly, it will save you a lot of money.
Your Best Buy® Credit Card approval odds are pretty good as long as your credit score is at least fair. There are actually two Best Buy credit cards, the Best Buy® Credit Card and the Best Buy® Store Card that you can only use at Best Buy. Your odds of Best Buy® Credit Card approval will only be good if your credit score is at least good. But if you don’t get that version, you’ll be automatically considered for the Best Buy Store Card, which requires fair credit. But there’s more to Best Buy® Credit Card approval than just your credit score.… read full answer
Here are the Best Buy credit card approval requirements:
Credit score: fair for the store card, good for the Visa.
Age: 18+ years old (21 in Puerto Rico).
Mailing address. Must be located in the U.S.
Social Security Number. You need an SSN to apply and can’t substitute an ITIN.
Income. The amount of money you make factors heavily into approval.
Be sure to check your credit score before applying. If it’s below 640, take time to improve your score first. Even a month can make a big difference. But if it’s more than a minor fix, you might want to put a deposit on a secured credit card and use that for credit rebuilding purposes until you get into the fair credit range.
The only difference between the Best Buy® Credit Card and the Best Buy® Gold Visa Credit Card is that the former comes with a $0 annual fee, while the latter charges $59 per year. Your creditworthiness will determine which of the two you get approved for. Both cards offer the same rewards, which include 2.5 points / $1 (5% back) at Best Buy along with 10% back in rewards (5 points per $1 spent) on your first day of purchases made within the first 14 days.… read full answer
Here’s where you can use a Best Buy® Credit Card:
The Best Buy Store Card can only be used at Best Buy.
The Best Buy® Credit Card and Best Buy® Gold Visa Credit Card can be used anywhere that accepts Visa.
All three cards offer 2.5 points / $1 (5% back in rewards) at Best Buy, and 6% for Best Buy Elite Plus members. Best Buy Elite Plus membership is awarded after spending $3,500 in a calendar year.
The Best Buy® Credit Card and Best Buy® Gold Visa Credit Card offer 10% back in rewards (5 points per $1 spent) on your first day of purchases made within the first 14 days.
The Best Buy® Credit Card and Best Buy® Gold Visa Credit Card offer 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.
You can use your Best Buy® Credit Card and Best Buy® Gold Visa Credit Card pretty much anywhere as Visa is widely accepted internationally. However, using the Best Buy Store Card is restricted to Best Buy. Regardless of where you use your Best Buy credit cards, you’re still going to get the most bang for your buck at Best Buy. You earn rewards at a higher rate, and those rewards are only redeemable for Best Buy gift certificates.
If rewards on gas and restaurants are what you’re looking for, the PenFed Platinum Rewards offers 5 points / $1 spent on gas purchases. And the Capital One SavorOne gives you 3% cash back on dining and entertainment. And they can both be used anywhere.
It can take anywhere from a few minutes to 10 business days to get approved for the Best Buy® Credit Card. Certain applications that meet the issuer’s exact criteria may be approved instantly. However, if you don’t get a decision immediately after applying, it doesn’t mean you won’t have a shot after your application is reviewed in more detail. Most applicants are notified by mail of the issuer’s final decision within 10 business days of applying.… read full answer
You can also check your Best Buy® Credit Card application status online or by by calling customer service at (888) 574-1301.
Provided your application is approved, you can expect your new card to arrive by mail within 14 days of approval.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.