Best Buy store credit card review: Limited benefits make other cards worth considering first

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There are several versions of the Best Buy credit card, but even the best of these (the My Best Buy® Visa® Platinum Card) lacks the benefits and rewards you can earn with comparable no-annual-fee credit cards.

For example, the My Best Buy® Visa® Platinum Card has a generous rewards rate for Best Buy purchases, but you can only redeem those rewards with Best Buy. And while the card's limited-time financing deals may pique your interest, they tend to be more complicated (and potentially more costly) than a standard 0% intro-APR card offer.

Below, CNBC Select breaks down the My Best Buy® Visa® Platinum Card's rewards, benefits and fees and offers a few alternative rewards credit cards to help you find the right card for you.

You earn 10% back in Best Buy rewards on your first day of purchases.

This card has no ongoing benefits, but cardholders can take advantage of regular limited-time deals to earn bonus rewards or flexible financing offers. Keep in mind, these financing deals aren't standard 0% introductory-APR offers, but provide deferred interest financing instead. That means you won't pay interest if you pay off the balance in full by the specified date, which is typically six to 36 months. If you don't fully pay off your balance by the offer end date, then you'll be charged interest from the date of purchase.

Earning

The Best Buy Visa Platinum card earns rewards at the following rates:

• 5% back on Best Buy purchases (2.5 Best Buy points per dollar)
• 3% back on gas purchases (1.5 Best Buy points per dollar)
• 2% back on dining and takeout purchases (1 Best Buy point per dollar)
• 2% back on grocery purchases (1 Best Buy point per dollar)
• 1% back on all other purchases (0.5 Best Buy points per dollar)

Redeeming

For every 250 Best Buy points you earn, you'll automatically receive a $5 reward certificate, which is a discount you can apply to your next Best Buy purchase (online or in-store). You can change or remove the threshold to receive an auto-issued reward certificate by logging into your Best Buy account. If you close your Best Buy card, you will no longer be able to earn Best Buy points and will have 90 days to redeem your rewards.

The Best Buy Visa Platinum card has no annual fee, but if you are instead approved for the My Best Buy® Visa® Gold Card, there is a $59 annual fee. This card has a variable APR of 15.75%-31.49% and a balance transfer fee of $15 or 5% of the amount of each transfer, whichever is greater. Late payments incur a penalty fee of up to $41.

When you apply for a Best Buy card, you won't know which version of the card you'll qualify for. The My Best Buy Visa Platinum card has no annual fee and is the most rewarding Best Buy card, but it has the highest requirements for good credit.

If you don't qualify for the Best Buy Visa Platinum, you may first be considered for the My Best Buy Credit Card (which is a store card that can only be used at Best Buy), and then for the My Best Buy Visa® Gold® Card (which has a $59 annual fee). But if you're eligible for a Best Buy Visa Platinum card, you'll likely qualify for plenty of credit cards not affiliated with Best Buy that provide far better perks and rewards.

Better cards for 0% Introductory APR offers

Introductory 0%-APR offers are better than the deferred interest financing deals available with the Best Buy credit cards. In both cases, you'll want to plan on having the full balance paid off before the promotion period expires, but there is less risk with a 0%-purchase APR offer. With deferred-interest financing, if you pay off 99% of your purchase by the offer end date, you'd still pay all of the interest accumulated from the date of purchase. With a 0%-APR offer, you start paying interest only when the introductory period expires.

A number of no-annual-fee cards come with 0%-introductory-APR offers for over a year for new purchases. The U.S. Bank Visa® Platinum Card has an intro APR of 0% for the first 18 billing cycles for purchases and balance transfers (then 18.74% - 29.74% variable APR); there's an intro balance transfer fee, it's either $5 or 3% of the amount transferred, whichever is greater for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater.

If you prefer to also earn rewards while taking advantage of a 0% intro-APR offer, the Amex EveryDay® Credit Card is a good choice. It also has no annual fee and a 15-month 0% intro-APR offer on purchases from the date of account opening (then 18.24% to 29.24% variable APR, see rates and fees). Plus it earns flexible American Express Membership Rewards® points, which can be redeemed in many ways, including for flights and hotel rooms. Terms apply.

Cards with better benefits and rewards

The rewards you earn with a Best Buy credit card can only be redeemed at Best Buy, and the card also lacks notable benefits, such as purchase protection or extended warranty coverage. However, other no-annual-fee credit cards earn more flexible rewards and have useful perks.

The Chase Freedom Flex® has both purchase protection and extended warranty protection which automatically apply to eligible purchases. The extended warranty protection extends eligible warranties by an extra year, and the purchase protection covers eligible items against damage or theft for 120 days, up to $500 per claim and $50,000 per account.

The Best Buy Visa Platinum card is most rewarding for Best Buy purchases, and those rewards can only be redeemed at Best Buy. That means if you find a better deal for that pair of wireless earbuds or smart TV at another retailer, you'll earn far fewer rewards if you purchase it with your Best Buy card, and you won't be able to use any of the Best Buy rewards you've already accumulated to help pay for the purchase. Plus, the cash savings by going to another retailer may outweigh any rewards you would have earned from the Best Buy card. 

In short, there are plenty of no-annual-fee cards with better 0% intro-APR offers, more flexible rewards and additional benefits that aren't available with Best Buy credit cards.

The Best Buy Visa Platinum credit card is a tempting option for anyone who frequents Best Buy. However, the benefits and rewards this card offers are limited, compared to what other rewards credit cards offer. A number of no-annual-fee cards earn more flexible rewards and have built-in purchase protections.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit cards.

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For rates and fees of the Amex EveryDay® Credit Card, click here.