Goodyear Credit Card Review
These tires still have some tread!
I was at my car dealership the other day when they told me I really needed my rear tires replaced. As we all know, normally car dealers just lie to us, but they were actually being honest this time… there was almost no tread left on the back tires! But I wasn’t going to get ripped off by overpaying for my Goodyear Wrangler tires at the dealership, so instead I drove down the street to the tire store.
So I price out my tires, but they were a lot more than I was expecting! The associate asked me “Would you like to apply for a Goodyear credit card? It can save you $60.” She handed me the application for it and here’s what the promotion was:
- Spend between $250 and $649.99 and get a $20 mail-in-rebate
- Spend between $650 and $999.99 and get a $40 mail-in-rebate
- Spend $1,000 or more and get a $60 mail-in-rebate
Well for starters, she should have told me “up to” $60, because based on the above tiers, it doesn’t look like me or the average buyer will be saving that much with the Goodyear card promotion unless they are spending $1,000+ on their tires.
Then I saw the interest rate…
My jaw dropped when I saw the interest rate – at the time of writing it was an unbelievable 26.99% APR! They say it’s “a fast, convenient way to make your tire and service purchases.” Well maybe that’s true, but it certainly is not a smart way! Why on earth would you pay nearly 27% interest when most credit cards only charge around half that?
What are other people saying?
I searched online and found one review of the Goodyear card with a lot of nasty comments left behind. Reportedly there are a lot of customers that are not at all happy with the service (or lack thereof) that comes with the Goodyear card.
Should you apply?
I honestly cannot find a single worthwhile reason to apply. The promotion for the mail-in-rebate is far from impressive. The interest rate is so high that carrying a balance for any amount of time would be like shooting yourself in the foot.
The Goodyear credit card really should only be considered a last resort if you need tires or emergency service ASAP and absolutely cannot qualify for any other card.
Here’s a better option for you…
For those with good credit: If you have good credit, check out our sponsored offers for cash back credit cards. There you will find great reward cards with MUCH lower interest rates, even 0% offers for purchases. Some even come with special signup bonuses of $100 or more!
For those with poor credit: There are credit cards for people with bad credit history that will still probably be a better deal than the nearly 27% APR I saw on the Goodyear credit card application. There are many banks out there that have unsecured credit cards for bad credit. The key is to find one with reasonable fees.
Written or last updated 4/2011
I fell for their 6 month interest free when purchasing new tires and oh wait a ball joint needs replacement and wait…for a grand total of $1600.00. Than I get hit with the 27% interest rate and I tried to straighten it out. I e-mailed them. I received a standard response that charges under $299 don’t qualify. I wrote back that I charged over $1000. No response. No one helped so I paid off the credit card and will never go back. Also I tell everyone my experience.
My wife applied for and received the Goodyear credit card to (purportedly) receive a $150 rebate after spending over $900 for new tires. Putting our hands on the rebate check is harder than trying to grab our e-mails out of thin air without using a computer. Stay away from Goodyear Credit Plan and their offerings.
p.s I like going to goodyear and waiting–when do i ever get a chance to read a magazine, drink coffee and watch tv? and don’t forget you get 5% discount with your AAA card.
The APR on this card is outrageous. I’m also sure other companies would offer even better incentives for cash back, etc. for those especially with exceptional credit. However i too think the writer missed the attractive feature of “six months no interest”. Sadly i’ve heard mixed reviews all over the place well after i applied for this card. Still too early for me to judge. But i definitely plan to pay this sucker off before six months and think it is a good card to have in cases of car emergenices. From reviews on other sites as well, looks like some folks ended up with deliquent accounts and such but sounds like for reasons stemming from no fault of the company itself. Okay take note, the offer does not say “NO PAYMENT for six months” just “no interest for six months.” So if you didn’t make a payment for 2-3 mos and end up with fees, collections dept, and credit score dropping that isn’t their fault! That’s the point in viewing your bills when they come!
This card is no different than any other store/brand specific card, you only use it when they offer no-interest promotions. I will be putting $1,000 worth of new tires on my ’08 Dodge Ram and will be using the 6-month no interest option, making it affordable so I don’t have to dip into our emergency savings account to make the purchase upfront. If I were to put this on my Amex card, I would either be hit with interest charges or forced to pay it all at once, and even then the reward points wouldn’t cover the interest.
Don’t see how this article is worth much, considering the person who wrote it doesn’t seem to understand how these helpful no interest promotions work.
The Card is just like any lowes-Home depot-or other in store cards.
Most Offer no interest for a specific time and amount, but when you don’t pay it back as promised then they must insist on interest. And after 6-12 months it is 27%, but it was 0% so figure the interest for the 1st 6-12 months+what it took to pay off.
Also the rebates like the $80.00 is with out the card. It is doubled with the card so there is another $80 to figure into the interest.
I agree it is very high interest but if done properly you really come out way ahead.
yes but for those people who cant afford to pay off a balance within the promotional period, and the balance owed is like $500 or more, then that accumulated interested really packs a wallop. recently the promotions at good year are far less than perfect. used to be 12- 18 months now its dwindled down to 6 months. probably because they want to make the money back they lost from the good promotions.
I use my Goodyear credit card every time I get any work done there. I always pay down the balance in 6 months or less and I have never paid any interest. The interest rate is of no consequence to me because I never carry a balance beyond the promotional period. If I put it on my regular credit card, I would have to pay the same purchase off in a month to avoid interest charges.
I think the Goodyear credit card is a great deal, CreditCardGuru. Not much of a guru, are you?
I agree. I can make payments over the 6 months and i generally pay more than the minimum balance as i can. Only 150 more and i’ll have a zero balance…then i can look into new tires!
I rfecently got a Goodyear credit card like the previous poster, got 12 month no interest. Plenty of time to pay it off. Pkus $80 rebate. Just have to be smart about it.
I recently got a Goodyear credit card and would not have been able to afford my car repairs without it. The interest rate for the first six months is 0%; therefore if you pay your balance in the first six months, you are not subject to the high APR. For me this card was a lifesaver, and no harm done.
Exactly! and don’t forget you get 5% off with your AAA card!