Best Buy offers payment plans through two main routes: their own Best Buy Credit Card and third-party financing through Affirm
Best Buy does offer payment plans, but the terms depend on which financing method you choose. The Best Buy Credit Card (issued by Citi) lets you split purchases into monthly payments with varying interest rates based on your creditworthiness and the item you're buying. Affirm, a third-party lender, is also available at checkout and offers fixed monthly payments with no hidden fees—though you'll know the exact interest rate before you confirm the purchase.
Both options work at Best Buy's website and in physical stores. The key difference is that the Best Buy Credit Card can carry interest rates as high as 27.99% APR depending on your credit, while Affirm's rates are fixed upfront and typically range from 0% to 30% depending on what you're financing and your credit profile. Neither option requires a down payment, though both require a credit check.
Key Takeaways
- Best Buy Credit Card purchases can be split into monthly payments, but interest rates vary widely based on your credit score and the product category.
- Affirm offers fixed monthly payments with no hidden fees, and you see the exact interest rate before you complete the purchase.
- Both payment plans require a credit check and are available online and in stores.
- Best Buy also runs promotional financing offers (often 0% APR for 12 or 24 months) on specific product categories, which are typically the lowest-cost option if you may have access to.
Best Buy Credit Card: How it works and what it costs
The Best Buy Credit Card is a store card that works like any other credit card—you make a purchase and pay it back in monthly installments. The interest rate you receive depends on your credit score and the item category. Electronics, appliances, and furniture may have different APR tiers. If you carry a balance, interest accrues daily at your assigned rate.
The card also comes with occasional promotional financing offers, typically 0% APR for 12, 18, or 24 months on specific categories like laptops, TVs, or appliances. These promotions are advertised in-store and online, and you'll see whether you may have access to at checkout. If you miss a payment or the promotional period ends before the balance is paid off, the full APR kicks in retroactively on the remaining balance—meaning you could owe interest on the entire original purchase amount, not just what's left.
You can apply for the Best Buy Credit Card in-store or online. Approval is usually instant if you apply online, though you may be asked to verify your identity. Once approved, you can use it immediately for purchases.
Affirm: Fixed payments with transparent pricing
Affirm is a separate lending company that Best Buy partners with. When you choose Affirm at checkout, you select how many months you want to pay over—typically 3, 6, 12, or 24 months—and Affirm shows you the exact monthly payment and total interest before you confirm. There are no hidden fees, no late fees, and no prepayment penalties if you pay off the loan early.
Affirm's interest rates are fixed based on your credit profile and the loan term. A shorter loan (3 months) typically has lower or no interest, while longer terms (24 months) carry higher rates. Unlike the Best Buy Credit Card, Affirm does not offer promotional 0% financing—the rate you see is the rate you get.
To use Affirm, you select it as your payment method at checkout on Best Buy's website or app. You'll be asked to verify your identity and income, and approval usually takes seconds. Affirm then pays Best Buy directly, and you owe Affirm the monthly payments, not Best Buy.
Promotional financing: When 0% APR is available
Best Buy regularly runs 0% APR financing promotions on specific product categories. These are typically the cheapest payment plan option because you pay no interest at all, as long as you pay off the full balance before the promotional period ends. Common promotional categories include laptops, tablets, TVs, appliances, and gaming systems, though the specific items and timeframes change throughout the year.
Promotional financing is usually available only through the Best Buy Credit Card, not Affirm. You'll see the offer displayed on the product page and at checkout. If you may have access to for the promotion, the 0% APR applies to the full purchase amount for the stated period (12, 18, or 24 months). If you don't pay it off in time, interest accrues retroactively at the card's standard APR, which can be steep.
To take advantage of a promotion, you must complete the purchase during the promotional period. Applying for the card and making the purchase on the same day is allowed, though approval is required before checkout.
What happens if you miss a payment
If you miss a payment on the Best Buy Credit Card, the card issuer (Citi) will charge a late fee and report the missed payment to credit bureaus after 30 days of non-payment. Your interest rate may also increase. If the account goes 60 days past due, the card issuer may freeze your account and demand full payment. After 180 days of non-payment, the debt may be sold to a collection agency.
