What Financing Does Best Buy Offer and How Does It Work?

Best buy has different types of financing options including a credit card, VISA card, and progressive leasing plan.

You can also get 0% APR, reward points, and other promotional offers when shopping at best buy.

Let us discuss the financing options available and best buy and see how you can save more on them.

What Does Best Buy Offer?

Best Buy has a large collection of electronics, computers, mobile phones, and other accessories through its retail and online stores.

You can find different types of deals and promotions to save money on your favorite items. Best Buy runs these promotions throughout the year and also offers lucrative deals on special occasions.

You can a wide range of products at Best Buy including:

  • Appliances
  • Home theater and TV
  • Computers, Tablets, and accessories
  • Mobile Phones and gadgets
  • Audio appliances, video games, music instruments.
  • Health and fitness
  • Home care, furniture, and outdoor living

Best Buy has different types of partnership programs as well. These options include affiliate programs, advertisement space, developer programs, and special deals for education, health, and businesses.

What Financing Options Does Best Buy Offer?

When purchasing at Best Buy, your bill may exceed what you can pay in cash. There are financing options that you can utilize at no additional cost.

You have two main options to choose from when financing your purchases.

  • Best Buy Credit Plans
  • Best Buy Progressive Leasing Program

When choosing to pay with the best buy credit plans, you have two more options.

Best Buy Credit Card

The first is to use the best buy credit card powered by Citibank. This card can only be used for purchases at best buy retail and online stores.

This card also supports all types of promotions, deals, and discounts. You can use this card to fund your purchases using a payment plan.

Best Buy VISA Credit Card

This is your normal VISA card issued by Citibank. You can use this VISA card for any type of purchase, online payments, and cash withdrawals.

VISA card also supports all types of deals and promotions. You can choose a payment plan according to your needs.

Standard APR will apply from Citibank if you use the VISA card for payments at best buy.

The second option is to use the best buy progressive lease program. This program is a “lease to own” program for buyers.

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You make the purchases and start paying in installments choosing one of the available plans. You’ll own the purchased item at the end of the lease term.

How Does Best Buy Financing Work?

Both types of financing methods mentioned above come with discrete benefits for buyers.

You can enjoy monthly installment plans at 0% APR with the best buy through its credit cards or choose lower monthly amounts with the progressive lease plan.

Best Buy Credit Card Features

Best buy credit card welcomes you with 10% back in rewards for your first-day purchases. Then, you can enjoy different types of rewards on different deals.

The reward is in the form of 5% bonus points that you can use to make additional purchases at best buy only.

Best buy credit card APR is 23.99%–28.74% (variable rate) and 9.00%–24.34% (fixed rate). The minimum interest charge is $2.

The financing terms depend on your shopping total and product category. The finance term can be 6, 12, 18, or 24 months.

You do not pay interest charges if you repay the full amount within these terms. However, interest charges accrue from the start date if you miss the deadline.

Your remaining balance will incur interest charges from the beginning date and you’ll have to pay accrued interest for the promotional term as well.

Best Buy VISA Card Features

Best buy VISA card offers the same 0% APR payment terms plus some more reward options for buyers.

Rewards with a VISA card include:

  • 5% back in rewards
  • 3% back with gas
  • 2% back with dining and grocery
  • 1% back with everyday purchases

The interest cost will be charged to you at:

  • Variable rate 11.49%–28.74%
  • Fixed rate 9.99%–20.24%
  • Cash APR (variable) 26.74%–28.74% (Fixed) 24.49%–26.24%.

The advance cash fee for a VISA card is higher of $15 or 5% of the transaction amount.

VISA card also has the same deferred financing option as the best buy credit card and you’ll repay the accrued interest as well if you miss the deadline of the finance term for the repayment of the full amount.

Best Buy Progressive Lease Features

This is a “lease to own” program offered by best buy. You can purchase an item without paying the full amount upfront and make monthly payments.

The interest cost or APR is not publicly listed by best buy though. There is an option to get full information before you finalize the purchase through text or an online calculator.

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Your monthly installment will be deducted from your checking account or charged to your credit card.

The progressive lease program is suitable for buyers with no credit. You only need to fulfill the age requirement and show proof of income.

The lease term can be up to 12 months but you can save interest costs by early payments within 90 days.

Note: Not all items listed on best buy qualify for the progressive lease program.

Alternatives to Best Buy Financing

If you fail to qualify for the best buy or VISA credit card at Citibank, you may consider the progressive lease plan that does not require a credit check.

You can also consider some other alternative financing options.

Third-Party Financing Options with Best Buy

Third-party lenders like Affirm offer easy financing options as partner programs with Best Buy.

You can apply for a payment plan with these private lenders according to your needs. Most of these private lenders require no credit checks.

However, these private lenders often charge higher interest rates than regular lenders. For instance, the APR for Affirm partner program with Best Buy ranged from 0% to 36% currently.

You can repay without interest charges within the payment terms at Affirm.

Similarly, you can use other online lending platforms to qualify for easy financing if you don’t have a good credit score but remember the high-interest costs with this option.

Personal Loans

You can always consider personal loans for any type of purchase. Comparing the interest costs for a payment term at best buy and your lender can help you choose the right option.

The option of personal loans is particularly useful for you if you do not qualify for Best Buy VISA credit card offered by Citibank. Also, consider a personal loan if you have a good credit score and you can obtain a low-interest loan for the same term.

Depending on your total amount required for purchases with Best Buy, a personal loan may offer savings on interest charges for a longer period of up to 24 months.

Credit Cards by Other Providers

Best buy credit cards are powered by Citibank. Both Citibank and Best Buy will evaluate your income stream and may put a soft credit check as well.

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If you fail to qualify for a credit card with Citibank, you may consider applying for a 0% APR credit card with other lenders.

These are mostly promotional credit cards that offer a limited payment term with 0% APR.

Frequently Asked Questions on Best Buy Financing Options

Let us answer a few FAQs about best buy financing programs.

What is a Reduced rate credit plan at Best Buy?

The reduced rate payment plan incurs interest charges from day one. You pay interest on the full payment plan tenure but the APR is lower than other financing options at best buy.

What if I want do not want to pay any interest charges?

If you want to save interest costs, pay more than the minimum monthly amount of your financing plan.

If you fail to repay the total amount within the payment plan term, you’ll have to pay the accrued interest from the beginning of the term.

What is a deferred interest charges program?

The deferred interest charges program lets you buy with 0% interest costs if you repay the full amount within the payment term.

Your interest cost is deferred until the maturity date of your payment plan.

How do I save interest on a deferred interest charges program?

If you want to avoid interest charges on the deferred interest plan, calculate your monthly amount by dividing it by the number of months you have for the plan.

Do not rely on the minimum payable amount and repay the full amount before the payment plan expires.

What is the progressive lease program at best buy?

With the progressive lease plan, you take the product(s) home right away and start paying in monthly installments.

You can keep using them but you own the product(s) at the end of the lease term.

Does the progressive lease program offer an early buy option?

Yes, you can settle the full price within 90 days without paying additional interest with the progressive lease program.

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