[ANALYSIS] Best Buy Reward Zone
Black Friday may have passed in the United States, but Boxing Day is coming up in Canada and Best Buy is definitely one of the stores that customers like to go on that day. So it would only be fitting to write about the Best Buy Reward Zone program.
We previously gave a warning about the Chase Best Buy Reward Zone Visa about how they are the only Chase Canada credit card that does not waive its foreign transaction fee (granted there is no annual fee on this credit card). However, it would also be useful to break down the program to see how much value you can get.
The membership sign up for the Best Buy Reward Zone program is free. You earn points by making purchases at the Best Buy stores and online. You earn 1 point for every $1 spent with Best Buy. You can redeem your points in the following increments:
- 400 points = $5 reward
- 800 points = $10 reward
- 1,600 points = $20 reward
Look for special bonus points offers on specific items to rack up the points much quicker. Remember to double dip and buy items on sale.
If you combine the rewards card with the Chase Best Buy Reward Zone Visa, you can earn points even faster because you get 2 points for every $1 spent at Best Buy with this credit card. Therefore, you are earning 3 points per $1 if you use them in combination with each other.
Excluding taxes, if you make a $550 purchase, you will earned 1,650 (550 x 3) points overall, which gives you the $20 reward. That comes out to a 3.6% (20 / 550) return overall, which is decent, but how often will you actually shop at Best Buy?
Keep in mind that the reward certificate expires 180 days after it was issued. So don’t cash in your points unless you know you’re making a purchase.
Furthermore, you need to make one purchase per calendar year to keep your account active. If the membership is cancelled or is marked inactive, certificates will be issued for accrued points that remain in the account. Any remaining points that do not qualify for a certificate will be for forfeited. This is a fair policy, so at least you won’t lose all your points instantly for inactivity.
If you’re a fan of Best Buy, you better have the rewards card and the credit card in combination with each other. Otherwise, if the credit card does not work for you, I would still sign up for the membership rewards program but since the membership for the Best Buy Reward Zone program itself is free even if I’m only making a few purchases a year because the points can add up.
Since Best Buy owns Future Shop as well, I would like them to create a program where you can earn the same points at both stores. That would make the program much more attractive.