With Affirm, missing a payment triggers a late fee and a notice from Affirm. If you continue to miss payments, Affirm may refer the debt to a collection agency. Affirm also reports payment history to credit bureaus, so missed payments will damage your credit score. Unlike some payment plans, Affirm does not typically offer hardship programs or payment deferrals, though you can contact them to discuss your situation.
If you're struggling to make a payment, contact your lender (Citi for the Best Buy Credit Card, Affirm for Affirm loans) as soon as possible. Explaining your situation before a payment is due gives you a better chance of working out a solution than waiting until after the missed payment is reported.
Comparing Best Buy Credit Card and Affirm side by side
| Feature | Best Buy Credit Card | Affirm |
|---|---|---|
| Interest rate | Variable (6.99% to 27.99% APR); promotional 0% available on select items | Fixed rate shown upfront (0% to 30% depending on term and credit) |
| Payment terms | Flexible; pay any amount any time; interest accrues daily on balance | Fixed monthly payment; 3, 6, 12, or 24 months typical |
| Late fees | Yes; amount varies by card issuer | Yes; typically $7 to $10 |
| Prepayment penalty | No | No |
| Where to use | Best Buy only (online and in-store) | Best Buy only (online and in-store) |
| Credit check required | Yes | Yes |
Which payment plan makes sense for your purchase
If Best Buy is running a 0% APR promotion on the item you want, that's almost always the cheapest option. Apply for the Best Buy Credit Card, make the purchase during the promotional period, and pay it off before the promotion ends. You'll pay zero interest.
If no promotion is available, compare the interest rate you'd receive on the Best Buy Credit Card (which depends on your credit score) against Affirm's fixed rate for the same loan term. Affirm's advantage is transparency—you know the exact cost before you buy. The Best Buy Credit Card's advantage is flexibility—you can pay more than the minimum any month to reduce interest faster, and you can use the card elsewhere if you choose.
For smaller purchases under $500, a 3-month Affirm plan with no interest may be simpler than opening a new credit card. For larger purchases, the Best Buy Credit Card's promotional offers are hard to beat if you may have access to and can pay off the balance in time.
Frequently Asked Questions
Can I use both the Best Buy Credit Card and Affirm at the same time?
No. At checkout, you choose one payment method. You can have both accounts open, but each purchase goes through one or the other, not both. You could split a large order into two separate purchases if you wanted to use both, but Best Buy doesn't encourage this and may flag it as suspicious activity.
What credit score do I need to get approved?
Both Best Buy Credit Card and Affirm perform credit checks, but neither publishes a minimum credit score requirement. Generally, a score of 650 or higher increases your chances of approval, but approval also depends on income, existing debt, and payment history. You can apply and find out; a hard inquiry will appear on your credit report either way.
Do I have to pay interest if I pay off the balance early?
With Affirm, no—you can pay off the loan early with no penalty, and you'll only pay interest for the months you actually owe. With the Best Buy Credit Card, interest accrues daily on your balance, so paying early reduces the total interest you pay, but you still owe interest for the time the balance was outstanding. Promotional 0% offers are an exception: if you pay off the full balance before the promotion ends, you pay zero interest.
What if I return the item after I've started making payments?
Best Buy's return policy allows returns within 15 days for most items. If you return the item, the refund goes back to your payment method. With Affirm, the refund reduces your loan balance, and your monthly payment may be recalculated. With the Best Buy Credit Card, the refund appears as a credit on your account, and you can use it to pay down the balance or make other purchases. Contact the lender if the refund doesn't appear within a few business days.
Can I transfer a Best Buy Credit Card balance to another card?
Yes, but balance transfers typically carry a fee (usually 3% to 5% of the amount transferred) and may have a different interest rate than your original purchase. It's usually not worth it unless the new card offers a promotional 0% APR on balance transfers and the fee is lower than the interest you'd pay on the Best Buy card.