Best Buy Financing

Many of the products found at Best Buy are high-ticket items that can be a little outside the financial comfort zone of many Canadians. Fortunately, you can get some financial help to cover the cost of these expensive products with Best Buy Financing. 

They offer a service that allows you to finance your purchase through a personal loan. You’ll have a few options for loan terms, depending on how much you’re spending. But, as with any type of debt, there are some fees that come with this financing product to consider.

Let’s take a closer look at the Best Buy Financing options to help you determine if it’s something worth applying for.

Key Takeaways

• Best Buy Financing allows you to make a big purchase without having to pay in full upfront. 
• Many financing term lengths are available, including 3-, 6-, 12-, and 18-month terms.
• 0% interest applies if you make your payments in full and on time.  

Best Buy Financing In Canada

Purchasing high-ticket items at Best Buy is easy thanks to Best Buy Financing. This financing program is designed to allow customers to defer an upfront, complete payment on their purchases and instead make installment payments. And, it charges zero interest until the end of the financing term. 

Depending on the cost of the purchase, you can finance your purchase for up to 18 months. Financing options are made available through Best Buy’s partnership with Fairstone, a trusted financing company that’s been providing loan options to Canadians for years. Applying and qualifying for financing is quick and easy and can be done from any device at any time. 

Best Buy Payment Plans

Best Buy has partnered with Fairstone to offer consumers its financing plans. Rather than paying in full upfront, customers can opt to pay for their purchases via regular installments over an extended loan term, making it easier to cover the cost of a more expensive purchase. 

Payment plans vary by loan term and include the following:

3-Month Payment Plan:

• 0% interest if paid in full within 3 months
• Available for purchases over $149.99 (before tax)
• No admin fee

6-Month Payment Plan:

• 0% interest if paid in full within 6 months
• Available for purchases over $299.99 (before tax)
• $29.99 admin fee

12-Month Payment Plan:

• 0% interest if paid in full within 12 months
• Available for purchases over $399.99 (before tax)
• $69.99 admin fee

18-Month Payment Plan:

• 0% interest if paid in full within 18 months
• Available for purchases over $999.99 (before tax)
• $99.99 admin fee

Please note that if you don’t pay off your loan by the end of the term, interest fees will apply.

How Does Best Buy Financing Work?

There are a couple of ways that the Best Buy Financing program works:

No Pay/Same As Cash

This form of Best Buy Financing is available to all Canadians except for those residing in Quebec. Here, no minimum payments are required during the promotional period, however, interest will accrue during the start of the promotion period. If you pay the full amount, you won’t be charged any interest that was accrued. However, if you do not make the full purchase, all accrued interest will be due and you’ll be subject to the standard APR set out in your Retail Credit Agreement.

Same As Cash With Payment

This financing plan is only available to Quebec residents. Quebec residents are required to make minimum payments of 5% of the balance every billing cycle. Quebec residents who make the required payments and pay for the item in full by the due date of the credit promotional period will have all accrued finance fees waived. On the other hand, if the purchase price is not paid in full by the due date, all accrued finance fees will be assessed. 

Once the payment period expires, any outstanding balances that remain will be subject to the standard APR set out in your Retail Credit Agreement. Moreover, Quebec residents are not required to pay the admin fee. Instead, they will be charged an annual Quebec Membership fee of $35. 

Free Financing

This plan is only available to Quebec residents and is reserved for in-store purchases only. 

Finance charges will not accrue 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.

For example, if you buy a product for $500 and are given 12 months to pay it off, your monthly payments would be $41.67 ($500 divided by 12 months). 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 this example, 12 months), you’ll be charged the standard annual interest rate set out in your Retail Credit Agreement. Further, any of the terms of Best Buy’s Regular Credit Plan will apply to your outstanding balance.

