The Best Buy credit card has a long history, it was first issued by HSBC and then Capital One took over and finally Citi took over. When Citi took over the card no longer earned 2% cash back on gas, but kept earning 2% on restaurants and 5% on Best Buy purchases (but they also made you choose between 5% cash back on Best Buy purchases and 0% financing for twelve months, the other issuers gave you both of these benefits).
Citi & Best Buy have announced that starting in fall of 2015 Citi Best Buy cardholders will receive new cards that will run on the Visa payment network. This is presumably part of Citi’s deal with Visa that they struck to get the Costco card away from American Express.
They’ve also announced that cardholders will be able to earn 2% cash back on gas purchases until January, 2016. This isn’t very appealing though as there are cards that earn 5x/5% on gas purchases and cards that earn over 2% on all purchases.
You can view the F.A.Q’s on the official page by going here. One question some people have that is not answered, is will some card members be upgraded to Visa signature? My educated guess is that no, this won’t happen. None of the store cards that Citi issue are all Visa Platinum rather than signature. You can read more about those differences in tiers here.
