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Best Buy Reward Zone Credit Card Review

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Several times, I’ve done what is considered unthinkable by most personal finance experts: I signed up for store credit cards at the point of sale. I have a Macy’s card, which I signed up for a discount on clothing I was planning to buy — clothing that is probably overpriced in the first place. But when I was first starting to get some freelance web design off the ground after college, while working at a non-profit and in need of another source of income, I needed to stop using my roommate’s computer. My own desktop computer was insufficient for working on the latest technologies because it was about six years old and couldn’t handle broadband internet connections. I couldn’t afford a computer, but to get my business off the ground, I bought the computer with a 0% APR store credit card, having qualified for just enough credit to make the purchase possible (what a coincidence).

That card was an earlier incarnation of the Best Buy Reward Zone® Credit Card. For me, the attraction was the 12-month 0% APR offer on the store purchase at the time, and the card was not free from problems. Because of how they tend to trap you, and are used to encourage purchasing of items you cannot afford, you should stay away from store cards in general. But for those who frequent Best Buy, the latest incarnation of the card has a decent rewards program.

Keep in mind that if you’re buying your electronics and most other items at Best Buy, you’re already likely overpaying. I still manage to find good deals, but only on discontinued items when I can haggle with the manager. Unlike 1999, I prefer or specialty discount stores like B&H Photo and Video and NewEgg over Best Buy. The rewards program might make it worthwhile, especially if you manage to find good deals at Best Buy.

Like most credit cards offers, the Best Buy Credit Card offers an incentive for signing up, but it varies. If you sign-up in person at a Best Buy location, you may receive a discount on your first purchase using the card. If you sign-up online, there is no discount. The card also includes a rewards program. You have the option of Flexible Financing options or become a Rewards Zone Member and you may be eligible for 2.5 points for every $1 spent (that’s 5% back) on all Best Buy purchases with the card using standard credit financing, a $5 reward certificate for every 250 points, exclusive discounts and events.

The largest detraction of this card is the interest rate, which is generally higher than other cards I write about on Consumerism Commentary. The purchase APR on the Best Buy Credit Card Preferred is 25.24% or 27.99% variable. Select purchases may be eligible for a 48 month reduced rate credit plan, but be sure to check the current offer for details.

Cashiers are often rewarded bonuses when they successfully pressure or otherwise convince shoppers to open up a new credit line at the point of sale. It’s a very effective technique, and dangling an immediate discount and future discounts traps even educated consumers. I still use my Macy’s card, and when I arrive home after shopping, I access my account and pay the bill right away so I don’t get caught in any high interest traps.

As a rule of thumb, no financial decision should be made spur of the moment. The Best Buy Reward Zone® Credit Card may look good initially but its high interest rate and strict rewards program will benefit too few. Unless you are an expert at finding deals at Best Buy, you’d be better off looking into an all-around cash rewards credit card that offers big bonuses with a low interest rate and no annual fee. Offers may change frequently, and without notice so please visit referenced sites for current information.

Updated April 20, 2017 and originally published August 31, 2011.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

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{ 5 comments… read them below or add one }

avatar 1 wylerassociate

Flexo, a best buy credit card is worth it only if a customer is a regular shopper at best buy. I think the credit card is better value than a best buy card.

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avatar 2 qixx

My wife used to have a Best Buy card. We got rid of it due to their shady practices (most now illegal due to new government regulation). After having the card for many years and only paying the minimum for years we started to pay more than the minimum. The month after we first paid extra the interest rate shot up to the listed card max of 29.99%. The letter said they re-evaluated her credit and decided… I find that a hard coincidence to swallow (with her having a 775 credit score). Her sister also had the card. One late payment (mailed on time, processed late) and her rate also shot to 29.99%. They removed the late fee but refused to drop the interest rate back.

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avatar 3 Anonymous

I have had the Best Buy account for years. Buy something when the price is right and if it has a promo period, make sure to pay it off within the Promo, and it’s not bad. Now it’s owned by CapitalOne now. Not sure how things will change, but it was easier to get a limit increase versus when HSBC issued this card.

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avatar 4 Anonymous

I suggest everyone who visit this site Never ever apply for Best Buy credit card. I made a huge mistake by applying for this focking CC. I purchased a laptop in Best Buy with $ 500 using this card and ended paying $1000.00 with interest fees.
They are no more than thrift and costumer deceiver. if you are even one day late they will cahre you $ 35 no grace and put in your credit. Be very very careful when you use best Buy CC.
I have hell experiences with Best buy CC which from HSBC. Be careful…………

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avatar 5 Anonymous

WORST. I kept asking many best buy personal that how my payments are directed and i always got reply that either they don’t know or it goes towards promotions first. I always wondered that i select financing yet my minimum payments stay the same, so i always paid more that twice or thrice of that the minimum payment because I didn’t want to pay interest. Now that I look back at the statements there are hundreds of dollars of interest charges, one charge was 300$. when i called they said that if you don’t pay the promotional deal off, they charge all the interest that would have applied as if i never financed in the first place. I can not believe how manipulative best buy credit card people are. I hate best buy now, promise never to buy anything after being a loyal customer for many years. I cancelled mine after paying thousands in unknown interests.

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