Are the Best Buy credit card and Rewards Zone MasterCard actually worth it or should you look elsewhere? Read our full review below before you apply!

Best Buy offers two types of credit cards that are issued by Capital One Bank. These include the Best Buy Credit Card and the Rewards Zone MasterCard. Both cards boast rewards and benefits, but seem to be lacking in both categories when reviewing the terms of each account. Let’s start with the Best Buy Card.

Best Buy Credit Card Overview

The Best Buy Card, which can only be used at Best Buy stores, boasts reward zone points with every dollar spent on merchandise. When reviewing this card and the Reward Zone point system, I did find that the same points could be earned by simply signing up for the free Reward Zone Program. So, this really is not a benefit for this card.

The site does state if you take advantage of the regular financing programs by using the Best Buy card that you can get an extra point per dollar. However, you will have to get a high enough credit limit to be able to purchase something at the store.

Warning - Low Credit Limit

In addition to not so great rewards, many consumers have complained about receiving a very low credit limit when applying for this card. Many state that their credit limit is $300 or less. This is hardly enough benefit to even take the time to fill out the application.

Also, the application states that if you do not qualify for the Best Buy card, that you will automatically be considered for the Gold MasterCard, which comes with a fee. In addition to low limits, and credit card trickery, the card also has very high interest rates.

0% Interest.. if You Don’t Make Any Mistakes

Most of the promotional financing in Best Buy stores states you will get a 0% rate on the purchase you are making for 6-12 months, depending on the purchase. However, what Best Buy does not include on the promotional financing signs is the retroactive interest policy.

This policy basically states that if you do not pay the full amount in the allotted time for 0% financing, then they will charge you interest on the original purchase amount. In addition to that, the interest is not going to be reasonable either. Try an interest rate starting at 24.25% and up to 27.99%. Although, you may get an introductory interest rate of 11.9%, if you have credit worthiness, I would not advise taking the chance if the interest rate could be 24.25%. That is highway robbery.

Best Buy Rewards Zone MasterCard Overview

The basic difference between the Reward Zone MasterCard and the Best Buy card is that you can use the MasterCard anywhere MasterCard is accepted. So, you are not limited to Best Buy. In addition, this card also offers the same benefit of obtaining reward zone points as the Best Buy store card does. Furthermore, you earn a half of a point for every dollar spent elsewhere. This is not so great for earning anything extraordinary.

Beware of Set Up Fees and Interest!

The terms and conditions for the Rewards Zone MasterCard also state that you may be assessed a setup fee as well as an annual fee on the card. The ironic part is that you will definitely be assessed a fee if your credit line is $300 or less. By the time this fee of $59 is assessed, you have a whopping $241 to finance your new flat screen television or other purchase.

Added to the fees, the Rewards Zone MasterCard offers an interest rate starting at 11.9%, if you are credit worthy. However, this is only temporary. After 48 months, this rate would be increased to 21.4% up to the penalty rate of 29.99%. With a rate of 21.4%, Best Buy can keep their MasterCard.

A Final Word of Warning...

The Best Buy card and Rewards Zone MasterCard hardly reward their customers. The high interest rates, hidden fees, and sad rewards make these cards a bad choice for anyone wanting to finance a big purchase. Try choosing another card that offers better rewards per dollar, the ability to use it anywhere, and a consistently low interest rate.

Important: We currently recommend Blue Cash Everyday from American Express over the Best Buy Credit Card. It has a much better rewards program - giving you cash back on ALL of your purchases, as well as a lower interest rate and no hidden traps!