How to Apply for and Maximize a Best Buy Credit Card

You may apply for the My Best Buy Credit Card in-store or online. You stand to benefit by getting this card if you plan to make purchases through Best Buy, all the more so because it comes with no annual fees.

The best way to maximize the rewards you may earn through this card is to use it within the first 14 days, as this lets you earn double the rewards. After those fourteen days, all purchases earn 5% back in rewards (or 2.5X points per dollar).

An alternative to earning rewards is opting to pay for your purchases over time using the card's no-interest financing plans based on various categories and the amount you spend.

The My Best Buy Credit Card is a store card you can use only to make Best Buy purchases. This no-annual-fee card allows you to choose between earning rewards and taking advantage of different interest-free financing plans.

A welcome offer for new cardholders gives you an opportunity to earn 10% back on your first purchase. After that, you earn 5% back on all purchases. Alternatively, you may choose from various category- and time-based interest-free financing plans.

The My Best Buy Visa Card, on the other hand, is a card you may use globally — in Best Buy stores and anywhere else Visa is accepted. You can also earn rewards through a few bonus categories as well.

Using a My Best Buy Credit Card comes with several benefits. But you need to be aware of potential pitfalls too.

If you're wondering how to apply for a Best Buy Credit Card, know that you can do so online or in-store. In both cases, you need to become a Best Buy member first.

You can sign up for a Best Buy membership online using your Google account, your Apple ID or by providing your full name, email address and mobile phone number.

To proceed with the credit card application, you must also provide your mailing address, date of birth, Social Security number, residence status, monthly rent/mortgage payment and your total net annual income.

For anyone wondering how to maximize the My Best Buy Credit Card, the best way is to use it within the first 14 days of account opening. This is because the first day you use it, you can earn 10% back. So, if your first day's purchases cost $2,000, you get $200 back in rewards. After that, you earn 5% back on all purchases, wherein every $100 you spend comes with a $5 reward certificate.

You can save even more by getting the My Best Buy Visa Card. The card also offers 3% back on gas purchases, 2% back on grocery and dining (including takeout) purchases and 1% back on all other purchases.

If you plan to pay for your purchases over time, you may save on interest charges by opting for a suitable no-interest financing plan. For example, you may opt for a 12-month financing plan on all storewide purchases of $299 or more. If you purchase an unlocked mobile phone for $649 or more, you may opt for a 24-month financing plan.

There are two ways to earn cash back by using the My Best Buy Credit Card. Bear in mind that the cash back you earn is in the form of points.

• Intro offer: How to earn My Best Buy Credit Card points through its intro offer is relatively simple. You get 10% back (5X points per dollar) on the first day of purchases at Best Buy, provided this takes place within 14 days of account opening. If your first day's purchase amounts to $500, you get $50 back.
• Ongoing purchases: All purchases you make at Best Buy (not accounting for the intro offer) earn 5% back (2.5X points per dollar). So, if you make a $500 purchase, you get $25 back.

Bear in mind that this is a store credit card, so your ability to earn rewards is limited to Best Buy purchases (in-store and online).

Getting the My Best Buy Credit Card might be worth it in two scenarios. One is if you wish to earn rewards on Best Buy purchases, and the other is if you wish to take advantage of the card's interest-free financing plans.

If you plan to make a large purchase at Best Buy, you may use this card's welcome offer and save 10%, provided you carry out the transaction within 14 days of account opening. Getting this card might also be worth it if you shop at Best Buy time and again because all purchases at this store come with 5% back.

People who plan to make purchases they wish to pay for over a period of time may benefit by using various no-interest financing plans. Depending on the product you purchase and the amount you spend, you may get to choose from periods ranging from 12 to 24 months.

Take a look at answers to other commonly asked questions about whether you should get a My Best Buy Credit Card and what you may expect if you do.

Now that you know what to expect if you get the My Best Buy Credit Card, determine if applying for one might work well for you. If you want a card that you may also use elsewhere, look at what the My Best Buy Visa Card has to offer. Alternatively, you can also consider comparing the top rewards credit cards from across segments.

If you think you might not qualify for the My Best Buy Credit Card because of your existing poor or average credit score, consider improving it first. You may do this by using a secured card or one that's made available to people with average/fair credit.