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Best Buy Credit Card Review 2020 - Rewards & Financing Benefits, Credit Score Needed, Approval Odds



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hey I'm Adam just go in this is strictly

credit cards where we talk about

strictly credit cards subscribe why

don't you in this video we are going to

review the best buy credit cards we're

gonna look at the rewards the financing

offers what credit score you might need

all of that good stuff so Best Buy has a

credit card program in partnership with

Citibank so city is the actual issuer of

the Best Buy credit cards and what you

can get out of this program is obviously

credit to buy Best Buy things as well as

potentially things outside of Best Buy

you can earn reward points that will be

eventually redeemed toward future Best

Buy purchases or you can choose to use

the card to get 0% financing on larger

purchases that you make at Best Buy

right before we look at the rewards and

the financing let's look at the

application process because there are

three best buy credit cards that you

potentially could get approved for the

first one is the my best buy platinum

visa which can be used at Best Buy but

also anywhere else that visa is accepted

if you're not approved for that one you

may be offered the my best buy credit

card that is a store only card can only

be used at Best Buy if you can't qualify

for that card either you may be offered

the best buy gold visa which has a $59

annual fee unlike the first two cards

that have no annual fee for the most

part I would say you know skip that $59

gold visa unless you have a you know bad

credit history and feel like this is a

card that maybe could help you build

credit history and maybe you've had

trouble getting approved otherwise but

really if you can't get approved for

those first two cards the $59 gold visa

is not one that I would really suggest

anyway when you apply online they're

first going to consider you for that

platinum visa if you don't qualify they

would go on to the store card and then

the gold visa in-store I have heard that

you sort of have the choice you can

choose to go straight for the store only

card if you want to if you don't want a

visa

I think most people probably want the

visa and not the store only card but

that's kind of how it works alright so

let's talk rewards Best Buy has an

rewards program called my best buy when

you get one of their credit cards you

are earning rewards that go on top of

that so when I tell you about what these

rewards are they are going to be sort of

the combined what you're getting from

the card and what you are getting from

the my Best Buy program so you can be

part of my Best Buy without getting the

card but the card is going to give you

more so if we assume that you have the

best buy Visa card you are going to get

a 5% reward on your best buy purchases

you're going to get a 3% reward on gas

purchases that you are making with the

card you're going to get a 2% reward on

dining and take-out purchases 1%

everywhere else in addition Best Buy has

some rotating categories things change

off and on in terms of where they are

going to give some enhanced rewards but

there's usually another category where

you can use you can earn a higher

rewards percentage as well I believe as

I make this video it is groceries that

you can get a little higher percentage

on but those will change so that is not

something that is set in stone just a

quick technicality here the rewards that

you earn on the best buy credit cards

are technically given to you as points

and each point is worth two cents when

it is redeemed so when I talk about a 5%

reward on your Best Buy purchases

technically you are getting 2.5 points

it really doesn't matter but if you

actually get the card and you are you

know kind of checking out the reward

program and you're looking at points

versus seeing a percentage or whatever

that's why it is happening so it's a 5%

reward but that comes in the way of 2.5

points per dollar on those Best Buy

purchases all right let's talk

redemptions by default in the my Best

Buy program every time you earn 250

points you are going to automatically be

issued a 5 dollar reward certificate and

that 5 dollar reward certificate is

going to expire in 60 days from the date

that it was issued if you don't want to

get a 5 dollar reward certificate that

is going to expire that quickly and

instead you would rather have the

rewards accrue for longer so that your

rewards to

ticket would be bigger when you are

actually ready to use it you had the

option to do that but you have to go

into your my best buy account online and

actually change that and say I don't

want the reward until some higher number

so by default it's gonna be that $5 for

every 250 points but you can change it

and obviously you'd have to spend more

at Best Buy or otherwise in order to get

to a higher level but you can have that

option to change it if you want to

another quick note here

Best Buy used to send out physical

rewards certificates as far as I

understand that they don't do that

anymore so they will send you a link and

you can find a printable reward

certificate or you can access it on your

phone if you're in a store and use it

that way when you redeem it but you're

not gonna have that mail option so if

you're the kind of person that maybe

would forget you have those rewards but

you know if it showed up in the mail

that would jog your memory and then you

would go use it that's not how it's

going to work anymore as far as I

understand it so you're probably just

going to get an email that says hey your

rewards such a certificate is ready to

go and then it's going to be kind of up

to you to remember that you have that

because you're not going to have

something physical in your hands to

remind you over and over again that you

have the certificate you need to use

