Review: John Deere Credit Card

john-deere-logo John Deere offers its own credit card for consumers and commercial businesses, but the terms are not always to our liking. Our review of John Deere’s credit financing offers is below:

John Deere offers financing of its equipment through its own John Deere Financial subsidiary. While your application for credit may come in the form of a credit card, it’s not a card you can use for anything other than buying John Deere equipment. This is a strike against it in our book; opening a credit line with such limited usage is usually not a great idea for those looking to maintain a good credit history.

However, there is one good reason you might want a John Deere credit card — you often can get 0% financing that extends for a lengthy period of time, sometimes for as long as 5 years.

Be careful, though. These 0% offers may look good, but be sure you understand the fine print. In some cases, if you finance equipment and don’t pay it off completely with the agreed-upon promotional period, you could end up getting charged all of the interest you would’ve paid from the date of the original purchase — as if the 0% offer had never existed at all.

And the interest rate you’ll pay is not great — 18.5% for consumers and many small businesses, but potentially even higher for corporations. If you can swing your purchase with another form of credit at a better rate, it might make sense to pass by the John Deere credit card.

John Deere offers credit card applications online, but we think you’re better off doing your transaction through a dealer to see what type of 0% offers you might get that are better than the standard interest rate.