Best Buy Financing Made Simple: Pay Your Way
Eyeing an expensive item at Best Buy, but don’t want to pay all at once? You have options.
Best Buy itself offers two credit cards and a rent-to-own program. But unless you’re a die-hard Best Buy shopper, a 0% APR credit card or buy now, pay later might make more sense.
Best Buy financing options
There are three main Best Buy-specific financing options: two credit cards and a rent-to-own plan.
| Financing option | Purchase restrictions | Annual percentage rates (APRs) | Perks |
|---|---|---|---|
| My Best Buy® Credit Card | Can only use at Best Buy | 31.49% variable for purchases APR is accurate as of this writing. |
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| My Best Buy® Visa® Card | Can use wherever Visa is accepted |
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| Best Buy’s Progressive Leasing Program | Can only use at Best Buy | Not specified |
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What do both Best Buy cards have in common?
When you use a Best Buy card, you get to choose between two perks. The first is flexible financing in the form of an interest-free payment plan; the other is Best Buy rewards.
Flexible financing
With flexible financing, you get 0% interest for a certain period of time. For example, if you spend at least $299 at Best Buy, you could qualify for interest-free financing for 12 months.
But there’s a huge catch: If you don’t pay off your balance by the end of the financing period, you’ll have to pay all the interest that would have built up since the purchase date. This is called deferred interest.
Best Buy credit cards have an APR of 31.49% variable, so getting hit with deferred interest could end up costing you hundreds or even thousands of dollars.
Defer interest like a pro
Never pay just the minimum amount due on a Best Buy credit card. Instead, pay the suggested amount due. If you only pay the minimum, you’ll end up owing interest, as some of the balance will remain when the financing period ends.
Rewards
You can get 5% back in rewards when you use either Best Buy credit card at Best Buy. Best Buy often bumps this up to 10% just for the day you open it, which can be tempting if you’re at the register.
Best Buy rewards come in two forms: rewards certificates or points.
The default is rewards certificates — you’ll get one $5 certificate for each $100 you spend at Best Buy. However, rewards certificates aren’t redeemable as cash. Instead, you use them toward future Best Buy purchases.
If you’d prefer, you can earn points instead. Then, trade points for gift cards to major retailers and restaurants like Starbucks and Amazon. One $5 reward certificate equals 250 My Best Buy points.
My Best Buy® Credit Card
You can only use the My Best Buy® Credit Card at Best Buy, so it’s probably only worth it if you shop there often.
Although you can only use the My Best Buy® Credit Card at Best Buy, this restriction might not be the worst thing. Having a card that only works at Best Buy could help you avoid racking up extra debt at other stores.
At the same time, fewer places to shop also means less opportunity to earn rewards. You can get 5% back in qualifying Best Buy purchases, but that’s it.
Tip
Getting a Best Buy card for flexible financing for one big purchase is tempting — and not always a bad idea. Still, you may want to keep the card open once you’re done paying it off (unless you’re struggling with overspending).Closing a credit card can hurt your credit score. It affects your credit utilization and your length of credit history. But if you do close your Best Buy card, be sure to use your rewards within 90 days — anything left over will be forfeited.
My Best Buy® Visa® Card
You can use the My Best Buy® Visa® Card anywhere that accepts Visa. That means more chances for rewards, but you’ll likely find better bonuses with a more traditional rewards card.
With the My Best Buy® Visa® Card, you can:
- Earn 5% back in rewards at Best Buy
- Earn 3% back on gas purchases
- Earn 2% back on dining and takeout purchases
- Earn 2% back on grocery purchases
- Earn 1% back on other purchases
In addition, remember that Best Buy rewards can only be redeemed at Best Buy or used to buy gift cards for participating stores.
Best Buy’s Progressive Leasing Program
You might be a good candidate for Best Buy’s Progressive Leasing Program if you don’t qualify for a credit card.
Progressive Leasing is Best Buy’s rent-to-own program. It doesn’t have guaranteed approval, but you can still qualify with bad or no credit — Progressive Leasing only requires a soft credit pull.
