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Best Buy Rewards Card – Yay Or Nay?

Reward Zone Master Card vs. The Best Buy Master Card-

Last time you were checking out at Best Buy you may have been asked if you would like to sign up for a Best Buy rewards card. You’ll want to think carefully before you sign up for one of these cards. You’ll want to be sure that you understand everything that comes with this card. The cashier could be offering you one of two things. The first is a Best Buy store card. The second is their Master Card Reward Zone Credit Card that you can use anywhere.

The Reward Zone Master Card

Let’s first go over their Master Card Reward Zone card. The best thing that you’ll get from using this credit card is a zero percent interest rate. You only get the zero percent rate if you pay your purchases off within a certain amount of time. You can save a lot of money this way if you pay your card off regularly.

Reward Zone Points

The next benefit you will receive from this card is Reward Zone points. For every purchase you make you will get one Reward Zone point. It’s a small gift, but it is still better than nothing. Using other credit cards its common to get no benefit.

What Kind Of Interest Rates Are You Looking At?

If you’re  not able to pay off your balance on time though you’re looking at a high interest rate. You can expect to pay between 24 through 28 percent in interest. When you first purchase an item you already owe back interest. You will only have to pay the increased interest rate if you don’t make your payments on time.

What’s The Credit Limit?

A lot of people feel that Best Buy doesn’t offer a high enough credit limit for their rewards card. Some cards are limited to only $300. Also keep in mind that you can only use this card in Best Buy. This makes it’s use quite limited.

You need to watch out for the fine print on this offer as well. On their application for the card it states that they can automatically approve you for their Gold Master Card if you don’t meet the criteria for their in store rewards card. This card comes with an annual fee and a high interest rate. You will also be looking at a low credit limit with this card. Not a good situation.

The Best Buy Master Card

The second option they may offer you is their Best Buy Master Card. When you pick up this card you can use it in any place that accepts Master Card. When using this card you will get more bonuses on top of the regular Reward Zone bonuses. If you are able to get 250 points you will receive a five dollar gift certificate free. This certificate is good on all future purchases. You are looking at paying an annual fee of $59 to have this card. In addition to that the interest rate is usually around 17 through 18 percent.

See Also:

Why Get a Credit Card?

Airline Miles Credit Cards

Cash Back Credit Cards

No Annual Fee Credit Cards

High Performance Savings Accounts

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