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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.

Best Buy Financing In Canada

Financing 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 2 years. 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. 

It should be noted that the program is only available for in-store purchases, and not purchases made online. 

Best Buy Payment Plans

Best Buy Financing comes with payment plan options:

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

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:

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.

The situation is a bit different for Quebec residents, who 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 of 31.99% and the terms of the Regular Credit Plan.

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.

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 of 31.99%. Further, 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. Instead, they will be charged an annual Quebec Membership fee of $35. 

Ways To Pay 

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

  • At a Fairstone branch. Visit your local Fairstone location and make your payment in person. 
  • Telephone. Call Fairstone at 1-866-508-7765.
  • Cheque. Mail your cheque to:

630 René-Levesque Blvd. West

Suite 1400

Montréal, QC

H3B 4Z9

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: 

  • 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.
  • 24-month financing. 0% interest if paid in full within 24 months for all purchases $999.99 and up; $119.99 admin fee.

While there is no interest charged during the payment period, an interest fee of 31.99% will be applied to any outstanding balances after the payment period expires. 

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

Try A Personal Loan Instead


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 6 months to 2 years. 
  • 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 break down a big purchase into much smaller payments thanks to the Best Buy Financing program. 
  • 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. 
  • High interest on unpaid balance. If you do not pay off your entire balance on time, you’ll be looking at a hefty interest rate of 31.99%, which is much higher than the average loan or credit card rate. 
  • Can only be used at Best Buy. Unlike a traditional credit card, which is one of the more popular ways to make a large purchase at Best Buy. Best Buy Financing is only available at the store.
  • Limited options in Quebec. Residents in Quebec won’t have access to all of the financing options available in other provinces. 

How To Apply 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:

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

What is Best Buy’s contact information?

You can contact Best Buy in the following ways:
  • Telephone at 1-866-237-8289 between 8 am to 12 am EST
  • Contact page
  • Live chat

Does Best Buy finance?

Yes, Best Buy offers financing for in-store purchases through Best Buy Financing, with various installment payment options available. 

Can you earn points with Best Buy Financing?

No, unfortunately, there are no points awarded when making payments using Best Buy Financing. 

Are there any penalties for paying off my account balance early?

No, you won’t be charged any penalties for paying off your Best Buy Financing balance. 
Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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