Ways To Pay

There are several ways to make your payments toward paying down your balance:

• Online banking. Use your online banking portal with your financial institution to make payments virtually.
• Telephone. Call Fairstone at 1-866-508-7765

Cost Of Best Buy Financing

The costs associated with financing your purchase using Best Buy Financing will depend on the financing term and the cost of the item you’re buying: 

• 3-month financing. 0% interest if paid in full within 3 months for all purchases $149.99 and up; no admin fee.
• 6-month financing. 0% interest if paid in full within 6 months for all purchases $299.99 and up; $29.99 admin fee.
• 12-month financing. 0% interest if paid in full within 12 months for all purchases $399.99 and up; $69.99 admin fee.
• 18-month financing. 0% interest if paid in full within 18 months for all purchases $999.99 and up; $99.99 admin fee.

While there is no interest charged during the payment period, an interest fee (indicated in your Retail Credit Agreement) will be applied to any outstanding balances after the payment period expires. 

As mentioned above, Quebec residents are charged a $35 annual fee, which includes Geek Squad online support for one year.

Best Buy Financing Perks

There are several advantages to using Best Buy Financing to make your next big-ticket purchase at Best Buy:

• Easy qualification requirements. You can get approved in a matter of minutes using your mobile device from wherever you happen to be. 
• Different term lengths. There are a few different term lengths for you to choose from, ranging from 3 months to 18 months. 
• No interest during the loan term. If you pay back what you owe before the end of the payment term, you won’t be charged any interest. 
• Easy monthly installments. It’s much easier to pay for a big purchase when it’s broken down into smaller payments. 
• Cheaper than a credit card. Many credit cards charge high annual fees in exchange for the perks that come with them. Best Buy Financing, however, is generally a lot more affordable in terms of the admin fee charged.

Best Buy Financing Drawbacks

While there are multiple perks to Best Buy Financing, there are also a handful of drawbacks to consider as well:

• No online Best Buy account. You can’t access any online account. Instead, you’ll only be able to get your account details via a paper statement that’s mailed to you on a monthly basis. Otherwise, you can call Fairstone to get your account information.
• High set-up fees. Before your financing arrangement is set up, you’ll need to pay an admin fee based on the term length, which can be quite high for longer terms. 
• Interest charges on unpaid balances. If you do not pay off your entire balance on time, you’ll be charged interest at a rate that is set out in your Retail Credit Agreement. 
• No rewards. There are no cashback rewards when you make purchases. 
• Limited options in Quebec. Residents in Quebec won’t have access to all of the financing options available in other provinces. 

Requirements For Best Buy Financing

In order to be eligible for the Best Buy Financing, you need to be a Canadian citizen or permanent resident who is at least the age of majority in your province. If you live in Quebec, you’ll also be required to pay an annual fee of $35. 

When you apply, you’ll need to supply 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 To Apply For Best Buy Financing

Applying for Best Buy Financing is easy. Just follow these steps:

Step 1: Apply For BNPL Financing

Fill out Fairstone’s application online to get approved for financing. The entire process is quick and only takes a few minutes.

Step 2: Choose the Financing Option

Shop online or in-store, then choose Best Buy Financing at checkout.

Step 3: Check Out With Your Preferred Payment Option

Choose one of the payment plans described above, then check out. You can make your first payment at checkout or when your order is shipped.

Step 4: Make Installment Payments

Pay for the remainder of your purchase via installments according to your financing agreement. You can pay through online banking, by mailing a cheque to Fairstone’s payment processing department, or in person at a Fairstone branch.

How Do I Check My Best Buy Financing Details With Fairstone?

You can access all the information about your Best Buy financing plan through your Fairstone account. You will first need to register for an account by providing your account number, telephone number, and postal code. Once registered, you can log in to your Fairstone account to obtain the following details:

• Your credit limit
• Account balance 
• Payment due date
• Minimum payment required
• Recent transaction history

Additional Reading

What Is The Consumer Price Index?

Costco Membership Cost

Are Extended Warranties For Electronics Worth It?

Final Thoughts

If you plan to make a big purchase or two at Best Buy but are a little tight on cash to cover the bill in full, Best Buy Financing may be an option to consider. Just be sure to take the fees into consideration before applying, and compare it to other potential financing options that may be available to you.

Best Buy Financing Canada FAQs