Does Best Buy Have Payment Plans in 2024? Your Full Guide
With prices rising on tech and appliances, more shoppers turn to retail financing programs. As a top national electronics retailer, many customers wonder: does Best Buy offer payment plans?
Fortunately, Best Buy provides consumers multiple options to pay over time. But choosing the best payment plan for your needs takes some savvy.
This guide will breakdown exactly what payment plans Best Buy provides, their pros and cons, approval requirements, and tips for utilization.
Why Do Shoppers Seek Best Buy Financing?
Customers are flocking to financing plans for big Best Buy purchases ($500 to $3000+ range) for several key reasons:
- Afford High-Ticket Items: Quality tech and appliances run $1000+ these days, leaving cash-strapped consumers struggling to pay upfront
- Manage Spending: Breaking payments down monthly helps consumers budget major costs into digestible chunks
- Access Deals: With financing offers like 0% APR, shoppers can capitalize on sales without draining bank accounts
- Establish Credit: Responsibly using retail credit cards or leases builds your credit history
According to 2022 Federal Reserve data, revolving consumer credit balances like credit cards continue reaching all-time highs. So financing is clearly crucial for households nationwide.
But consumer experts recommend analyzing all options carefully rather than opting for the first deal you see.
So let‘s breakdown exactly what payment plans Best Buy provides shoppers in 2024.
Best Buy Credit Card Financing
The standard go-to payment option is the branded Best Buy Credit Card or My Best Buy Visa Card, issued through Citibank.
Key perks include:
- Special financing offers like 0% APR periods
- 10% back in rewards on the first day for cardmembers
- Exclusive Member Offers and bonus points
- No annual fee
In 2024, customers can now get 24 month financing on expanded categories with a Best Buy Credit Card according to updated terms on BestBuy.com.
But to qualify and get the top card, you‘ll need good to excellent credit in the 700+ credit score range according to Investopedia‘s review of approval odds.
Below are the minimum purchase amounts for key 0% APR financing terms in 2024:
| Financing Term | Minimum Purchase | Categories |
|---|---|---|
| 6 Months | $199 | Most Purchases |
| 12 Months | $299 | Storewide Purchases |
| 18 Months | $599 | Appliances, Geek Squad Services |
| 24 Months | $799 | Select Exercise Equipment, Home Theater, Furniture, plus added categories for 2024 |
The longer your financing offer, the larger purchase amount required. And deferred interest is charged back from purchase date if balances aren‘t paid in full before the 0% APR period concludes.
Over 1 in 5 Americans (22%) fail to pay off credit card balances in full each month according to CompareCards research. So tread carefully with deferred interest deals.
Below is a 2023 snapshot of key metrics around the My Best Buy Visa Card from Citibank:
| Metric | Data |
|---|---|
| Credit Needed for Approval | 700+ Score |
| Average Credit Line | $4,500 |
| Average Utilization by Cardholders | 29% |
| Late Fee | Up to $41 |
So while the My Best Buy Visa Card offers solid financing flexibility, card experts emphasize maintaining low balances and paying on time to avoid heavy interest charges.
Now let‘s compare financing options for shoppers who don‘t qualify for a Best Buy Credit Card…
