I'm assuming you're talking about the Best Buy branded Mastercard? For that one (because it's the only one I have experience with of the two), if you are in the credit rebuilding phase, and aren't able to get much else because of low scores, it's not a bad starter card to have. The terms are just about the same as they are with any other subprime or near-subprime card, plus you do get rewards.
A couple of cautions, though:
- The MC is done through Household Bank, also known as HSBC. They are not *bad*, but not really all that *good* either. They do have online account access, you can schedule future payments, and everything seems to update quickly. However, they don't waive annual fees (at least, I haven't been able to get them to do it), they don't do CLI's on demand very easily, and when they do it's only for a very small amount.
- (This is not really a concern for me, but it is for some people, so I'm going to mention it.) Household Bank seems to outsource all of it's CC services overseas, at least in my experience. If this is a concern for you, you might want to think twice... though all of the people I talked to were friendly, they just couldn't really help because their hands were tied.
- When I was approved for the Best Buy MC, I had an existing MC with Household Bank that I had been paying on for over a year and had a couple of automatic CLI's, and I had been getting approvals for CC's in the 2K and 3K range with no annual fees and interest rates in the low teens. With all that said, my new Best Buy MC came with a $59 annual fee, 21% APR, and a $300 limit. I told them to cancel the account on the spot, and their counter offer was the first year's annual fee cut in half and a $450 limit (not limit increase, but credit limit). Needless to say, I didn't take the offer.
Now, other people may have gotten better terms when they applied with higher scores (mine were EX-652, EQ-647, TU-633, a couple of very old baddies and some recent inquiries), but in my experience, it's just not that great a rewards card.