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Best Buy Financing

Best Buy Financing

If you’ve been to Best Buy, you’re likely aware that they feature many high-ticket items, from televisions to laptops to home appliances and more. It’s no secret that these expensive items can be well beyond affordability for many Canadians.

Faced with a hefty price tag, you might have asked yourself, “does best buy do financing?” Thankfully, the answer is yes – Best Buy offers financing to help you (and generate more sales)! This financing is offered through the Best Buy Card.

What is the Best Buy card?

It’s a card that helps you pay for your purchase through an installment loan. It has some associated fees, but you’ll also get a few options for that loan’s terms – depending on the item you’re purchasing.

The Best Buy Card is available through a partnership with Fairstone. This trusted Canadian financial institution has been providing loans to Canadians for decades.

Best Buy financing in Canada – is it worth it?

Here are some key features of the Best Buy Card:

  • The Best Buy Card allows you to defer paying the cost of the item upfront, and instead allows you to pay it off in installments.
  • It charges 0% interest until the end of the financing term, after which interest fees will apply.
  • You can finance your purchase for up to 2 years.
  • Applying for and receiving financing is quick, easy and can be done online.
  • The financing program is only available for in-store purchases (not those made online).

Does Best Buy have payment plans?

Yes. The Best Buy Card comes with these payment plan options:

  • 6-month financing
  • 12-month financing
  • 24-month financing

Remember, interest fees will apply if you don’t pay off your loan by the end of the term!

How does the Best Buy financing card work?

The Best Buy Financing program works in the following ways:

Same As Cash Financing

  • Finance fees will be charged on the purchase when the credit promotional period begins.
  • No minimum payments are required during the credit promotional period.*
  • When the payment period expires, remaining balances will be subject to an APR (Annual Percentage Rate) of 31.99%

*Except for Quebec residents, who must make minimum payments of 5% of the balance every billing cycle. In this case, the accrued finance fees are then waived if a Quebec resident made the required payments and paid for the item in full by the due date of the credit promotional period. Otherwise, all accrued finance fees will be assessed.

Free Financing

  • Finance fees will not be charged on the purchase during the credit promotional period if the minimum payment is made every billing cycle by the due date.
  • Your payments will be determined by the price of the product and the payment period and divided accordingly. Example: $1000 price tag divided by 12 months = $83.33 per month.
  • If you fail to make the minimum payment by the due date or if you still carry a balance after the credit promotional period ends (in the above example, 12 months), you’ll be charged the standard annual interest rate of 31.99% and any of the terms of Best Buy’s Regular Credit Plan will apply to your outstanding balance.
  • Quebec residents are not required to pay the admin fee. They are charged an annual Quebec Membership fee of $35.

How to pay the Best Buy monthly installments

There are a few options you can use to make your payments towards paying down your Best Buy financing balance:

  • Through online banking with your financial institution
  • At a Fairstone branch in person
  • Through Fairstone by phone: 1-866-508-7765
  • By Cheque, mailed to:

630 René-Levesque Blvd. West

Suite 1400

Montréal, QC

H3B 4Z9

What is the cost of a Best Buy Financing card?

The costs entailed by using the Best Buy Card will depend on the term and the price of your purchased item, as outlined below:

  • 6-month term. 0% interest if paid in full within 6 months for all purchases $299.99 and up, plus $29.99 admin fee.
  • 12-month term. 0% interest if paid in full within 12 months for all purchases $399.99 and up, plus $69.99 admin fee.
  • 24-month term. 0% interest if paid in full within 24 months for all purchases $999.99 and up, plus $119.99 admin fee.

An interest fee of 31.99% will be applied to outstanding balances after the payment period.

Also, Quebec residents must pay a $35 annual fee, which includes Geek Squad online support for one year.

What are the benefits of a Best Buy Financing Card?

  • Easy qualification requirements. Get approved in minutes – easily done online.
  • Different term lengths. Ranging from 6 months to 2 years.
  • No interest during the loan term. If you repay what you owe before the end of the payment term, you won’t be charged any interest.
  • Cheaper admin fees than a credit card. Some credit cards charge high annual fees. The Best Buy Card has generally lower admin fees than most credit cards.

What are the disadvantages of a Best Buy Financing Card?

  • No online Best Buy account. You can’t access any online account with the Best Buy Card. You’ll get your account details via a paper statement that’s mailed to you every month. You could also call Fairstone to get your account status and details.
  • High setup fees. You’ll need to pay an up-front admin fee based on the term length, which can be quite high for longer terms.
  • High interest on unpaid balances. If you don’t pay the entire purchase amount within your payment term, you’ll be charged an interest rate of 31.99%, much higher than the average rate on a loan or credit card.
  • No insurance. There’s no extended warranty, purchase insurance, or protection against fraud with the Best Buy Card, unlike regular credit cards.
  • Limited to Best Buy. This is obvious – but unlike a regular credit card, you can only use the Best Buy card to purchase from Best Buy.
  • No rewards. There are no rewards (like cashback, etc.) when you make purchases using your Best Buy Card.
  • Limited options for Quebec residents. If you live in Quebec, you won’t have access to all of the financing options available to cardholders in other provinces.

How do I apply for Best Buy financing?

You can apply for a Best Buy Card if you satisfy the following criteria:

  • You’re a Canadian citizen or permanent resident
  • You are at least of the age of majority in your province
  • If you’re a resident of Quebec, you’ll also need to pay an annual fee of $35.

To apply for a Best Buy Card, you’ll need to submit the following pieces of information:

  • Your full name
  • Your contact information
  • Your residential status
  • Your birthdate
  • Your social insurance number (SIN)
  • Two pieces of ID

How can I contact Best Buy?

You can contact your local Best Buy in the following ways:

  • By phone at 1-866-237-8289 between 8 AM and 12 AM EST
  • The contact page on their website
  • The live chat option on their website
Nick Saraev
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