Is the Yamaha Motor credit card a bad deal? Make sure you read this…
Back in Michigan where I grew up, I remember this one time in high school my cousins let me take their new Waverunner out for a spin. Guess what happened? I accidentally went over the shallow sand bar in the middle of the lake going full throttle… sucking up all the pebbles and sand into the impeller!
As you can guess, I screwed up their Waverunner and had to come up with the money to fix it… which wasn’t easy for me to do. It’s a good thing the Yamaha credit card wasn’t available to minors, because I probably would have tried to get one to pay for it… and that might have cost me big time.
Is the Yamaha card’s financing offer the best route to go?
Whether you are buying a ATV, motorcycle, snowmobile, dirt bike, Waverunner, or something else… dealers might offer you the Yamaha credit card application to finance it. It’s not a normal card but rather a credit account that can be used for eligible Yamaha purchases.
Before you jump at the application, make sure you know what you’re getting yourself into. Sometimes it makes sense, but other times you might just be setting yourself up for hefty interest that you might be able to avoid otherwise. Let me explain…
Depending on what you are buying, the Yamaha card is known to run financing “specials” regularly. For example, during Winter 2012 they were running a special on boats:
- 2.99% APR until purchase is paid in full on 2 models: 242 Limited S or 242 Limited.
- 4.99% APR until purchase is paid in full on other models and years
The 4.99% is a good APR, but in the fine print it says “you may qualify for an APR of 4.99%, 7.99%, 16.99%, or 17.99% will be assigned based on credit approval criteria. With how banks are these days, we all know you need really amazing credit to get the best rate. If you got stuck with something higher than 4.99% suddenly it isn’t all that great of a credit card deal, is it?
But most important of all, sometimes their promotions don’t allow you to get both the special APR plus the customer cash – it’s one or the other. If you need to finance, what I would recommend is getting a loan through a cheap credit union instead. That way you could get a great rate and be eligible for the customer cash, since you wouldn’t be using the Yamaha card for financing.
During this same time, the Yamaha credit card deal for Waverunners had a similar structure. 2 out of the 4 tiers (the top 2) are very high rates for manufacturer’s financing in my opinion.
Should you apply for a Yamaha credit card?
As you know financing offers change all the time, but if the current ones are anything like the two above, I personally would pass on a Yamaha card account unless I could get the 4.99% rate. Instead check out the credit unions and compare their offers. If you were only planning on financing part of your purchase, then heck, you may be better off with a regular credit card promo that gives 0% on purchases. To see a current list of sponsored offers check out the best 0% cards for balance transfers and purchases. Good luck!
This review was last updated in 2013