Review of the Best Buy Credit Card





The Best Buy Credit Card last reviewed on 24th March 2006



Summary - The Best Buy Credit Card (issued by HSBC Bank) is targeted at those who shop frequently at Best Buy. It is not a visa or mastercard and can only be used at Best Buy (both online and at their stores). The main feature is that you can get 0% apr for 90 days for your purchases. However, you do not earn any reward points for using the card. Find out more about this card

Rebate Formula - The Best Buy credit card is a retail store credit card that allows cardholders to use the card at Best Buy stores or bestbuy.com. It is not a visa or mastercard and cannot be used elsewhere. Yoiu do not earn any reward points with the card. The main attraction of the card is that cardholders can get a 0% apr for up to 90 days for Best Buy purchases.

Fees - The Best Buy credit card has no annual fee. The apr is prime rate plus 14.40%. The 2-cycle average daily balance method (including new purchases) is used to calculate monthly balances. The minimum finance charge is quite high at $2.00.

Verdict - The Best Buy credit card is a very basic retail store credit card that can only be used at Best Buy stores or bestbuy.com. This card is suitable for those who have poor credit history and would like to get a retail store credit card to help rebuild their credit.

For those who have good credit, there are better alternatives if you want to get a credit card that can earn you reward points and be exchanged for Best Buy gift certificates. We suggest the following two alternatives.

Alternatives - Those who want a reward credit card where you can exchange points for Best Buy gift certificates should consider the Citi® Diamond Preferred Rewards® Card. This card pays 5 points for every dollar you spend at standalone supermarkets, gas stations and drugstores. You earn one point for every dollar you spend on "other purchases". Reward points can be used to exchange for Best Buy Gift Certificates.

Alternatively, you can get the Chase Cash Plus Rewards Visa® Card. This a one of the best cash back credit card that pays 5% rebates for purchases on groceries, gas stations and drugstores. This card offers cardholders the alternative of exchanging cash rebates for gift certificates (of which Best Buy is one of the merchant partners).

Positives
  • No annual fee
  • 0% financing for 90 days


Negatives
  • Can only be used at Best Buy stores and bestbuy.com
  • Cardholders do not earn reward points for Best Buy purchases
  • Minimum finance charge is $2.00 (high)



Best Buy Credit Card
Cost/Fees/Interest rates
Introductory rate 0% apr for 90 days on Best Buy purchases
Annual Fees No annual fee
Purchase APR Prime Rate plus 14.40%
Penalty/Default Rate Prime Rate plus 18.40%
Min Finance Charge $2.00
Grace Period 25 days
Balance Calculation Method 2-cycle Average Daily Balance (including new purchases)
Over-the-credit-limit fee None
Late Payment fee $10.00 - up to $100.00
$29.00 - $100.01-$1,000.00
$35.00 - $1000.01 or more



If you already have the Best Buy Credit Card, we would appreciate if you can take some time to post your review. Our readers will find them very helpful.


To receive our latest credit card offers, reviews and articles, subscribe to our

Credit Card Tips and Strategies Newsletter



Email

Name

Then

Don't worry -- your e-mail address is totally secure.
I promise to use it only to send you Credit Card Tips and Strategies.




 RSS
RSS Feed For This News



 

Credit Card Reviews and Tips News Home | Archives | Articles | Links | About