Tires Plus Credit Card: Be Careful With It!

Posted by CreditCardGuru

measuring tire treadI can’t believe how expensive tires are nowadays! Just a few weeks ago I had to replace the rear tires on my car and the total was over $600 for just two tires! I actually didn’t buy them at Tires Plus because I found a good coupon to use at another place. But I did check the Tires Plus price beforehand and I also looked into the Tires Plus credit card. There are some important things about it you need to know…

What’s the interest rate?

The interest rate on the Tires Plus card was 22.8% as of Dec 2012. This is a very high rate, but in all fairness, all credit cards from tire stores have high APRs so this is nothing unusual.

Are you sure you understand the promo offer?

What I am about to tell you is extremely important. I can’t even begin to tell you the number of people that visit my credit card blog to complain about deferred interest deals (like what the Tires Plus credit card offers). This is what you have to understand…

These types of no interest offers work quite a bit different than the 0% offers you see on major credit cards. When an offer says “no interest if paid in full within 6 months” that means it’s deferred interest.

  • With deferred interest promotions, the interest starts accruing from the very first day of your purchase.
  • If you pay off the full amount before the promotional period is up, the “deferred interest” will not be charged to your Tires Plus account.
  • If you don’t pay off the full amount before the promo period, then your credit card account will be charged interest going back to the date of purchase on the entire purchase price.

So in a nutshell, if you are 100% absolutely positive you will be able to pay off the purchase before the offer ends, then you will be okay. But if you’re not, credit card offers like these are a bad idea – because even if you carry just a few dollars past the time of the offer, you are going to be charged interest on the entire price of your purchase from day one!

When I looked this was the deferred interest promo that the Tires Plus card was offering:

  • $249 minimum purchase required
  • No interest if paid in full within 6 months

Are these offers a bad idea?

For those with poor credit, the Tires Plus card isn’t necessarily an awful idea. Why? Because it’s said to have less strict approval requirements. If your credit score is too low to get a normal credit card and you really need new tires, then the Tires Plus card would be a good idea.

However if you don’t have bad credit, then I see absolutely no reason to apply for a Tires Plus credit card. Why? Because there are plenty of major credit cards that offer 0% on purchases and they are NOT deferred interest, so you won’t get charged for taking longer to pay it offer. Not to mention, it’s of very limited use since you can only use it at Tires Plus stores… why hassle with a card that you can’t use everywhere?

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Editorial Disclosure: The editorial content on this page is not provided by any bank, credit card issuer, airline or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

6 comments... read them below or add your own

  1. adam77 September 22, 2014 at 4:10PM

    I’m trying to find a way to get tires and I have bad credit cause of my misguided youth didn’t know how inportant it was for credit know I can’t get cap trying to rebuild fix to need tires and trying to find a way to get some tires on bad credit

  2. Rick Pilgrim August 6, 2014 at 10:55PM

    I’ve had the tires plas card for 6 yrs and have 0 complaints. Always made sure we paid the no interest deals a month early and pay bill 2 weeks before due or pay at the store for overnight payment. If you do these things they are a good credit card for rebuilding your credit and roadside emergency solution

  3. Joe June 27, 2014 at 6:01AM

    To the person that sent a check in tells me you prob didnt have the money in the bank at the time you sent it but the money would be there by the time they cash. In this day an age when you can go on there web site and just pay it to ensure your not late, why wouldnt you just do that. No body uses checks any more.

  4. Scorpia November 2, 2013 at 12:43AM

    I got onto the plan for new tires even though I had money in hand, but it was before a big trip so I also wanted to build credit. I’ve already had to call them on two different occasions after finding things on my bill; first, they started charging me interest two months in because my bill didn’t equal the entry $249 minimum purchase required, even though my original bill was was around $335, but I got a discount after the fact because the service men failed to have the tires on in the 59min time frame Guarantee. Ether way the minimum wasn’t mentioned in person, why else would they give me the option to sign up? When I called credit first they took care of it, I asked if this was going to happen on the next bill they assured it would not, but she also dropped in as long as I don’t add any repairs to the bill.. well needed a new battery this month, so poo now i’ll probably see that interest. Second I take a look at this months bill, there’s a $20.00 late charge? I paid my bill by mailed in check on a Friday, it was due that Sunday, but it doesn’t post tell the next Tuesday cause it was also a holiday on Monday. I call again and their telling me its still late, that they don’t except post marks, and to read the fine print! Still they charge a outlandish $20 bucks? and can bend space and time? I asked for a manager, she supposedly lifted it after much reasoning with the fact I still paid it before the due date, if their not open to deposit that’s not my fault. She only offered
    that I should pay by Check! over the phone? no debit…that it takes at lest 7 days to make sure it reaches them by 5pm on the due date. I give up there’s way to much headache in three months for a newbie to credit to deal with their red-tape and mind-blowing power of screwing around that I’m going to pay them off and run.

  5. phyllis decker June 9, 2013 at 2:52AM

    I make notices on mine and my husband’s phone for these reason. I know every bill due date and so does my hubby. If a statement is not sent to me me on time long before the bill due date, I call but I also have a copy of the prior months statement just in case of weather issues or what ever. I always call and make it over the phone it there is no charge or if they charge for that I will electronically pay myself, in enough time so there is no way the company can try anything. We are both on disability after him working in law enforcement and being injured and me in the medical field and having severe health issues. We had good credit and new homes and worked hard to have it all and then it all went away when i had to have almost 40 surgeries. Now credit is trying to be rebuilt we have one fairly new car a year and half old and now need tires. We checked out tires plus but our car only can take two types of tires and they are expensive. we are thinking of doing that credit. But again. I agree with people need to read fine print. And if you don’t get a bill you know you still have to make a payment that month. Especially if it was your last one I would have been calling everyday long before due date asking where the statement was. He must have had an idea when it came every month right. Thank you for the heads up.

  6. Dennis Clark December 17, 2012 at 12:48PM

    Beware is right. I had a 6 month promotional no interest deal. The promotion was over 11/12 so i planned to pay the balance, guess what I was never sent a november bill.I got a december bill and was charged $35 plus interest.I had no reason not to pay the november bill if i received it. Seems shaky to me I called them and they claimed they did mail it. Their word against mine. Again not sure if credit first plans it this way to trip up the consumer.
    anyone else have this happen?

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