Review: Goodyear Credit Card

Tire maker & retailer Goodyear offers a credit card in partnership with Citibank that allows you to finance your tire purchases and potentially get a few perks along the way. But you’ll want to think carefully before applying. Our overview / review of the Goodyear credit card is below:

The first thing to know about the Goodyear credit card is that it can only be used for Goodyear purchases; it can not be used at any other stores. This sort of limited usage in a credit card always makes us leery — do you really want to open a new credit line just for your Goodyear tire purchases?

Maybe you do. And the main reason you would is that new Goodyear credit card holders are often enticed to get the card by special offers giving you 0% financing for up to a year on your tire purchases, meaning you can stretch out your payments without paying interest. The catch? If you don’t pay off the complete purchase within the time frame offered, you will get socked with all of the interest that would have accrued from the day you made the purchase — as if the 0% offer had never existed.

And the interest rate you’d pay if that occurs? 30.24%!!! That is crazy high, and you don’t want to get stuck in that situation. So don’t take an offer like that unless you know you can pay it off in full and on time.

Goodyear also promotes the card by promising a variety of future discount offers and small features like $5 off Goodyear oil changes, but mainly these are small perks of limited value.

The main attraction is the short-term 0% financing offers, and you won’t get those online. Instead, you’ll see them offered at Goodyear stores, so if you think you want this card, wait until you are ready to make a Goodyear tire purchase and see what they are offering. (If you really want to apply online for some reason, there is an application here.)