Best Buy Financing: 5 Ways to Pay for Your Next Purchase

From appliances to gaming systems and television sets, Best Buy offers a variety of electronics and accessories. Because your purchase can easily climb into the hundreds or even thousands of dollars, Best Buy shoppers may find financing using the company’s branded Citibank credit cards or its Progressive Leasing™ program.

Read on to review your options for Best Buy financing:

• My Best Buy® Visa® Card promotional financing
• Best Buy’s Progressive Leasing program
• 3 more financing options for your Best Buy purchase

My Best Buy® Visa® Card promotional financing

Best Buy offers two credit cards through Citibank. Each has deferred interest financing for six to 24 months. Eligibility is contingent on the purchase amount and items or services being purchased.

Here’s a look at the special financing you may be eligible for when using your My Best Buy® Visa® Card or My Best Buy® Visa® Card:

• Purchases $299+: Interest-free financing for 12 months on storewide purchases.
• Purchases $599+: Interest-free financing for 18 months appliance and Geek Squad® purchases.
• Purchases $649+: Interest-free financing for 24 months on unlocked phones and Geek Squad® purchases..
• Purchases $799+: Interest-free financing for 24 months on select exercise equipment and Geek Squad® purchases..
• Purchases $999+: Interest-free financing for 24 months on eligible home theater and Geek Squad® purchases.*

Keep in mind that with deferred-interest financing offers, you will be charged interest back to the date of purchase if you don’t pay off the purchase in full by the time the financing offer expires.

When shopping online, Best Buy will automatically enroll you in the longest-term financing offer available. You can select a shorter financing offer when available. For special financing in-store, speak with a Best Buy employee for more details.

*Deferred interest financing offers accurate as of January 27, 2021.

Best Buy’s Progressive Leasing program

Borrowers who can’t get approved for a credit card may consider Progressive Leasing. It’s a 12-month lease-to-own agreement.

Progressive Leasing requires no credit check for approval. Instead, approval is based on factors like income and employment. While flexible and accessible to those with lower credit scores, Progressive Leasing is more restrictive than with credit cards; items such as drones, software, delivery charges and Geek Squad protection plans might not be eligible purchases.

Progressive Leasing can be paid off early through 90-day purchase options and other buyout choices that vary by state. Unfortunately, the interest rates for Progressive Leasing are not posted. Before accepting a lease offer, determine what the total expense will be and make sure the lease-to-own item is worth the ultimate cost.

To apply, follow these steps:

1. Apply online or, while shopping at a participating Best Buy, find an employee and ask for a Progressive Leasing application and complete it in-store.
2. Get the underwriting decision instantly in-store or online, allowing you to shop immediately. If an instant decision isn’t available, you can check your status online.
3. If approved, the employee will help you select the item you want to lease and will have you sign the lease listing the payment amount and term.
4. Take your item home or set up delivery.

3 more financing options for your Best Buy purchase

1. Personal loan
2. Zero-interest credit card
3. Paycheck advance

1. Personal loan

A personal loan is an unsecured loan — meaning you don’t need collateral to apply — that may offer a lower APR than you’d find on a credit card. However, you’ll need good credit to qualify and excellent credit to nab the lowest rates offered by lenders.

This financing option may be a cheaper alternative compared to a Best Buy credit card depending on your credit. It may also be a good alternative if you either don’t want a Best Buy credit card or need a longer amount of time to pay off your purchase. Whereas Best Buy’s financing options last as long as 24 months, a personal loan can have a term of 60 months or longer.

You can prequalify through many personal loan lenders without affecting your credit score to see your estimated APR and compare that with the financing options from Best Buy.

2. Zero-interest credit card

You may qualify for a rewards credit card with a promotional 0% APR offer. These offers can last up to 20 months. So long as you repay your balance before the promotional period ends, you won’t pay interest on purchases. Fail to do so, though, and you’ll be hit with high interest charges.

Having your pick of a rewards card means you can choose the card with the best rewards structure for your regular purchases. However, rewards credit cards require strong credit to qualify, especially if you’re looking to snag a promotional 0% APR offer.

3. Paycheck advance

If you have damaged credit but absolutely cannot wait to make your purchase, you may request a paycheck advance through your employer’s HR department. You’ll effectively be borrowing money from your future paycheck with zero interest. You can also check out paycheck advance apps like Earnin, which allow you to borrow a portion of your next paycheck.

However, you should take extra care when taking out a paycheck advance: You’ll need to ensure that you’ll still have funds left over to pay for monthly bills, food and other financial obligations after payday arrives.

The information related to the 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.