One article we seem to get a lot interest in was our post on what My Coke Reward Points are worth. Having recently gone to Best Buy, I figured it would be good to do a similar post on the value of Best Buy Reward Zone points.
The way the program works is straight forward:
- Join the program
- Earn 1 point per dollar spent at Best Buy
- Cash in the points for Best Buy certificates
- If you spend over $2500 a year, you get Premier Silver status and earn 1.25 points per dollar
The conversation ratio is presented in the following table:
As you can see in the chart above, Best Buy Reward Zone points are worth about $0.02 a point, which means you are getting “2% cash back”. This is actually decent, especially when compared to other points that are typical worth 1/2 of that at $0.01 per point. In addition, when you combine this with a rewards credit card it is possible to get “3 to 5% cash back” when shopping at Best Buy. While this may sound like a great deal, you should consider you are getting this “cash back” on prices that may not actually be that great of a price.
From my experience, prices at Best Buy tend to be 5 to 15% higher than they are online, even when including shipping. The same is true when compared to club stores like Sam’s Club and Costco or discount retailers like Video Only. This is not always the case, Best Buy sale prices usually match or beat some online retailers. But, when Best Buy’s sale price matches online pricing, and you include the Reward Zone points, you may actually be able to get a good deal.
- Points are worth about $0.02 each (effectively 2% cash back)
- Silver status lets you earn 1.25 points per dollar (effectively 2.5% cash back)
- No need to carry the card, just use your phone number
- Free and easy to sign up
- The Reward Zone Gamer’s Club provides 500 bonus points per $150 spent (effectively 6%+ cash back)
- Points must be spent at Best Buy
- You must spend at least $250 to reach the minimum cash back payout
- Reward certificates are non-transferable
- Points expire annually (unless you are Premier Silver, or use the Best Buy credit card)
- Best Buy prices are, ironically, usually not the best buy available
- Hassle of worrying about points
In conclusion, I believe Best Buy Reward Zone points are a great way to maximize the value you get when shopping at Best Buy. If you spend more than $250 a year at Best Buy, you would be silly to not spend 30 seconds and sign up. However, going out of your way to earn Reward Zone points, or earning Reward Zone points at other retails or with a Best Buy credit card is probably a waste of time. Even though the points are worth $0.02 each, you have to use them at Best Buy and the higher price you pay over other retailers will probably negate the benefit. However, if you can catch a good sale at Best Buy, negotiate a good price, or take advantage of a price match… it could be worth looking into.
One final thought. The 6%+ on video games is actually a decent deal. With this program you earn your base Reward Zone Points as well as get a bonus 500 points for every $150 spent. The result of this looks something like this:
Of course, buying new video games at full price is hardly frugal living… I prefer to take advantage of pre-order sales (typically 10 to 15% off) or buy the game a few months after release.