Which Bank Actually Issues the Best Buy Credit Card?

Citibank provides the Best Buy (BBY) credit card (C).The card is intended to stimulate spending on Best Buy items in stores and online. It gives regular Best Buy customers 5% back in incentives or 12-month financing on purchases of $299 or more. The card may only be used to pay for Best Buy products and services.

Best Buy Credit Card

The Best Buy credit card, in addition to a reward incentive, provides unique financing options on purchases exceeding a particular cash level. When using a Best Buy credit card to make a purchase, the cardholder has the choice of selecting either a reward option or a special financing option, which enables the cardholder to pay off the debt in set monthly payments over a promotional time period.

No interest is charged throughout the promotional period as long as the cardholder makes regular payments and maintains in good standing. Furthermore, Best Buy credit card customers get 10% back in incentives on their initial transactions.

Best Buy Credit Card Fees

The MyBestBuy credit card has no annual charge. It does levy a penalty cost of up to $41 for late or returned payments.

Citibank charges interest on late payments. A Best Buy credit card has an interest rate equal to the current prime rate provided by The Wall Street Journal + 22.99%. Given an August 2022 prime rate of 5.50%, the variable annual percentage rate (APR) for a Best Buy credit card is 28.49%. Citibank charges a $2 minimum interest fee.

Best Buy Credit Card Quick Facts

• Regular Best Buy members get 5% back in incentives.
• Purchases of $299 or more qualify for 12-month financing.
• Members get 10% back in incentives on their initial purchases.
• Provides preferential financing on transactions above a particular monetary level.
• Annual costs range from $0 to $59, depending on creditworthiness.
• Late and returned payments may incur penalties of up to $41.
• 28.49% variable annual percentage rate

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