Here’s how it works:
- Spend at least $250 at Best Buy
- Make a $59 minimum down payment
- Best Buy automatically withdraws your payments on your pay day
- You’ll own the item once you’ve paid off your balance (typically three to 12 months)
Best Buy doesn’t specify APR on its Progressive Leasing Program. It does warn that items you buy through rent-to-own will usually be more expensive than they’d be if you bought them in cash. You can estimate your payment online.
On the plus side, you can return or buy your item early with no penalty. However, know that Best Buy Progressive Leasing isn’t available in Minnesota, New Jersey, Vermont, Wisconsin, Wyoming or Puerto Rico. You also can’t use it to buy cell phone plans, prepaid cards, drones and a few other items.
Best Buy financing pros and cons
| Pros | Cons |
|---|---|
0% interest as long as you pay your balance off within financing period Best Buy rewards are a nice perk if you do a lot of shopping at Best Buy Don’t need good (or any) credit to qualify for Progressive Leasing | Risk getting hammered with interest if you owe when financing period is over Rewards are only good at Best Buy or partner retailers/restaurants Average APR for rewards card average as of this writing is 24.28%, but Best Buy’s is 31.49% variable Items you buy with Progressive Leasing are usually more expensive than retail price Could have an annual fee of up to $59, depending on your credit |
Best Buy financing alternatives
Buy now, pay later (BNPL)
Buy now, pay later could be a great alternative to Best Buy financing, especially if you have less-than-perfect credit.
The most common payment plan across all apps (Pay-in-4) is typically interest free. After an initial down payment of 25%, you’ll pay the remaining balance in three installments over six weeks.
| Pros | Cons |
|---|---|
You don’t have to be at Best Buy to use it Won’t have to worry about deferred interest Can still qualify with less-than-perfect credit Items won’t cost more like they do on Progressive Leasing | Easy to use, which could lead to overspending Can have expensive fees Won’t earn Best Buy rewards |
Personal loan
If you have excellent credit and need a few years to pay off your purchase, a personal loan might be the right choice for you.
A personal loan comes as a lump sum that you can use for almost anything, including purchases from Best Buy. Your payments will be the same each month and, depending on your repayment term, you could have 12 to 84 months to pay back your loan.
| Pros | Cons |
|---|---|
Usually lower rates than credit cards if your credit score is 720 or higher A longer loan term could give you extra time to pay off your purchase Comes as cash, usually by direct deposit | No 0% financing period High interest rates for bad credit, if you qualify at all Won’t earn Best Buy rewards Lender might keep part of your loan as an origination fee |
0% APR credit card
A 0% APR credit card could be what you need if you want to skip interest and shop at places other than Best Buy.
Like the My Best Buy® Credit Card and My Best Buy® Visa® Card, 0% APR cards are interest free for a period of time. But unlike Best Buy credit cards, once your interest-free period ends, you’ll only be charged interest from that time on. (In other words, interest isn’t backdated.)
| Pros | Cons |
|---|---|
Can use anywhere that accepts the type of credit card you’re using (e.g., Visa or Mastercard) Interest isn’t retroactively charged if you have a balance left at the end of your promotional period Some 0% APR cards also earn rewards and cash back | Generally need at least good credit to qualify Must be disciplined to avoid racking up debt since you can use them virtually anywhere Could lose your 0% APR period if you make a late payment |
Frequently asked questions
You can apply for financing (credit cards and rent-to-own) on Best Buy’s website or in person at a store. The application process is usually quick — you could get an instant decision.
Outside of information like your name and address, you’ll need to provide your annual income, how much you pay a month in rent or mortgage and your Social Security number.
Yes, Best Buy has three financing options:
- My Best Buy® Credit Card, which you can only use at Best Buy
- My Best Buy® Visa® Card, which you can use anywhere that accepts Visa
- Best Buy’s Progressive Leasing Program, which is rent-to-own
You usually have to spend at least $299 and choose 12-month financing to get 0% interest with a Best Buy card. If there is a balance left over, all of the interest that you would have owed during your flexible financing period will be due.
The information related to the My Best Buy® Credit Card and My Best Buy® Visa® Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.