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Does Best Buy Have Payment Plans? (2023 Guide)

does best buy have payment plans

Are you looking for an easy way to pay for higher-priced items?

Setting up a home office is a great way to embrace the freedom and flexibility of working from home. However, trying to pay for everything you need upright can be a bit of a challenge. Fortunately, many large retailers offer different financing options to make getting what you need easy. This allows you to set up your home office (or whatever else you need) straight away and pay for it in installments with your paychecks. 

So, if you are wondering, ‘does Best Buy have payment plans?’, then it’s time to find out…

The Best Buy Financing Options

does best buy hire felon

The company is known for offering customers a range of different ways to pay for products. This allows customers to choose the option that they are most comfortable with and meets their budgets. Let’s take a closer look at the main financing options that the company offers. 

Buy Now Pay Later

This option is available through the company’s progressing leasing option and credit card options. The company offers its own special credit cards that offer zero interest rates for purchases over $99. To take advantage of this deal, customers have to pay the full amount for their products within six months.

The company also offers customers a Progressive Leasing option. This allows customers to lease products and pay for them in installments. Customers only own the products once all the installments have been paid. 

Flexible Financing

The company offers flexible financing options through its visa card and credit card. When signing up for the company’s credit card, customers can determine the amount of interest they will pay. The interest rate is set according to the finance period and the value of the products.

New customers are provided with a promotional financial term to make the credit card more attractive. If you can pay off the full purchase balance before the end of this term, you will not be charged interest. After the end of this term, you will be charged a set Annual Percentage Rate on the balance each month. 

Plan Durations

There are several different plan durations to choose from, depending on the value of the item you want to buy. If the value of the item is over $299, you can enjoy interest-free payment plans for 12 months. For appliance and Geek Squad purchases of over $599, you can receive an 18-month interest-free plan. 

For exercise equipment and Geek Squad purchases of over $799, you can receive a 124-month interest-free plan. For home theater and Geek Squad purchases of over $999, you can receive a 24-month interest-free plan. 

Make sure you pay in time!

However, it is essential to make sure that you pay for the product in full within the stated period. If you fail to do this, you will be charged back interest from the date you purchased the product. If you are not approved for a credit card, you can join the Progressive Leasing plan. The duration of this option is up to twelve months. However, you will gain rewards if you pay in full within ninety days of purchase. 

The Progressive Leasing Process

This financing option is available through Citibank, and it is necessary to complete an application. The option is only available through one of the company’s stores and cannot be secured through the website. You need to ask for an application form and fill it out while you are in the store.

It is important to try and get a decision from the underwriters when choosing this financing option. If it is not possible to get a decision instantly, you will need to check on your status. Fortunately, you can do this online by visiting the company’s website. 

You have to be 18 years old…

You have to be 18 years old...

You need to be at least eighteen years old to apply for this financing option. Once your application form has been reviewed, it may be approved or rejected instantly. However, in other cases, you may have to wait between seven and ten days for Citibank to make a decision.

Approval for this financing option is based on your income and employment status. This means that people who have a low credit score but regular employment can take advantage of it. However, the items that are eligible for purchase through this financing option may be limited. 

Make your first purchase in-store…

Once your application has been approved, you will be able to start shopping in stores and on the company’s website. It is best to make your first purchase in one of the company’s stores. A store employee will be able to guide you through the process of selecting your product and signing the lease. 

Pros And Cons Of The Leasing Program

Pros And Cons Of The Leasing Program


  • Suitable for people who can’t get a credit card.
  • No credit check for approval.
  • 12-month lease-to-own agreement.


  • Interest rates can vary.
  • Not all store and online products are included.
  • Interest rates can be high.

Does Best Buy Have Payment Plans? – Your Credit Score 

You usually need to have a credit score of between 700 and 749 to receive the company’s Visa card. However, you can receive a Best Buy Credit Card if you have a credit score of between 660 and 699. 

Pros and Cons of The Best Buy Credit Card 

If the idea of applying for a credit card gives you pause for thought, it is best to weigh up your options. It is important to make sure you are getting the best deal possible before completing the application process.

 Let’s take a look at the financing option to see if it is worth your while. 


  • 1% back in rewards for each purchase.
  • 3% back in rewards on gas purchases.
  • Deferred interest financing.
  • Can be used for online purchases.


  • The card can only be used to purchase company products.
  • Penalties for missing the financing deadline.
  • Can be difficult to keep track of spending.
  • Requires an application.

Other Financing Options

If you want to enjoy high-value products but don’t have the funds, there are three other options to choose from. These options are best suited to people who don’t want to be tied to the company with a contract. So, let’s take a look at these options to see whether or not they offer a good deal. 

Personal loan

Personal loan

This is an unsecured loan, which means that you don’t have to have collateral to apply for it. It is possible to secure a lower APR with a personal loan than you can enjoy with a credit card. The main catch is that you need to have a good credit score to enjoy a low-interest rate. 

Depending on your credit score, you could secure a better deal than the company’s credit card provides. This is also a better option if you need a longer amount of time to pay off the loan. While the longest term offered by Best Buy is 24 months. Personal loans can last for several years if necessary.

Do it without affecting your credit score…

It is possible to prequalify with a personal loan lender without the process affecting your credit score. This allows you to view your estimated APR and compare it with the company’s financing options. Taking the time to look into this option could end up saving money in the long run. 

Zero-interest credit card

A number of banks offer rewards credit cards with 0% APR as a promotional offer. The offer period for this type of credit can run up to twenty months and can help make purchasing products easy. You simply need to make sure you repay your balance before the end of the promotional period.

However, you will have to pay a high-interest rate if you are unable to repay the balance in time. This can be a bit of a gamble for people who have trouble managing their finances. It is also important to note that you need to have a high credit score to qualify for most rewards cards. 

Paycheck advance

This type of financing is ideal for people who have a steady job but a low credit rating. If you need to make a large purchase before your next paycheck arrives, it is worth talking to the HR Department. They could be willing to give you an advance on your next paycheck, so you can start shopping straight away.

However, it is best to wait until you have been at the company for at least six months before asking for an advance. You also need to calculate the amount you need carefully. Make sure you will have enough left over to pay for your monthly bills and other essentials.

Job Opportunities Just For You!

Let’s start with the company culture by looking at our Best Buy Mission and Vision Statement Analysis, as well as finding out Can Teens Work at Best Buy if you’re looking for a summer job. Or perhaps you’d like to know about the Best Buy Employee Discount available in 2023.

Now that we’ve cleared that up, you can apply today with our guide to the Best Buy Application and the most frequently asked Best Buy Interview Questions. Or, if you have a criminal record, please do check up on Does Best Buy Hire Felons before moving forward.

Or you may be interested in our guide to the Walmart Application and most common Walmart Interview Questions, along with the Costco Application and Common Costco Interview Questions; lastly, take a look at our guide to the Ikea Application as well as the most common Ikea Interview Questions to make sure you’re ready for anything!

Does Best Buy Have Payment Plans? – Final Thoughts 

) These different plans allow you to choose the best time and method of payment according to your budget.

By now, you should have a good idea of the main options available. You can also read more about the financing options on the Best Buy website. It is very important to make sure you understand the terms properly before selecting an option.

Good luck with your Payment Plan at Best Buy!

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