There are plenty of companies that offer their own lines of credit to make shopping easier for consumers. Every major retail outlet, from Nordstrom to Best Buy and Costco, have started engaging in this major trend. It makes life a lot more convenient when you can shop at your favorite business while building your credit.
The Best Buy Citi card is one of the most consumer-friendly lines of credit people can apply for. Their locations nationwide offer numerous items you use on a daily basis. It’s a one-stop shop for music, entertainment, and electronics for your home, car, and business.
Having one of these credit cards enables families to go shopping in an easy environment and save money. The flexibility to buy a television, furniture, a new washer and dryer set, and two months worth of music and video games is easily one of the biggest benefits Best Buy offers their customers. Often, customers who qualify for the credit line will be rewarded with a large enough credit limit to make any purchase they need.
With all the benefits available, we wanted to know if there are any downfalls or if competing credit companies could offer customers something similar or better. So, we researched some major credit companies to find out exactly how the Best Buy Citi card stack up to the competition. Here is what we found:
What Is The Best Buy Citi Card?
The Best Buy Visa credit card offers customers great rewards on their purchases both in and out of the store. You can buy groceries, go to the movies or out to dinner and receive returns on your purchases. It really helps with everyday life. Once your rewards have accumulated, you will receive the points in the form of a Best Buy gift card. The amount of rewards you can attain is unlimited.
The Best Buy Citi card will help families finance large and small purchases. When making these important decisions, we recommend that families only use the card to make large investments that will benefit the household in the long run. Even though you build up points towards amazing rewards, the credit card generally should not be used for CDs, wires, and tiny gadgets.
Product Specs
The Best Buy Citi card allows you to finance certain purchases over a 6, 12, 18, or 24-month period. Once you qualify for the credit card, you will start to receive 2.5 points for every dollar spent at Best Buy, 1 point for every dollar spent at gas stations, bars and grocery stores, and 1 point for every $2 spent elsewhere. You must have fairly good credit to qualify for the card, but it is worth it once you need to finance a large purchase. When you finance your first purchase, you’ll receive a 10% bonus in rewards.
Pricing
The Best Buy Citi card offers customers the benefit of no annual fees and variable APR. Generally, the APR for purchases is 25.24%, and there are no foreign transaction fees. The customer can qualify for financing by meeting several price thresholds. They are 6 months for $199, 12 months for $399, 18 months for $599, and 24 months for $799.
The on-boarding bonus that new members receive is a 10% bonus in rewards on their first purchase. This bonus really comes in handy when you’re buying a large appliance, new kitchen set, or family room entertainment set. Certain purchases will qualify for 0% APR over the course of a set time period. Qualifying purchases are usually those that meet one of the previously stated price thresholds.
How It Compares
We picked a couple of similar products available on the market to see how they compare to the Best Buy Citi card. Check out the ratings these other consumer credit cards have and how they compete. We rated the companies according to popular consumer opinion and manufacturer specs. The three cards we used for our comparisons are:
Best Buy Visa Credit Card
Our first card is the Best Buy Citi card. Based on customer reviews, features, and price factors, we found it to be one of the best credit cards a consumer can own. The relatively easy application process and the rewards system are what really stood out to us during our review. Many customers also appreciated the feeling of safety that comes with the Best Buy Visa card.
- Annual Fee – 0% APR makes the Best Buy Citi card a great option for customers looking to build their credit. The interest rate on regular purchases is 25.24%. 5 stars.
- Rewards Rate – Regular shoppers at Best Buy will love the reward system in place. You receive 5% on all in-store purchases, 2% on dinners, grocery shopping, and gas expenses, and 1% on miscellaneous charges. Everything you buy adds up to earn you free stuff. 4 stars.
- Minimum Credit – In order to qualify for the Best Buy Citi card, applicants must meet the minimum criteria of at least having “Good” credit. The application process is the same for both the Best Buy Visa card and the Best Buy store credit card. 4 stars.
- Rewards Bonus – Once you qualify for the Best Buy Visa credit card, you will receive an automatic 10% reward bonus on your first purchase. 5 stars.
- Fraud Safety – Best Buy has a strict policy of cooperating with local law enforcement in all investigations concerning fraud. They will protect their customers from instances of questionable activity on their accounts and make reasonable reimbursements. 4.5 stars.
