Best Buy offers payment plans through two separate services: their own Best Buy Credit Card and third-party financing through Synchrony

Best Buy does not run its own payment plan service. Instead, the store offers financing through two routes. The first is the Best Buy Credit Card, which is a Visa card issued by Synchrony Bank that you can use anywhere Visa is accepted. The second is Synchrony's point-of-sale financing, which is a separate loan you take out at the register specifically for that purchase — you do not need a Best Buy card to use it.

Both routes send money directly to Best Buy from Synchrony, not from your personal bank account. The payment obligation sits between you and Synchrony, not between you and Best Buy. This matters because if you have a dispute about the product, Best Buy handles the return, but Synchrony handles the loan — and the two processes do not automatically talk to each other.

The terms, interest rates, and approval process differ between the two options. Neither one is a "buy now, pay later" service like Affirm or Klarna; both are traditional credit products that check your credit history and require you to make monthly payments.

Key Takeaways

  • Best Buy Credit Card purchases and point-of-sale financing are both issued by Synchrony Bank, but they are two different products with different terms and approval processes.
  • Interest rates vary based on your credit score and the specific promotional offer; some promotions offer 0% APR for a set number of months, while others charge standard rates.
  • Monthly payments are required regardless of which option you choose — there is no interest-free period unless a specific promotion says otherwise.
  • If you return an item bought on a payment plan, the refund goes back to Synchrony, not to your bank account, and your loan balance adjusts accordingly.
  • Synchrony reports your payment history to credit bureaus, so missed payments will affect your credit score the same way a missed credit card payment would.

Best Buy Credit Card: How it works and when to use it

The Best Buy Credit Card is a standard Visa card issued by Synchrony. You explore for it in-store or online, Synchrony checks your credit, and if approved, you receive a card number when ready (either printed at the register or mailed to your address). You can use it at Best Buy locations and online, and also anywhere else Visa is accepted.

When you use the card to buy something at Best Buy, the purchase appears on your Synchrony statement, and you owe Synchrony the full amount. Best Buy receives its payment from Synchrony within a few days. You then make monthly payments to Synchrony until the balance is paid off. If you carry a balance beyond any promotional period, you pay interest at the card's APR, which varies based on your credit score.

The advantage of the card is that you can use it for multiple purchases over time and build a credit history with Synchrony. The disadvantage is that you have to manage a separate credit account, and if you miss a payment, it affects your credit score. The card also comes with an annual percentage rate (APR) that applies to any balance you do not pay off during a promotional period.

Point-of-Sale Financing: The single-purchase option

Point-of-sale financing is a loan you take out at the moment of purchase, separate from any credit card. You tell the cashier or online checkout that you want to finance the purchase, Synchrony runs a credit check on the spot, and if approved, the loan is issued when ready. The money goes to Best Buy, and you owe Synchrony the loan amount plus any interest or fees.

This option is useful if you do not want a credit card or do not want to add the purchase to an existing card. The loan covers only that one purchase. You make fixed monthly payments over the loan term — typically 12, 24, or 36 months depending on the promotion — and the interest rate is set at the time of approval based on your credit score.

One key difference from the credit card: the loan term is fixed. You cannot make extra payments to pay it off early without potentially triggering a prepayment penalty, though Best Buy's financing through Synchrony typically does not charge prepayment penalties. Check your loan documents to confirm.

Interest rates and promotional offers

Best Buy frequently runs promotions that offer 0% APR financing for a set period — commonly 12, 18, or 24 months — if you meet a minimum purchase amount. These promotions explore to both the credit card and point-of-sale financing. The catch is that the 0% rate applies only during the promotional period; after that period ends, any remaining balance is charged interest at the card's or loan's standard APR.

If you do not may have access to for a promotional offer, or if you want to finance a purchase that does not may have access to, you pay the standard APR. This rate varies based on your credit score and current market conditions. Synchrony does not publish a single APR; instead, you receive your specific rate when you are approved. Rates can range from around 10% to 29% depending on creditworthiness.

The promotional period is crucial. If you are approved for 0% APR for 12 months and you have a $1,200 purchase, you need to pay it off within those 12 months to avoid interest. If you still owe $100 after month 12, that remaining $100 is charged interest at the full APR going forward. Many people miss this detail and end up paying interest on the tail end of the balance.

What happens when you return an item

If you return something you bought on a Best Buy payment plan, the refund does not go back to your bank account or credit card. Instead, it goes back to Synchrony as a credit against your loan or card balance. Your monthly payment obligation adjusts accordingly.

For example: you buy a $1,000 laptop on a 12-month 0% promotional plan and make two $83 payments. You then return the laptop. Synchrony receives a $1,000 credit, your remaining balance drops from $834 to $0 (or negative, in which case you may receive a refund), and your loan is closed. If you had already paid $166, you lose that money — it does not come back to you as a refund.

This is why it is important to return items quickly if you change your mind. The longer you wait, the more you have paid toward the loan, and the less of your money comes back as a credit.

How payments are made and what happens if you miss one

You make payments to Synchrony, not to Best Buy. You can pay online through Synchrony's website, by phone, by mail, or through automatic bank transfers. Your monthly payment amount is set at the time of approval and appears on your statement.

If you miss a payment, Synchrony will contact you by phone or mail. A single missed payment typically results in a late fee (usually $25 to $35) and may trigger a call from a collections department. More importantly, the missed payment is reported to credit bureaus and appears on your credit report, which lowers your credit score. After 30 days late, the account may be reported as delinquent; after 60 or 90 days, Synchrony may pursue collection action.

If you are struggling to make a payment, contact Synchrony before the due date. They sometimes offer hardship programs or temporary payment deferrals, though these are not may provide and may extend the loan term or add fees.

Best Buy Credit Card vs. point-of-sale financing: Which to choose

Use the Best Buy Credit Card if you plan to make multiple purchases at Best Buy over time, want to build a credit history, or prefer having a single card to manage. The card also sometimes offers additional perks like rewards points or exclusive sales for cardholders.

Use point-of-sale financing if you are making a one-time large purchase, do not want a credit card, or want to keep your Best Buy spending separate from other credit accounts. Point-of-sale financing also works if you have been denied for the credit card but still want to finance a purchase.

Both options report to credit bureaus, so both will affect your credit score if you miss payments. Both require monthly payments. The main practical difference is that the card is reusable and the loan is not.

Frequently Asked Questions

Can I pay off a Best Buy payment plan early?

Yes. Synchrony's Best Buy financing typically does not charge prepayment penalties, so you can pay off the full balance at any time. Check your loan documents or call Synchrony to confirm there is no penalty. Paying early saves you interest if you are not on a 0% promotional period.

What if I am denied for financing?

If Synchrony denies you, you cannot use that particular financing option. You can try again in a few months if your credit improves, or you can pay cash. Some Best Buy locations may offer alternative financing through other lenders, but this is not may provide.

Does the payment plan affect my credit score?

Yes. Opening a new credit account (whether a card or loan) causes a small temporary dip in your score. Making on-time payments helps your score over time. Missing payments or carrying a high balance hurts it. The payment plan is treated like any other credit product by credit bureaus.

What is the difference between 0% APR and a standard APR?

0% APR means you pay no interest during the promotional period — you only owe the purchase price. A standard APR means interest accrues on any unpaid balance. If you have a $1,000 purchase at 20% APR over 12 months, you pay roughly $110 in interest on top of the $1,000.

Can I use a Best Buy payment plan to buy gift cards?

No. Best Buy does not allow financing for gift cards, store credit, or services like protection plans purchased separately. You can only finance physical products.