Best Buy announced today that they’re making changes to their rewards program, axing the different membership tiers that can earn you more in rewards.
In case you weren’t familiar with how My Best Buy membership levels worked, there were previously three different tiers:
- My Best Buy – Earn 1% back in rewards
- My Best Buy Elite – Earn 2% back in rewards (required $1,500 in purchases per calendar year)
- My Best Buy Elite Plus – Earn 2.5% back in rewards (required $3,500 in purchases per calendar year)
From May 3, 2022, Best Buy will be doing away with the Elite and Elite Plus membership levels, leaving just one membership tier – My Best Buy. Unfortunately that means that all purchases will be restricted to 1% back in Rewards, so no more earning 2% or 2.5%.
The reason this is disappointing news is because gift card purchases earn rewards and contributed towards status. Best Buy frequently runs decent gift card deals that can be profitable or break even for reselling, so historically it’s taken very little effort to reach My Best Buy Elite Plus status, thereby earning 2.5% back in rewards on all your future gift card purchases from Best Buy.
One of my predictions for 2022 was that Best Buy would stop offering rewards and/or elite status when buying gift cards. While it’s a shame that the second part of that prediction has indirectly come true seeing as they’re ending elite status, at least we’ll still be earning 1% back in rewards. That’s clearly not as good as earning 2% or 2.5% back in rewards, but it’s better than nothing at all.
Here’s the full text from the Best Buy email in case you didn’t get it yet:
Thank you for being a part of My Best Buy. We would like to inform you of the updated Terms and Conditions, including changes to the dispute resolution terms, coming to the My Best Buy program on May 3, 2022 (View updated My Best Buy program Terms here).
In an effort to simplify the program, we will be consolidating the Elite Plus, Elite and My Best Buy tiers into a single tier. On May 3, 2022, you are moving to the standard My Best Buy program*.
We are also updating how points are displayed within the program. As a My Best Buy member, you will receive 1% back in rewards on qualifying purchases (0.5 points for every $1 spent) at Best Buy® and Participating Properties. My Best Buy Credit Cardmembers can choose to earn 5% back* in rewards (2.5 points for every $1 spent) on Best Buy purchases.
For a limited time only, as an existing Elite or Elite Plus member, you can earn a bonus $25 reward certificate* when you’re approved for the My Best Buy® Credit Card in addition to choosing 10% back* in rewards on your first day of purchases or flexible financing. Offer ends 5/2/22. Apply Now.
Thank you for being a Best Buy customer and a member of My Best Buy. We value and appreciate your business. If you have any questions or concerns, please contact us at 1‑888‑BEST BUY (1‑888‑237‑8289).
Super weak
Goodbye free money.
When I saw your headline, first reaction was, wait, who was it who saw this coming? 🙂 Take a deserved bow Stephen.
Well, at least we’ll still get the 1%…. which in the grand scheme of things, is better than nothing.
(Reminds me too of what happened recently to the buying of vgc’s at speedway…. that went from 2% always to 4% on current promotion to ZERO always…. as the super high volume dudes no doubt drew attention to it — and zonked it. aka, “pigs get fat; hogs get slaughtered” yore)
By extension, the Points Banking option has been eliminated as well.