The salesperson at Best Buy will likely ask you whether you want a Best Buy card. Before accepting such offers, make sure to fully understand the benefits and limitations, as well as the interest rates.

You may be offered two card offers by the clerk. The first offer is for a Best Buy card in-store and the second for a Reward Zone MasterCard that can be used at any store.

The Best Buy Credit Card

A Best Buy credit card has the main advantage that you can get a zero percent interest rate when you pay your purchase in full within a certain time period, typically a year. If you are able to pay the card off on time, this is a great way of saving money.

The secondary benefit of the Best Buy credit card, is the one-for-one increase in Rewards Zone points that you can earn for every purchase. Although this is only a slight improvement on purchases made with Best Buy financing, it is still a significant improvement.

The average interest rate for a Best Buy card in-store is between 24 percent and 28 percent if you don’t pay the balance in the due time. The interest accrues from the day you purchased the item. If you do not make your monthly payments on time, an increased interest rate will be charged. This rate applies to all future purchases.

Consumers complain about the low credit limits at Best Buy, which can sometimes be as low as $300. Best Buy cards can only be used in-store, which limits your spending power. Unnecessary credit cards can lower your credit score. This is because you have a lower earnings to available credit ratio.

According to the Best Buy credit card application, if you are not eligible for the card due to poor credit, they will automatically grant you another card, the Gold MasterCard annual fee. You will need to pay an annual fee if you want a card that has a high credit limit and offers a high rate of interest.

The Best Buy MasterCard

Customers who accept a Best Buy MasterCard will receive a card that can be used by any merchant that accepts MasterCard. This card offers additional rewards beyond the Reward Zone program or the ones that are given to customers who use the card in-store. You can earn $5 off your next purchase if you have 250 points. This card has an average interest rate of 17-18 percent. The annual fee for this card was $59 as of 2011.

These details will help you make an informed decision before accepting a Best Buy credit card option.

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