What's the Best Credit Card for Best Buy?

What's the Best Credit Card for Best Buy?
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We give lots of advice here at Brad's Deals on what the best credit card is for certain purchases. For example, we've detailed the best for online shopping and the best for travel purchases, among many others. But what about specific stores, like Best Buy, who offer their own brand of credit card? Does it deserve to be in your wallet?

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What's the Best Credit Card for Best Buy?

Best Buy offers two credit cards issued by Citi, the My Best Buy Credit Card and the My Best Buy Visa Card. Each earns 5% back in rewards to use at Best Buy or BestBuy.com on all Best Buy purchases. If you're an Elite Plus member, which requires $3,500 in yearly spending at Best Buy, you'll earn 6% in rewards. The Visa card also earns 2% back on groceries and restaurants, and 1% back on everything else.

The cards are currently offering a choice between the rewards or 18 months financing for purchases above $479. Keep in mind that while you don't have to pay interest over those 18 months, it's not a true 0% APR offer. Instead, it's what's called a deferred interest plan whereby you'll pay the full interest on the purchase accrued over 18 months if you even have a one cent balance at the end of 18 months.

The annual fees for both cards can be low. The My Best Buy Credit Card has no annual fee, and the Visa card has either $0 or $59, depending on credit worthiness.

Doing the Math

The first thing you should figure out is how much you spend annually at Best Buy. Best Buy has an award program, with three tiers, Basic, Elite and Elite Plus. Elite requires $1,500 in yearly spending to achieve, and Elite Plus requires $3,500 in yearly spending. You'll get free shipping at either level, but you'll get free two-day shipping at the Elite Plus level. The return policy extends to 30 days and 45 days at Elite and Elite Plus, respectively.

If you're spending over $3,500 a year at Best Buy, it may make sense to get the Best Buy Visa Card for the 6% back in rewards. But if you're looking to make a big purchase, a card with a better, true 0% APR offer may be best. For instance, the Chase Freedom Unlimited card offers 0% APR for 15 months, and earns 1.5 cents per dollar cash back (or 1.5 Ultimate Rewards points per dollar if you have another Ultimate Rewards credit card). For other great 0% APR cards, check out our post on no APR credit cards.

The other thing to consider is if Best Buy is the right place to buy your electronics. Other options abound, like Amazon and Wal-Mart, which may price electronics cheaper than Best Buy. You can also watch our electronics category here at Brad's Deals for the best pricing on the web for all posted products.

Cover photo: Flickr.com/Random Retail