Best Buy Credit Card Review

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hey I'm Adam just go from proud money

comment in this video we are going to

review the best by credit card but

before I do that but ask you to please

subscribe to this YouTube channel if you

have not already and if you have already

I thank you for doing so so the

electronics and appliance superstore

best buy/offers to credit cards issued

by citi bank these cards give you the

option to either earn rewards on your

purchases or to get special financing on

your larger purchases the best buy

rewards program and the cards in general

are low more complicated than you might

expect from a retail store credit card

so I'm going to try and break them down

in sort of a logical pattern here and

then tell you what I think of the card

program overall now when you first apply

for the Best Buy credit card you are

actually applying for the Best Buy

Platinum visa which is accepted at Best

Buy as well as anywhere else visa is

accepted if your credit is good enough

and you are approved great you're good

to go if your credit is not good enough

Best Buy may consider you for one of the

other credit cards that they offer one

of them is a store only credit card that

you can only use at Best Buy and only

earn rewards at Best Buy the other one

is a Best Buy Gold visa which obviously

could be used as a visa in addition to

being used at Best Buy

however this card does have a fifty nine

dollar annual fee so if you do apply and

you know you're offered that card you

should know that there's a fifty nine

dollar annual fee in most cases I would

not say it's worth it to pay an annual

fee for this card and less perhaps you

are someone who's you know credit is not

so great and the idea of getting a Visa

card is attractive enough to you that

you know this makes sense for you and

you know maybe you've had trouble you

know being approved for a visa somewhere

else so maybe this could make sense but

in general I would say you know if

you're not approved for the Platinum

visa going for the store only card would

be the way to go so once you're approved

for the card most people are going to

get what is essentially a five percent

reward on their best buy purchases

technically you are getting two point

five points per dollar on your Best Buy

purchases each one of those points is

going to be worth two cents when it's

redeemed when you get to 250 points

you're going to get a five

dollar rewards certificate that you can

use toward a future best buy purchase so

essentially what that means is you spend

a hundred bucks at Best Buy you are

going to get enough points to get to

that five dollar reward so if you are

approved for a Best Buy visa you can use

the card outside of Best Buy as well and

you can earn rewards points on those

purchases you will get one rewards point

for every dollar that you spend on

dining and grocery purchases and you

will get a half point per dollar on any

other purchases that you make with the

card now those don't sound very good but

remember that each point is worth two

cents so you can actually think of those

as being a two percent reward on the

dining in grocery and a one percent

reward on anything else that you buy

with the card which makes a little more

sense now as I'm making this video Best

Buy is also offering three percent in

rewards on gas air travel and grounds

ground transportation but that is ending

at the end of June June 30th 2019 so

depending on when you are watching this

video that may not be available you

should check Best Buy's website to see

if it's still available or if they have

come up with any you know changes any

short-term bonus offers for other types

of purchases now in general I don't see

this as a card that you should use

outside of Best Buy if you have any

other credit card that gives you

halfway-decent rewards that you could

use at other places outside of Best Buy

it probably makes more sense because you

would get more flexibility out of a

standard bank card that offers you

rewards this one obviously is giving you

rewards that you can only use toward


Best Buy purchases however again if

you're someone who you know maybe your

credit history isn't as great and this

is the way that you can get yourself a

Visa well then maybe it makes sense for

you but if you have other cards that

offer you rewards I would say using this

outside of Best Buy doesn't make a whole

lot of sense now like I said when you

hit 250 points you are going to get a $5

reward that can be used toward future

Best Buy purchases however that $5.00

reward is going to be automatically

issued to you when you hit that 250

point level and then you are only going

to get 60 days to use that

ward I always dislike retail credit card

programs that do this sort of thing

because you know you kind of go to the

trouble to be part of their reward

program and then you hit the threshold

to get the reward and then all of a

sudden you only have 60 days to use it

so it's all good for them in the fact

that it sort of forces you back into the

store or at least online within those 60

days you're probably going to make a

purchase as more than only five dollars

