Best Buy Rewards Neuters Elite Tiers (Begins May 3)

Best Buy is “simplifying” their rewards program and removing the Elite and Elite Plus earning tiers, moving everyone to the standard tier which earns 1% back on everything (.5 points per dollar). The change was communicated today to members via email and will occur on May 3, 2022. Currently, Elites (who spend $1,500 per year) get 2% back and Elite Plus members (who spend $3,500 per year) get 2.5%.

They are also removing the Points Banking option that Elite members had on September 27 after which point all certificates will be issued automatically.

It’s not clear in the email if the shipping and return benefits will remain for Elite members, but it seems like the Elite and Elite Plus tiers are being removed entirely.

Best Buy credit cardholders will still have the Points Banking option and will continue to earn 5% back in rewards (2.5 points per dollar).

Hat tip reader TDD

RELATED: Everything you ever wanted to know about Buying Gift Cards at Best Buy

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Gary
Gary (@guest_1530124)
January 10, 2023 09:02

Well, just got an email from them yesterday saying the only way to earn points after 2/14/23 is to use a BB credit card. They are making shipping free for all MyRewards members, but the points were honestly the only reason I bought stuff there, and I’m not gonna get their credit card just for that.

Mark
Mark (@guest_1459569)
October 6, 2022 14:12

Supposedly they were going to do away with point banking last week, but I still have all my points, and they weren’t converted to certificates. Shockingly their phone agents have no idea what I’m talking about when I ask about this. Did they reconsider?

preston
preston (@guest_1470641)
October 22, 2022 08:42

Nope got my notification today. Probably a very bad decision the plan overall cost must have been very high because they slapped their biggest and best customers which is something that doesn’t go unnoticed. A smarter move would have been to raise the tier points but without knowing the cost its impossible to decide if thats feasible. They have to know there are so many options for the large purchaser to use so lessening the blow probably but gradually phasing it out would have been more prudent. I can’t wait to see what this does to this quarters earnings since they will force everyone to use the points? Damn now I have to use my $4300 points what should I buy. 🙂

CFH2022
CFH2022 (@guest_1441345)
September 8, 2022 20:05

Like many others I will stop using my BB Credit Card. I was wondering what happened to the BB Elite member perks and see you have to sign up for their annual membership program which is $199 a year to get those previous perks. Not a good idea to stop a program for those spending money and making purchases at the store. Its ok I have other programs that give more in the long run and only get extra rewards using my BB Credit Card outside BB when there is a spend so much promotion.

Mike
Mike (@guest_1427408)
August 18, 2022 11:41

bad decision. I used to gravitate towards best buy for many business purchases on the go. 15-20k a year. Now I will think twice.

Patrick
Patrick (@guest_1417887)
August 1, 2022 07:48

Horrible decision…never well received to take something away especially after many of us earned those perks that were given to us…especially in mid stream…Since I don’t get anything extra for spending more…no need to spend at BB and will shop around…guess Im a former Elite Plus member now.

Michael F Kirk
Michael F Kirk (@guest_1407018)
July 10, 2022 22:35

Looks like I’ll no longer shop at best buy. Im.not going to oay 200 bucks just to get free shipping.

PISSED OFF CONSUMER
PISSED OFF CONSUMER (@guest_1403125)
July 1, 2022 10:31

Time to drop my BB VISA card, and take my business elsewhere. I’ve been BestBuy Elite-Plus since the very beginning. I put over $60,000 annually on my card to maximize the rewards. Not happy with this change at all.

Ryan
Ryan (@guest_1391211)
June 5, 2022 16:04

Sad, purposely bought items from Best Buy to get elite plus in order to enjoy better benefits. Simplifying no more like saving money by cutting back rewards from people who spend money at your stores. Looks like I will be shopping elsewhere

Jason Campbell
Jason Campbell (@guest_1386547)
May 28, 2022 10:39

This is f’n BS!!! I’ve spent over $3500 every year since 2007 and they had us believing that if you spent over $3500 last year you’d still be an elite plus member and then they just pulled the rug on everyone. To me that’s fraud and I’m going to inquire on a class action lawsuit on them for this. Good bye Best Buy, you really shot yourself in the foot this time. I’ll never shop here again.

Jay
Jay (@guest_1453372)
September 27, 2022 10:04

count me in if you do

Joe Rocket
Joe Rocket (@guest_1383502)
May 19, 2022 22:31

Been elite plus since 2012. In the last 6 months alone we purchased over $14k on all new appliances. Main perk for us was the 45 day return policy. Extremely poor policy change Best Buy.