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Want a Best Buy credit card to finance your tech gadget desires? Read the terms

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As one of the Internet Deals reporters for Examiner’s tech gadget category, it’s my job to ferret out the current sales and coupon codes that may help readers find a great online bargain on their desired devices – be they smartphones, computers, or anything else related to the electronics field. Since this type of investigative sleuthing also requires quite a bit of the use of Google’s AdWords Keyword Planner for researching various topics online, it was quite an interesting bit of information to learn that according to the search engine giant, approximately 450,000 searches for the phrase “Best Buy credit card” are entered into that little search box each month.

That’s nearly 15,000 people per day seeking out information about a credit card from the gigantic electronics retailer, but once they land on the BestBuy.com/creditcard page, one wonders how much further they research into the credit card’s terms prior to clicking that bold and yellow button that beckons web suffers to “apply now” for a new card.

Why are Best Buy credit cards so popular?

One only needs to wander into a Best Buy store to understand why this particular retail store’s credit card would be among the most popularly sought-out cards by consumers. Aisles upon aisles stuffed with iPhones, MacBooks, Xbox gaming consoles and all the accompanying video games tells you the reason why our tech-loving world falls head over heels in love with digital stuff in that store.

With a variety of financing offers that span from six months in length to 12-month or 18-month-long periods – based on the total storewide purchases or type of major appliance being bought – it is quite an enticing deal to think that a surround-sound entertainment center with an LG 60-inch flat screen 3D HDTV as its centerpiece could be yours this weekend, just in time to have your friends over for your favorite new flick on Blu Ray.

However, smart shoppers will look past the “pay over time” promises and up to 6% in rewards offers to ensure you know exactly how much you’ll be paying for that technical luxury in the end, when all is said and done.

Best Buy credit card treats and terms

As of this writing, the benefits of being a Best Buy standard card member would net you 5% in rewards while Elite Plus people get 6% back. That means under the standard deal you’d get 2.5 points for every $1 spent – but only on items you buy that are considered qualifying purchases. The elite members get more, but deals like these can be so complex and hidden within small print that leads users to more pages for further inspection that they become frustrating to understand.

One undertaking that is always a good idea is to visit the current terms link to unveil in black and white print exactly what is being offered, and what specific rules the credit card is expecting you to adhere to in order to be considered still in good keeping and positive standing with the financial terms.

As a person who has run amiss of certain credit card terms in the past, I understand the importance of Astute Credit, and paying off debt in order to enjoy all the benefits that high FICO scores can bring.

So what does Best Buy’s credit card bring to the table? An annual percentage rate that runs anywhere from 25.24% to 27.99% these days, which is pretty high, but also a typical rate range for retail store cards. Certain items fall into the 48-month reduced rate category of 11.9% APR for purchases, which is better – but not as stellar as paying no interest rate at all. And the only way to do that is to pay off your entire balance prior to the due date each month, something that most folks who get a credit card probably aren’t doing – save for the ones only using cards like these to build new credit or rebuild a credit history that has been marred or experienced a bankruptcy.

Late payments can be as high as $35 – so it’s best to try and make at least the minimum payment on time to avoid that charge, and to do as much of your bill paying online instead of in person in the store, if you’re not sure what your minimum payment is that month.

Overall, the big bonus about being a Best Buy credit card holder – or the keeper of almost any credit card – is that if it is used responsibly to purchase items that will earn you money to pay off the debt, it could be worth the interest rate charges. For example, if a $1,300 MacBook Air laptop you’ve bought with your credit card ends up costing you nearly double that amount by the time you pay it off in full with interest but ends up bringing you $50,000 in writing income via the use of it, that sounds like a great deal in hindsight.

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