How the Goodyear Credit Card Works: Benefits and Rewards

The Goodyear Credit score Card from Goodyear Tire & Rubber Firm (NASDAQ: GT) presents financing for tires and different services and products bought at Goodyear areas, and will also be used at Exxon and Mobil gasoline stations (and Exxon/Mobil stations).

Supplied by Citibank, the cardboard has some perks, together with zero-interest funds for as much as six months for some purchases. Like all playing cards, its phrases include high quality print that must be reviewed earlier than signing.

How the Goodyear Credit score Card Works

When used at Goodyear areas or on the corporate web site, the cardboard works like some other bank card. It presents revolving credit score as much as a most quantity set by the issuer. The borrower can use the cardboard to finance purchases made at Goodyear. The fundamentals:

• The Goodyear Credit score Card’s largest profit to prospects is that 0% curiosity deal for six months on purchases of $250 or extra. This could be a huge reduction to a buyer dealing with a blown-out tire. Zero curiosity can be charged if the cardholder pays off the stability in full in six months or much less. If the stability is not paid off in time, curiosity prices kick in.
• The cardboard is accepted at greater than 17,000 Goodyear areas nationwide. It additionally can be utilized at Exxon, Mobil, and ExxonMobil gasoline stations. It additionally has a money advance choice.
• In any other case, this can be a retailer card, generally known as a “personal label” card, not a basic use bank card that’s accepted all over the place.
• prospects can apply for the Goodyear Credit score Card in particular person at retailer areas or on the corporate web site. Most prospects obtain a credit score resolution inside a couple of minutes.

Rewards and Advantages

The largest good thing about this card is the supply of zero-interest financing. Zero curiosity for six months on purchases of $250 or extra is a superb deal. It should be famous that two of Goodyear’s opponents within the tire enterprise, Firestone and Low cost Tire, have matching presents.

New cardholders may also get $225 again on choose set of 4 tires and set up with the Goodyear Credit score Card by mail-in or on-line rebate (supply ends 3/31/2022).

Cardholders additionally commonly get $5 off the price of oil modifications once they pay with the cardboard, and free tire rotation companies. In addition they are promised particular sale presents, on the web site and in-store, that aren’t accessible to non-cardholders.

The Goodyear card is accepted at Exxon, Mobil, and Exxon/Mobil stations, making it extra helpful regularly than it’s (hopefully) only for tire emergencies.

A Few “Cons” of the Goodyear Credit score Card

• Exceed the six-month grace interval and also you’re in for large curiosity prices. The Goodyear card has a variable rate of interest of as much as 28.49%. That is consistent with its opponents but it surely’s no cut price.
• Goodyear does oil modifications, lube jobs and filter modifications, tire repairs, and wheel alignments. And naturally, it presents a variety of tires. That is solely a few of what it’s worthwhile to preserve your automotive on the street. You need to ask your self whether or not you need an additional card in your pockets, and probably an additional invoice to pay every month, for a restricted vary of services and products.
• Playing cards like Goodyear’s are all about buyer loyalty. Granted, it has greater than 17,000 areas, so chances are high your pressing want to accumulate a brand new tire will happen inside simple attain of the closest Goodyear retailer. When you’ve got the time and leisure to buy round, chances are you’ll discover one other tire supply or model that you simply choose.

Execs and Cons

The place Can Somebody Get the Goodyear Credit score Card?

The best strategy to apply is thru a hyperlink on the Goodyear Tire web site.

Notice that the hyperlink there’ll take you offsite to a Citibank web site, which is the precise lender behind this card. That is the place the high quality print on the curiosity charges and late prices seems, too. A really quick response is promised, inside hours.

What Sort of Credit score Is Required for the Goodyear Credit score Card?

No particular data is disclosed by Goodyear or Citibank concerning credit score {qualifications} for the cardboard.

Usually, store-affiliated playing cards require at minimal a “truthful” to “good” credit standing on a scale of 0 to 850. This kind of personal label card is mostly simpler to get than a basic use bank card as a result of the credit score limits are usually small, decreasing the dangers to the lender.

The place Can the Goodyear Credit score Card Be Used?

The Goodyear Credit score Card can solely be used at Goodyear Tire areas or its web site, plus at Exxon, Mobil, and ExxonMobil gasoline stations.