alright one final note on rewards Best

Buy does do a little bit of an extra for

people that spend a lot of money with

Best Buy so if you have spent fifteen

hundred dollars within the last year

with Best Buy you would be considered an

elite member if you have spent thirty

five hundred dollars or more you would

be considered an elite Plus member and

you get a little bit extra for that so

if you're an elite member you don't get

a whole lot but one thing you do get is

points banking which means when you have

your points you don't have to set a

default that says I'm going to get a

certificate at X number of dollars you

essentially can just bank those points

for as long as you want to and then you

can really accrue them and use them when

you are ready to so you're not forced

into doing any you know default setting

and they're just going to get that

certificate sent to you whenever you hit

it if you are in Elite Plus you have the

points banking but then you also get 6%

in rewards on your best

purchases instead of the default 5% so

not a huge bonus if you are elite or

Elite Plus but a little something extra

par let's talk financing when you are a

Best Buy credit card holder you have the

option when you make a larger purchases

to take advantage of a zero percent

financing offer instead of earning

rewards on those purchases so as I make

this video there are offers of 0% for 12

months on purchases of $2.99 or more 0%

for 18 months on purchases of $4.99 or

more there are offers of 0% for 24

months on some larger purchases within

certain categories so sometimes a 0%

offers are store wide sometimes they are

within certain categories and the length

and type of offers can change as well so

I'm kind of telling you what's happening

now as I'm making this video but if you

get the car down the road there could be

other different offers as well now an

important thing to know about these 0%

offers is that they are what is known as

deferred interest offers and what that

means is that you have to pay them off

in full within that time frame that they

give you otherwise you're going to be

charged all of the interest that would

have accrued from the date of purchase

as if that 0% offer had never existed so

let's say you take a 0% for 18 month

offer on something that costs $500 if

you don't pay off that complete $500

within that 18 months even if you only

owe you know $7 more on the thing if you

haven't paid it off in full they are

going to act like that 0% offer never

existed and they're going to charge you

all of the interest that would have

accrued all those months since the date

of purchase so you have to make sure

that you do pay it off in full otherwise

you're gonna get all that interest and

it's all gonna show up at one time all

right so that's rewards and financing I

do want to take a step back for just a

moment and talk about two other things

with the application process and the

first of those is that when you apply

for a Best Buy credit card if you apply

and are instantly approved and you use

the card on the day that you

are approved you will actually earn 10%

in rewards on any best buy purchases so

a little extra perk if you use the card

immediately once you actually are

approved for it now the other question

that many people often have about these

cars is what credit score do I need to

get approved so for the best buy cards

like I said there are 3 of them for that

Best Buy Platinum visa if you have a 700

or / credit score I have to imagine you

are going to get approved unless there's

something you know very strange in your

credit report between 650 and 700

probably still approved but maybe

there's going to be some rejections in

there between 600 and 650 I think it's

going to be a little tougher to get your

hands on that visa but you would

probably be approved for the store card

now once you get under 600 that is a

place where there's no telling what they

do you're probably not going to get the

visa if you're under 600 you may still

qualify for the store card or you might

get offered that gold visa that has the

$59 annual fee these are not set in

stone numbers they are going to look at

more than just your credit score if

there's some other thing that jumps out

at them that would be part of whether

you are you know approved or denied if

you've applied for a ton of credit cards

in the last six months or 12 months or

whatever that could be something that

hurts you more even if your credit score

is a little higher if your credit scores

a little lower and you don't have a

whole lot of credit history but it's not

that bad

they could you know potentially approve

you for something a little better so you

never know for sure but those are sort

of some guidelines overall best buy

credit cards not a bad deal 5% at Best

Buy is nice if you have the Visa Card

you can get some of those enhanced

categories like gas and dining purchases

so it could be something that makes

sense for someone that really spends a

lot at Best Buy on a regular basis

however it's a very inflexible card in

the fact that the rewards you receive

are only on Best Buy purchases in the

future so for that visa for example if

you could get those same percentages on

gas and dining or some of those other

rotating categories with a good cash

back card well that would make more

sense because then you have a lot of

flexibility and how you use your rewards

with this card you could only you

them toward Best Buy on the other hand

if you could not maybe qualify for some

of the better cash back cards or other

credit cards out there you could qualify

for this one then maybe it would make

sense to get those enhanced rewards and

use them toward Best Buy that would be

up to you obviously certainly not a bad

card but not an everyday card for most

people so that is it for this video

thank you for watching I would ask you

again to subscribe and we'll see you

next time