It seems that every retailer has its own credit card, and the Goodyear credit card is no exception. But if you’re like most people, you don’t shop for tires very often, so it doesn’t make a lot of sense to apply for a credit card for such a rare purchase.
However, if you frequently buy tires from Goodyear as part of a business or for some other reason, the card’s benefits might be worth it.
Goodyear credit card benefits
The Goodyear credit card doesn’t offer any rewards, but it does offer other special benefits to cardholders, including:
- Get tire and installation savings available to cardholders only
- Receive special financing on purchases of $250 or more — that’s six months or longer with no interest
- Get extra savings when you buy tires online
- Get $5 off every time you use your card to pay for an oil change at Goodyear
- Receive free tire rotation
- Receive special rebate offers in the mail
- Pay no annual fee
I can buy a lot more tires when I have time to pay them off interest-free. It means I can have more tires in stock and get the customers in and out faster.”
For most people, these benefits aren’t very appealing, especially if you can qualify for a traditional rewards credit card. But for Jack Wyatt, who owns an auto repair shop in Pennsylvania, the card gives his business time to float his tire purchases.
“I can buy a lot more tires when I have time to pay them off interest-free,” says Wyatt. “It means I can have more tires in stock and get the customers in and out faster.”
Things to watch out for
The biggest benefit of this card is the special financing offer, especially if you regularly spend a lot on tires. The trick, however, is that the offer is a deferred interest promotion rather than a true 0% APR offer.
This means that, if you don’t pay off the purchase in full before your promotional period ends, you’ll end up paying interest from the date of the original purchase rather than on the amount that remains.
If you make a mistake or something unexpected happens and you can’t pay off the balance, the added interest could hurt your wallet.
Also, Goodyear touts on its website that you can use your card to get cash at an ATM. But if you read the fine print, you’ll notice that there’s a cash advance fee of 5% or $10, whichever is greater.
What’s more, there’s no grace period on cash advances like there is with regular purchases. This means that interest will begin accruing immediately.
In other words, a cash advance isn’t a great idea regardless of which credit card you use.
Is the Goodyear credit card right for you?
The Goodyear credit card can be easy to get if your credit isn’t stellar. “My credit was in bad shape when I got the Goodyear card,” says Wyatt. “I don’t think anyone else would’ve given me a second look, so I was happy to get approved.”
But there are plenty of other good credit cards for bad credit that offer rewards on all of your purchases. And if your credit is good or excellent, you’ll have a good chance of getting approved for one of the top rewards credit cards.
Not only can you get cash back or travel with these cards, but also extra benefits like purchase protection, extended warranties, rental car insurance, and more.
If you’re like Jack Wyatt, however, and spend a lot of money on tires, the card’s promotional financing might just be worth the card’s drawbacks. Just make sure you pay off your purchases before the promotional period ends. Otherwise, you’ll end up with a big interest charge.
To find out more and apply for the Goodyear credit card, check out SuperMoney’s review page of the card. Also, check out other personal credit cards and business credit cards to make sure you are getting the best bang for your buck.