It additionally can be utilized at some ATMs for money withdrawals.

Alternate options to the Goodyear Credit score Card

Two different nationwide tire retailer chains supply bank cards much like Goodyear’s.

• The Low cost Tire bank card has an identical 0% curiosity profit for big purchases. Its threshold to obtain six months of no curiosity is barely increased than Goodyear’s, at $199 slightly than $250. Nevertheless, to obtain a full 12 months with 0% curiosity, a Low cost Tire buyer should spend $1,500.
• Firestone presents its personal bank card that gives 0% curiosity for six months. The corporate companions with CreditFirst Nationwide Affiliation for the cardboard.

Phrases and Circumstances of the Goodyear Credit score Card

The Goodyear bank card carries a variable charge APR for purchases of 28.49% or a non-variable charge of 13.49% to 26.99%. There’s a minimal curiosity cost of $2.

The cardboard can be utilized for money advances, with a variable APR of 29.95% as of February 2021. There’s a money transaction price of $10 or 5% of the transaction quantity, whichever is larger.

The late fee price is as much as $40.

The Superb Print

The Goodyear card and its opponents all have hefty curiosity prices for compensation of any prices that stretch past the promotional charge.

As of March 2021, the Goodyear Credit score Card comes with a variable annual proportion charge (APR) of 28.49% or a non-variable charge of 13.49% to 26.99%. The Firestone card carries an APR of 28.8%, and the Low cost Tire card’s APR is 29.99%.

Who Ought to Take into account the Goodyear Credit score Card?

Loyal prospects who purchase their tires and get their oil modified completely at Goodyear profit most from the cardboard.

The cardboard presents some peace of thoughts for surprising blowouts. A flat tire or, worse, a set of bald tires, can severely injury your month-to-month finances. Having a card useful to take care of it’s useful, notably for individuals who make the most of the six-month interest-free supply.

A driver who is consistently on the street may need an excellent use for this card. A household with a number of autos can save a substantial quantity on curiosity prices utilizing the Goodyear bank card slightly than some other bank card.

And, whereas a $5 credit score in the direction of oil modifications might not sound like a lot, it might add up for an individual who drives rather a lot or maintains two or extra autos for a family.

An individual who doesn’t spend cash at Goodyear commonly in all probability has no use for the cardboard. The little bit saved right here and there won’t be well worth the problem of sustaining one other bank card.

The Backside Line

Should you’re on the street always, or if your loved ones maintains a few autos, routine automotive upkeep could also be a giant merchandise in your family finances, and an surprising tire blowout could be a main budget-buster. Prices for brand new tires begin at about $100 however can go as much as $1,000 or extra every for those who’re outfitting an SUV or a truck.

Should you fall into that street warrior class, you may profit from carrying a Goodyear bank card, particularly for those who can keep on with repaying the invoice in that six-month grace interval earlier than curiosity prices kick in.

Should you’re simply puttering backwards and forwards to work in a pretty-good compact, you may discover a universally-accepted bank card is sufficient to deal with your occasional want for a brand new tire.

Steadily-Requested Questions

What Can I Purchase With the Goodyear Credit score Card?

The cardboard can be utilized solely at Goodyear areas and its web site, and at Exxon and Mobil gasoline stations. Goodyear sells tires and associated companies, oil modifications, and lube jobs. It is a customary “personal label” card, not usable wherever like a Visa or MasterCard.

What Are the Curiosity Charges and Prices for the Goodyear Credit score Card?

The Goodyear Credit score Card comes with a variable annual proportion charge (APR) of 28.49% or a non-variable charge of 13.49% to 26.99%. You possibly can keep away from any curiosity prices on purchases over $250 for those who pay your invoice in full inside six months.

There isn’t any annual price for the cardboard, however there’s a $40 late fee penalty.

What Credit score Rating Do You Want for a Goodyear Credit score Card?

Non-public model bank cards equivalent to Goodyear’s usually require a minimal credit score rating within the “truthful” or “good” vary. That ought to make it a bit simpler to get than a general-use Visa or MasterCard. Should you’re attempting to enhance your credit score rating, getting one in every of these and utilizing it responsibly may very well be a step again up the credit-score ladder.