As many readers know, electronics superstore Best Buy offers two different credit cards (the Best Buy store card, issued by either Chase or HSBC, depending on your credit rating) and the Best Buy Mastercard. Both are, as store-branded credit cards go, not bad deals.
Typically CreditShout recommends rewards cards like Chase Freedom and Discover it over store credit cards, but if you are a frequent Best Buy shopper or intend to make a few big ticket purchases over the next few years (for instance, if you are a new homeowner), the Best Buy cards are a very good choice.
And for holiday shopping, the Best Buy credit cards have some special financing offers that make them especially appealing. Don’t forget, too, that Best Buy credit card holders get bonus points in the Best Buy Reward Zone (Best Buy’s consumer loyalty program) for every purchase made with a Best Buy credit card. Let’s take a look at the holiday financing offers available.
[thrive_leads id=’26996′]
No Interest for 6 Months
Spend more than $149 on any single purchase with your Best Buy credit card and get no interest for 6 months.
Financing Fine Print: Make sure to pay the balance in full within six months and make your minimum payments on time or you’ll be charged interest from the date of purchase.
No Interest for 12 Months
Spend $299 and up on a single purchase with your Best Buy credit card and get no interest for 12 months.
Financing Fine Print: Make sure to pay the balance in full within 12 months and make your minimum payments on time or you’ll be charged interest from the date of purchase.
No Interest for 18 Months
Spend $429 and up on a single purchase with your Best Buy credit card and get no interest for 12 months.
Financing Fine Print: Make sure to pay the balance in full within 12 months and make your minimum payments on time or you’ll be charged interest from the date of purchase.
No Interest for Three Years
Got your eyes on a new HDTV? Get three years no interest financing on HDTV, home theater, and Geek Squad home theater installation purchases totaling $899 and up.
Financing Fine Print: Excludes Outlet Center items and several other products, including car audio/video and accessories, portable audio/video and accessories, headphones, satellite or digital radio, marine electronics, GPS navigation and accessories, musical instruments, blank storage media, and CD & DVD storage. For cards issued by Chase bank, offer valid in store only.
Tips to Protect Your Credit
It’s very tempting to take advantage of one of these offers to make this holiday season extra special for your family and loved ones. But lots of people get into financial trouble with “no interest” financing offers.
Before you throw down the plastic at your neighborhood Best Buy, make sure you can truly afford the purchase — and afford to pay it off before your no interest financing period ends. Take the price of your purchase and divide it by the number of months you’ll get no interest financing. So, let’s say you make a $200 purchase (including taxes, warranties and any fees) and finance it for six months. You’d need to pay just a little over $33 per month to pay off your balance before getting hit with retroactive finance changes. If your budget can afford it, go for it.
Set up calendar reminders or even automatic bill pay by your credit card due date each month so you don’t miss a payment. Default interest rates may be as high as 29.99% if you miss even a single payment with these special financing offers.
