The Goodyear Credit Card - Good or Bad?

You might be considering the Goodyear credit card. Keep in mind that unless you plan on buying a lot of Goodyear tires, you may not see the benefits from Goodyear. Credit cards (as we all know) have their good and bad points, and like most credit card options, the bad typically outweigh the good. Nevertheless, here are some of the things to consider:

 

1. If you don't buy a lot of tires (one care in the family, low miles, etc) then paying with one of your other cards or cash will likely save you money in the long run.
2. If you do find yourself buying tires frequently (teenagers... need I say more), and you're pretty much sold on Goodyear, then this credit card could work for you. (read more below)
3. There is something to be said for the convenience of having this credit card. Goodyear credit cards have no annual fee, and the monthly fees are reasonably low. You basically throw that puppy down at any of the 4,500+ tire centers across the country, or when you're buying your Goodyear tires online.
4. It isn't a Visa (in case that wasn't obvious). It's ONLY for Goodyear tire purchases and cash advances. You do however get special offers and discounts on tires when you have this card.

 

Ok, with all that said... we all know we shouldn't use a credit card unless we absolutely have to. Sometimes the benefits and/or convince is huge (like air miles) and it's worth it. If you carry a balance this card you'll be charged an APR of about 25% (OUCH!!!). They boast of low monthly payments, but you'll never pay the card off if you choose that option.

More of the bad stuff... if you're late on payment of your Goodyear credit card you'll get hammered with late fees. Here's the fees for late payment at the time of this review:

• $15 fee on balances up to $100
• $29 fee on balances of $100 up to $250
• $39 fee on balances of $250 and over.

So our advise is to use one of your lower interest rate cards if you have one. If you ALWAYS pay your balance off, and you love Goodyear tires, then the benefits and convince of this credit card may be good for you. 

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