Pros
Cons
Walmart Credit Card
The majority of Americans either have shopped or do shop at Walmart. Qualifying for this credit card enables you to build up your credit while enjoying the simplicity of buying everything from shampoo to chips and a new laptop in one place.
- Annual Fee – The Walmart card boasts no annual fee, so users can enjoy shopping at one of America’s favorite one-stop-shops for all their daily needs. For customers qualifying, the regular APR rates vary between 18.15% and 24.15%. 5 stars.
- Rewards Rate – Customers will enjoy buying everything they need on a daily basis with a reward rate of 1-3% cash back for every dollar spent. 4 stars.
- Minimum Credit – Anyone with a “Good” credit rating can apply and qualify for a Walmart credit card. It helps with everyday life for families on the go. You can pick up groceries and a new TV without the hassle of high rates or an overhanging APR. 4 stars.
- Rewards Bonus – New customers with the Walmart credit card will receive an instant $25 discount on their first purchase. 3.5 stars.
- Fraud Protection – Walmart takes customer safety very seriously. They will attend to any matters concerning fraud swiftly and decisively. Communications will be made to local law enforcement, and the account in question will be protected by insurance. Accounts suspected of fraudulent activity will be immediately shut down. 4 stars.
Amazon.com Credit Card
The Amazon credit card is quickly becoming one of the most popular credit cards owned in America. Many people do their shopping online because it’s quick and easy. You don't have to wait in line or leave the house. The Amazon credit card caught our eye because Amazon has basically become the virtual edition of Walmart, and they offer many of the same electronics as Best Buy.
- Annual Fee – 0% APR and low variable rates make this card a great choice for people who love to shop online. Making all your purchases over the internet at 15.99% - 23.99% can’t be beaten. 5 stars.
- Rewards Rate – With the prevalence of internet shopping, people will be glad to know they can receive a rewards rate of 1 – 3 points for every dollar they spend with Amazon. 4 stars.
- Minimum Credit – Applicants must have “Good” - “Excellent” credit to qualify for the Amazon credit card. It offers a bit more flexibility than the Best Buy Citi card, but may be a hurdle for some customers. 3.5 stars.
- Rewards Bonus – The bonus for signing up for an Amazon credit card is an automatic $50 gift card. The gift card never expires and can be used for anything found on Amazon. 4 stars.
- Fraud Protection – Amazon is one of the leading companies for fraud protection. They offer 2-factor identification upon login into their web application, and they have deployed machine learning algorithms which detect normal and abnormal user behavior. They will immediately notify the account owner via text or email if any activity seems awry. 5 stars.
Pros
Cons
Target Credit Card
The Target credit card is perfect for most consumers in America. Target and Target.com offer an easy shopping experience with low prices. Some people prefer them to Walmart because they often have deals on products Walmart doesn’t stock. Most times, these lower prices will be offered on the same brands that Best Buy carries. Also, families can do all the same one-stop shopping they do at Walmart right there in Target.
- Annual Fee – The Target credit card does not carry an annual fee, and the regular APR is 24.4% variable according to your credit rating. 1 star.
- Rewards Rate – Customers of the Target card receive a 5% cash back bonus on every purchase they make. 5 stars.
- Minimum Credit – This card is the easiest on our list for customers to qualify for. When you apply for the Target card, a “Fair” credit rating is enough to grant you an approval. 5 stars.
- Rewards Bonus – There is no reward bonus upon sign-up with the Target card. 1 star.
- Fraud Protection – Customers can expect to receive proper fraud protection like they would at a bank. Target takes pride in protecting customer accounts. Once an issue has arisen, the fraud department will take preventative measures to protect the account in question and reimburse the proper funds. 4 stars.
Pros
Cons
Conclusion On The Best Buy Citi Card
If you are able to get approved for the Best Buy Citi card, it will be a huge boost to your credit. The benefits are phenomenal. You can earn rewards while shopping at all your favorite stores, and while Amazon may be faster or Target may be cheaper, Best Buy has a world class customer support team and in-store help. Many people who have the Best Buy Visa card will attest to the card being a cost-effective measure to build your credit.
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