Unless you purchase a new vehicle every year or so, it seems that you’ll have reason to buy a few tires in your life. They’re just one of those things you always need. Tires are one of the most important aspects of any car – maybe the most important aspect since you cannot drive your car without them. However, they’re usually expensive if you drive an SUV, truck or luxury car. Of course, you can always find off-brand tires that are less expensive, or forgo the luxuries of big, expensive vehicles so that you can drive something small, inexpensive and much less devastating for which to purchase tires.
If you really want to, you could apply for a Goodyear credit card. This is a good way to help you pay for tires when you need them, and to keep you from using your credit card anywhere else. This is often the kind of card that works well for people who are concerned with their credit. Why? Because you can buy things from a very specific retailer and nowhere else, which prevents you from overspending and racking up a large amount of debt. But is the Goodyear credit card worth it? Find out what the card offers and how it will affect your life.
The Goodyear credit card does offer some customer rewards, much like most credit cards. This is a card that provides cardholders with a rebate check depending on the amount of money you spend on your first purchase. If you make a purchase between $250 and $649.99, you will get a $20 check in the mail. If you spend up to $999.99, you will get a $40 check in the mail. If you spend more than $100 on your first purchase, you will get a $60 check.
Even with the most expensive tires, it’s not always easy to reach $1000 unless you’re buying all four at once (and your tires are bigger and more expensive) or you are buying tires for more than one vehicle at the same time. Of course, this is possible since many households have more than one vehicle and do need new tires. This is just a promotion, however, and it’s only good on your first purchase. It’s worth considering whether or not you can even spend this much so that you’ll know if the application is worth making.
The interest rate on this Goodyear credit card does not vary. What that means is that it doesn’t matter if you have an 800 credit score or you have a 600 credit score; you’re all paying the same amount of interest, and it’s a high rate. The standard rate is 28.99%, which is significantly higher than a credit card interest rate that’s considered high. For example, some cards will offer cardholders a variable rate based on their credit score, and they advertise their rates as being anywhere from 12% to 22%. An interest rate of 22% is really high, and it’s usually reserved for those who have less than ideal credit. This makes the interest rate on this card even more unbelievable.
After analyzing many of the reviews of this particular credit card, it seems that most of the cardholders are unhappy with the customer service – or lack thereof. Even customers in good standing without any complaints with the card find that the customer service is lacking in that they find it difficult to get their questions answered, they’re on hold longer than necessary and they believe that agents are not as helpful or even as polite as they should be. It might not seem like a big deal, but if ever there is a mistake on your credit report thanks to this card, dealing with good customer service can make this situation easier. There are many reasons to prefer good customer service, but it’s imperative that you consider this before applying for a card.
Taking the Hit
There is something most people don’t consider when applying for a credit card; just applying for it could hurt your credit score. So, if you plan on applying for this card just so you can get the rebate and then paying it off in full and never using it again, you’re going to take a hit in terms of your credit score. This card is not one on which you want to carry a balance because of the high interest rate. However, if you think, “Well, I’m spending $1000 here today and I can get $60 back doing that with this card, pay it off and never accrue any interest,” you’re hurting your credit score. Your score drops a few points with every single inquiry sent to the credit bureaus, and every point counts. For example, if you have a credit score of 683, you’re still in the good range, even if it’s just barely. You’re going to get a better rate on things, have more options and enjoy more luxuries. Applying for this card just to get the rebate, however, is going to drop your score below 680. This means your credit rating is no longer considered “good.” It’s now considered acceptable; further applications for loans or cards might not be accepted, and they might not even have good interest rates.
Think about this when you apply for a card. If you don’t have a few points to lose anytime you send in an application, you run the risk of ruining your credit, which could take several months to repair.
Should You Apply?
This is a question only you can answer. However, if you do need a credit card to help you pay for new tires, it might be worth it to shop around for a card you can use anywhere so that you get a lower interest rate, special financing terms and even better rewards such as cash back or airline miles. These cards can be used in multiple places, so they’ll suffice for additional emergencies, and not just the need for new tires.
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