Is The Best Buy Credit Card Worth It? Three Better Options to Maximize Retail Cash Back
Credit cards offer a convenient way to pay for everyday purchases while earning rewards, discounts, or cash back on your spending. The Best Buy Credit Card often gets offered to you in store or with your online purchase to potentially lure you into saving with your purchase but is the Best Buy Credit Card really worth the hit on your credit score? Does the Best Buy Credit Card offer the best retail cash back? What is the cash back percentage of the Best Buy Credit Card? What other credit cards offer better cash back rewards? Which credit cards are better alternatives to the Best Buy Credit Card?
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Table Of Contents
The Best Buy Credit Card
Pros
5x points on best buy purchases
3x points at gas stations
2x points on dining or takeout
2x points on grocery stores
1x points on all other purchases
Cons
The ONLY way to use the points is in the form of Best Buy gift cards in the future valued at $0.05 in cash back for every $1 you spend. E.g. if you spend $100, you earn a $5 gift card at Best Buy
Would I get this card?
My answer to this question is a resounding no, and allow me to elaborate on why. The main reason is quite straightforward: the Best Buy Credit Card offers cash back in the form of gift cards that can only be used at Best Buy. While this may sound like a decent offer at face value, it's less appealing when you consider its limitations. These restrictions confine you to the pricing structure set by Best Buy, restricting your ability to shop around for the best deals. Consequently, the low flexibility offered by this card could potentially prevent you from securing the most beneficial deal possible. That's why, when it comes to credit cards that maximize retail cash back, I find there are more advantageous options out there.
Four Better Options to Maximize Retail Cash Back
If you were considering the Best Buy Credit Card, chances are you're planning on making substantial electronics purchases. While it might seem like a logical choice to opt for the store's card, it's important to understand that there are numerous other credit cards out there with far superior value and return structures. Here are four credit cards that are particularly well-suited to yielding maximum cash back, particularly if you're an avid shopper in the retail and electronics sectors.
1. Chase Freedom Unlimited®: "Earn Bonus Point" Program
Earn Rate
Earn 5% cash back on travel booked through the Chase Ultimate Rewards portal.
Receive 3% cash back on dining at restaurants, including takeout and eligible delivery services.
Get 3% cash back on purchases from drugstores.
Benefit from a steady 1.5% cash back on all other purchases.
Earn Bonus Points Through the Chase Ultimate Rewards Platform
When you use the Chase Freedom Unlimited® card, one of the key advantages is the ability to earn bonus points through the Chase Ultimate Rewards platform. This platform not only allows you to get a significant 5% cash back on travel purchases, but it also often features various shopping deals and offers. These allow you to earn extra bonus points or get increased cash back rates at specific retailers, further enhancing your potential rewards.
How to Redeem
Redeeming your cash back with Chase Freedom Unlimited® is user-friendly and flexible. You can redeem any amount at any time, and your cash back rewards never expire as long as your account is active. You can choose to use your rewards for statement credits, direct deposits into most U.S. checking and savings accounts, gift cards, travel through the Chase portal, or even shopping with points at Amazon. The wide array of redemption options adds to the versatility and attractiveness of this card.
2. Citi® Double Cash Card: Always Earn 2x On Any Purchase
Earn Rate
Benefit from a flat 2% cash back on all purchases—1% upon purchase and an extra 1% as you pay off those purchases.
This simple, high-yield approach applies to all categories of spending, including electronics, providing immense flexibility and earning potential.
Citi's Unique Approach: The ThankYou Points System
An important feature to note about Citi Double Cash Card is its unique approach to rewards - the ThankYou Points system. The cash back you earn can be converted into Citi ThankYou points, where every dollar of cash back equates to 100 ThankYou points. These points can provide additional value if you transfer them to Citi’s airline partners or use them towards travel through the Citi Travel Center.
How to Redeem
Redeeming cash back with the Citi Double Cash card is simple and straightforward. Once you've accumulated at least $25 in cash back rewards, you can choose to redeem them for a check, a statement credit, or a gift card. The rewards never expire, which means you have the freedom to redeem them at your convenience. Moreover, if you choose to convert your cash back into ThankYou points, there is a multitude of redemption options including travel, gift cards, and online shopping.
3. The Bilt Mastercard®: 2x On Rent Day + Use for Free Travel
Earn Rate (See Wells Fargo terms here)
2x points on travel
3x points on dining
4x points on travel and 6x points on dining on rent day purchases 1x points on everything else
Use the card 5 times each statement period to earn points
Unleashing Potential with Bilt's Travel Partners
One of the most potent features of The Bilt Mastercard® is its array of prestigious travel partners. The points you earn on rent and other purchases can be transferred to a variety of Bilt's travel partners. These partners include some of the biggest names in the travel industry, such as American Airlines, Delta Airlines, and Hyatt Hotels, among others. This feature dramatically broadens the scope of your rewards redemption, offering you a chance to turn your everyday spending into exotic vacations or valuable airline miles.
How to Redeem
When it comes to rewards redemption, The Bilt Mastercard® offers an appealing level of flexibility. You can use your points toward free travel, or transfer them to one of Bilt's many travel loyalty program partners. This broad range of options means you're not just confined to cash back redemption; instead, you can leverage your points for high-value travel experiences, truly unlocking the potential of your everyday spending.
4. The Blue Cash Everyday® Card from American Express: 3% Cash back on U.S. Online Retail Purchases on up to $6,000 per year
Earn Rate
3% Cash back at U.S. supermarkets, on up to $6,000 per year, then 1% after that.
3% Cash back on U.S. Online Retail Purchases on up to $6,000 per year, then 1% after that.
3% Cash back at U.S. gas stations on up to $6,000 per year, then 1% after that.
1% Cash back on other purchases.
How to Redeem
The Blue Cash Everyday Card operates as a cash-back credit card, simplifying the reward redemption process. It lets you accumulate rewards as Blue Cash reward dollars, which can be directly redeemed as statement credits without any minimum requirement. American Express might occasionally provide alternative redemption methods, like gift cards or merchandise. However, when exploring these options, make sure the redemption rate is either equal to or exceeds the rate for statement credits. The value of your rewards in the form of statement credits stands at 1 cent per reward dollar.
Learn more about the Blue Cash Everyday® Card from American Express here
Summary
When it comes to credit cards, the key to maximizing retail cash back lies not only in the earn rates but also in the breadth and flexibility of their reward redemption options. While the Best Buy Credit Card might seem like a viable option for electronics enthusiasts, its limited scope and lack of flexibility render it less appealing when compared to alternatives such as the Chase Freedom Unlimited®, the Citi® Double Cash Card, and The Bilt Mastercard®.
The Chase Freedom Unlimited® excels with its diverse "Earn Bonus Point" program and additional earning potential through the Chase Ultimate Rewards platform. The Citi® Double Cash Card offers a steady 2% cash back across all purchases and a unique rewards system through the ThankYou Points system. Lastly, The Bilt Mastercard® provides the opportunity to earn on rent payments and unlock potential rewards through its strong network of travel partners.
So before committing to the Best Buy Credit Card, consider your spending habits and the kind of rewards you value most. By doing so, you'll be in a better position to choose a credit card that will truly maximize your retail cash back. Whether it's travel, dining, or varied shopping experiences, these three credit card alternatives offer flexible and high-value returns on your everyday spending.
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Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.