and even if you don't then the reward

just goes to waste and you know it

doesn't hurt them at all so in that way

this is a program that's good for Best

Buy not as good for you now that said

there is an aspect to this particular

rewards program that is a little bit

different than a lot of retailer cards

and that is if you use your card for

over $1500 in purchases within the year

you will qualify for the elite level if

you spend thirty five hundred bucks or

more you will qualify for the elite Plus

level and what the elite level gets you

is the ability to bank your points so

instead of automatically getting that

five dollar reward whenever you hit the

250 points you can actually bank those

and not have a rewards certificate

issued to you until some level that you

choose so if you spent you know a lot

more in Best Buy overtime and you

decided to bank them instead of getting

a five dollar reward the only have 60 60

days to use you know you potentially

could save them up and get yourself up

to $25 or $50 depending on how much you

might spend and then you would have you

know a certificate they had that had a

little weight to it that would feel a

little better using instead of a five

dollar reward where you're essentially

gonna spend more than that in order to

take advantage of it and with Best Buy

unlike you know maybe a retail clothing

store or something often times you may

be making larger purchases so you know

maybe you spend more at Best Buy than

you would somewhere else you know if

you're buying a computer or you're

buying you know appliance or whatever

you could hit these different levels

much easier so getting to the elite or

Elite Plus level is maybe a little more

doable at Best Buy than some other

places one last aspect to those elite

levels if you hit that Elite Plus that

$3,500 per

year your actual everyday rewards will

go up as well instead of earning 5% in

rewards on your best buy purchases

you'll actually get 6% in rewards on

your best buy purchases okay so that's

the rewards program you also have the

option to not get rewards on certain

purchases with the Best Buy credit card

instead get 0% financing on those bigger

ticket items specifically as of the

making of this video you can get a 0%

interest rate for six months on

purchases of $199 or more 0% rate for 12

months on purchases of 399 or more and

then there are special offers that go up

to 24 months at a 0% interest rate now

while the 0% financing is a nice thing

you should know that this is deferred

interest financing which means you must

pay off every penny of your purchase

within that six month twelve months or

24 month timeframe or what happens is

they then pretend like the 0% offer

never happened and you get charged all

of the interest that would have accrued

from the date of purchase so what that

means is say made a big purchase that

was you know a thousand or 1500 bucks or

whatever and you used 24 month financing

and you know you paid off 90% of it but

you got to the end of 24 months and you

still owed 10% of the purchase price

while they would not be charging you

interest just on that 10 percent going

forward what they would do is they would

go all the way back to that purchase

date and they would charge you all of

the interest that accrued for that whole

two years on the complete purchase price

so it would be like that 0% interest

rate never happened and you haven't paid

off any of the purchase and interest had

been accruing all that time so all of a

sudden you make a you know $1,500

purchase you could end up spit you know

paying 500 bucks extra on that purchase

because of the fact that you didn't get

it paid off on time the best by credit

cards as of the making of this video

have a twenty seven point four nine

percent interest rate so you can see if

you didn't pay off a purchase in time

and it had sort of a long time frame on

the offer then you could end up paying

an awful lot extra so you need to be

very very careful if you accept one

0% financing offers especially if it's

for one of those longer time frames one

final note if you are approved for the

Best Buy credit card instantly which you

may be and you use it on the same day

that you are approved you will get 10%

in rewards on that day so if there's a

big purchase that you want to make and

you sign up for the Best Buy card on

that particular day you would get 10%

back in rewards on that purchase so

overall I don't see a ton of value in

the Best Buy credit card unless you are

someone that spends a lot at Best Buy

and you can hit that elite level and

bank those points so that you would get

a larger reward sort of in the future

over time or if you're someone that you

know wants to use the special financing

and you know you can pay it off

completely obviously getting a 0%

interest rate is a nice thing to have

overall though it's not a card that I

would think of as an everyday card for

most people so that is it thank you for

watching and as always I would ask you

to go to prom on EECOM where we do

credit card reviews and they have

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other fun stuff too thank you for

watching bye