[UPDATE: Some offers mentioned below have expired and/or are no longer available on our site. You can view the current offers from our partners in our credit card marketplace. DISCLOSURE: Cards from our partners are mentioned below.]

Hey there, techies. By now, there’s a good chance during your quest to get the latest gadget, gizmo or thingamabob your path has invariably crossed with a Best Buy credit card application. But whether you should sign up or not depends entirely on you. Store-branded rewards credit cards, in general, are best suited to very frequent shoppers who also happen to pay their balances off in full each month. Otherwise, you’ll just say bye-bye to all those rewards and then some to interest.

Beyond that, there’s more than one Best Buy credit card out there — and which might be right for you depends on your needs and overall spending habits. In this Best Buy credit card review, we’ll break down the pros and cons of each version to help you decide if you should apply.

The Pros & Cons of a Best Buy Credit Card

Here’s the good news about store credit cards: They generally have less stringent underwriting requirements than a traditional credit card. That means that you’ll likely qualify for one with less-than-perfect credit — and could potentially use it to rebuild your scores. (You can see where you currently stand by viewing two of your credit scores, updated every 14 days, on Credit.com.) But it also explains why these cards typically carry higher annual percentage rates (APRs) and lower credit limits. The riskier you appear, the more insurance the issuer is going to pack into your terms and conditions.  

Best Buy’s plastic line is no exception when it comes to APRs. While each version of the Best Buy credit card requirements include special financing options (more on that in a minute), the standard purchase APR on its Best Buy Credit Card, My Best Buy Visa Gold and My Best Buy Visa Platinum is a variable 25.49%. That’s on the high side when you consider the low end of most general purpose APR ranges runs between 11% and 15%. Now, you can opt for a number of promotional financing deals that will let you purchase items and pay no interest for a set period of time. We say “opt” because that’s how Best Buy’s credit cards work: Applicants are given the choice between deferred interest or rewards.

Assessing the Deferred Interest Offers

Deferred-interest deals can be helpful if you need to make a big in-store purchase you can’t afford to pay off right away. (It basically buys you time to revolve, or carry, a balance without incurring interest.) And in-store financing offers provide a certain level of convenience, because, you know, you can get them in the store. However, you’ve got to be really careful here: Many retailers stipulate in the fine print of their deferred-interest offers that you’re responsible for retroactive interest at your standard purchase APR if you don’t pay the charges off by the time the promotional financing window expires.

As of press time, Best Buy was advertising three standard deferred-interest offers on its website, valid between October 23 and December 25 of this year.

• Six-month financing on storewide purchases totaling $199 and up
• 18-month financing on major appliance purchases totaling $479 and up
• 24-month financing on home theater purchases totaling $799 and up

Per its pricing details, all three offers — plus a variety of others — are subject to retroactive interest. That means if you’re even a little unsure about paying off, say, that new refrigerator within those 18 months, you’re probably better off opting for a traditional credit card touting a low-to-no introductory APR. These cards can have retroactive clauses in them, too, though they’re decidedly less prevalent. Plus, you could secure a longer window to pay that purchase off and, at the very least, if you fail to do so, the go-to APR will likely be lower — particularly if your credit is in good shape.

Rating the Rewards Program

On the flip side, the cards’ rewards programs stack up against other store credit cards and could prove worthwhile for frequent best buyers (again, so long as you pay your balance off in full). That’s particularly true when it comes to the Best Buy Visa Cards, which can be used anywhere Visa is accepted and tout rewards on purchases outside the electronics chain. Here’s a quick breakdown of each card’s major terms.

My Best Buy Credit Card

Rewards Details: Cardholders can earn up 5% back on Best Buy purchases. (That’s 2.5 points per dollar, with 1,250 points being redeemable for $25 rewards certificates.) Best Buy Elite Plus loyalty program members can earn 6% back on their purchases (three points per dollar spent at the same redemption rate). New applicants can get 10% back in rewards on their first purchase as a signup bonus.

Annual Fee: $0

APR: 25.49%          

My Best Buy Visa Gold

Rewards Details: The same base rewards program and signup bonus apply, but cardholders also earn 2% back in rewards on eligible grocery and dining out purchases and 1% back on all other purchases. At press time, cardholders could also earn 2% back on retail purchases (excluding Best Buy’s major competitors), but, as the fine print of its rewards program explains, this category is subject to change.

Annual Fee: $59

APR: 25.49%

My Best Buy Visa Platinum

Rewards Details: Same as My Best Buy Visa Gold

Annual Fee: $0

APR: 25.49%

Getting 5% back is a nice return as far as rewards credit cards go — as is the 2% back you can get on eligible grocery and dining out purchases with the Visa versions. But how lucrative that pans out to be depends on how often you shop at the electronics chain. Remember, not only are you earning the most rewards on Best Buy purchases, you’re also redeeming your rewards for certificates you can use only at its stores or websites. And, while rewards don’t technically expire, they will automatically disperse as reward certificates in $5 increments if you don’t use your account for 12 consecutive months — meaning, as Best Buy explains on its website, if you’ve earned 300 points, you’ll get a $5 reward certificate (250 points) and you’ll forfeit the remaining 50.

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.