Credit Cards

Best Buy Reward Zone MasterCard Review: Pros and Cons

bestbuy_credit_cardThe Best Buy Reward Zone MasterCard is one of the more popular retail credit cards on the market today. It has received fairly good rankings from customers and reviews; however, here we will discuss both the pros and cons of the card.

How do you use the Best Buy Reward Zone MasterCard?

The Best Buy Reward Zone MasterCard is a perk that is used on purchases at the Best Buy retail chain. The card is advertised as a “rewards redemptions” card that can be used fairly soon after the first purchase on the card is made.

The Pros of the Best Buy Reward Zone MasterCard

The first thing that consumers will notice about the rewards card is that it is redeemable after only the first five dollars of purchases at the store. This is one of the lowest thresholds of any retail credit card on the market. The rewards card is also redeemable for purchases that are made on the website.

The rate of points that are earned on the card is one point per dollar. This amounts to 2% back on grocery and dining purchases. Other purchases are rewarded at the rate of one point for every two dollars that are spent at the store. There are added perks that Best Buy gives away with the card, such as added gift certificates along with the cashback that you receive.

The Best Buy card has levels – if you spend over $2500 in a year, you can promote yourself to Premier Silver status. This status allows you to earn even more cash back for every dollar that you spend.

The Best Buy Reward Zone card is issued by HSBC, and of course it is backed by MasterCard. These two financial agencies have relatively good reputations for following up after charges of fraud. This means that you will have to worry less about fraudulent purchases that are made on your card if you lose it.

The Cons of the Best Buy Reward Zone MasterCard

Although the rewards are enticing, there are some limitations on the card as well. Worst of all, the annual percentage rate that you have to pay on carryover balances is quite high when it is compared to other retail credit cards such as the Walmart credit card. Late fee penalties can also be quite high, so make sure that you keep up with the balance if you’re going to use the card.

There are also plenty of fees that can add up rather quickly for return payments or for going over your credit limit. There is also a foreign purchase fee of 3%. If you are under penalty, the interest rate immediately jumps to around 30% from the normal APR.

Another glaring negative on the card is its relatively short redemption period. The certificates that you receive alongside the points on the card expire only half a year after you receive them.

Spending your points can also be a hassle. The points menu is one of the most confusing in the industry, so you never really quite understand what you have gained the ability to purchase on the card. Some things that you think would be eligible for the higher points to dollar ratio are actually not included in dining or groceries, so make sure that you understand exactly what the company places under this umbrella before you assume.

Overall, the Best Buy Reward Zone MasterCard is a good choice if you make a lot of purchases at the Best Buy chain. Because of its relatively low threshold for redemption, you will always be able to save money no matter what you purchase there. However, you have to be incredibly responsible with this card. You must also be sure that you read all of the rules so that you know exactly what you can obtain with your new points and how the rest of the reward system works.

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