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