The Goodyear Credit Card from Goodyear Tire & Rubber Company (NASDAQ: GT) offers financing for tires and other products and services purchased at Goodyear locations, and can also be used at Exxon and Mobil gas stations (and Exxon/Mobil stations).

Offered through Citibank, the card has some perks, including zero-interest payments for up to six months for some purchases. Like all cards, its terms contain fine print that should be reviewed before signing.

How the Goodyear Credit Card Works

When used at Goodyear locations or on the company website, the card works like any other credit card. It offers revolving credit up to a maximum amount set by the issuer. The borrower can use the card to finance purchases made at Goodyear. The basics:

• The Goodyear Credit Card’s biggest benefit to customers is that 0% interest deal for six months on purchases of $250 or more. This can be a big relief to a customer coping with a blown-out tire. Zero interest will be charged if the cardholder pays off the balance in full in six months or less. If the balance isn’t paid off in time, interest charges kick in.
• The card is accepted at more than 17,000 Goodyear locations nationwide. It also can be used at Exxon, Mobil, and ExxonMobil gas stations. It also has a cash advance option.
• Otherwise, this is a store card, known as a “private label” card, not a general use credit card that is accepted everywhere.
• Interested customers can apply for the Goodyear Credit Card in person at store locations or on the company website. Most customers receive a credit decision within a few minutes.

Rewards and Benefits

The biggest benefit of this card is the offer of zero-interest financing. Zero interest for six months on purchases of $250 or more is a great deal. It must be noted that two of Goodyear’s competitors in the tire business, Firestone and Discount Tire, have matching offers.

Cardholders also regularly get $5 off the cost of oil changes when they pay with the card, and free tire rotation services. They also are promised special sale offers, on the website and in-store, that are not available to non-cardholders.

The Goodyear card is accepted at Exxon, Mobil, and Exxon/Mobil stations, making it more useful on a regular basis than it is (hopefully) just for tire emergencies.

A Few ‘Cons’ of the Goodyear Credit Card

• Exceed the six-month grace period and you’re in for big interest charges. The Goodyear card has a variable interest rate of up to 28.49%. That’s in line with its competitors but it’s no bargain.
• Goodyear does oil changes, lube jobs and filter changes, tire repairs, and wheel alignments. And, of course, it offers a wide range of tires. That’s only some of what you need to keep your car on the road. You have to ask yourself whether you want an extra card in your wallet, and potentially an extra bill to pay each month, for a limited range of products and services.
• Cards like Goodyear’s are all about customer loyalty. Granted, it has more than 17,000 locations, so chances are your urgent need to acquire a new tire will occur within easy reach of the nearest Goodyear store. If you have the time and leisure to shop around, you may find another tire source or brand that you prefer.

Pros and Cons

Where Can Someone Get the Goodyear Credit Card?

The easiest way to apply is through a link on the Goodyear Tire site.

Note that the link there will take you offsite to a Citibank site, which is the actual lender behind this card. That’s where the fine print on the interest fees and late charges appears, too. A very fast response is promised, within hours.

What Kind of Credit Is Required for the Goodyear Credit Card?

No specific information is disclosed by Goodyear or Citibank regarding credit qualifications for the card.

In general, store-affiliated cards require at minimum a “fair” to “good” credit rating on a scale of 0 to 850. This type of private label card is generally easier to get than a general use credit card because the credit limits are generally small, reducing the risks to the lender.

Where Can the Goodyear Credit Card Be Used?

The Goodyear Credit Card can only be used at Goodyear Tire locations or its website, plus at Exxon, Mobil, and ExxonMobil gas stations.

It also can be used at some ATMs for cash withdrawals.

Alternatives to the Goodyear Credit Card

Two other national tire store chains offer credit cards similar to Goodyear’s.

• The Discount Tire credit card has a similar 0% interest benefit for large purchases. Its threshold to receive six months of no interest is slightly higher than Goodyear’s, at $199 rather than $250. However, to receive a full 12 months with 0% interest, a Discount Tire customer must spend $1,500.
• Firestone offers its own credit card that provides 0% interest for six months. The company partners with CreditFirst National Association for the card.

Terms and Conditions of the Goodyear Credit Card

The Goodyear credit card carries a variable rate APR for purchases of 28.49% or a non-variable rate of 13.49% to 26.99%. There is a minimum interest charge of $2.

The card can be used for cash advances, with a variable APR of 29.95% as of February 2021. There is a cash transaction fee of $10 or 5% of the transaction amount, whichever is greater.

The late payment fee is up to $40.

The Fine Print

The Goodyear card and its competitors all have hefty interest charges for repayment of any charges that extend beyond the promotional rate.

As of May 2020, the Goodyear Credit Card comes with a variable annual percentage rate (APR) of 28.49% or a non-variable rate of 13.49% to 26.99%. The Firestone card carries an APR of 28.8%, and the Discount Tire card’s APR is 29.99%.

Who Should Consider the Goodyear Credit Card?

Loyal customers who buy their tires and get their oil changed exclusively at Goodyear benefit most from the card.

The card offers some peace of mind for unexpected blowouts. A flat tire or, worse, a set of bald tires, can seriously damage your monthly budget. Having a card handy to deal with it is helpful, particularly for those who take advantage of the six-month interest-free offer.

A driver who is constantly on the road might have a good use for this card. A family with multiple vehicles can save a considerable amount on interest charges using the Goodyear credit card rather than any other credit card.

And, while a $5 credit towards oil changes may not sound like much, it can add up for a person who drives a lot or maintains two or more vehicles for a household.

A person who does not spend money at Goodyear regularly probably has little need for the card. The little bit saved here and there might not be worth the hassle of maintaining another credit card.

The Bottom Line

If you’re on the road constantly, or if your family maintains a couple of vehicles, routine car maintenance may be a big item in your household budget, and an unexpected tire blowout can be a major budget-buster. Costs for new tires start at about $100 but can go up to $1,000 or more each if you’re outfitting an SUV or a truck.

If you fall into that road warrior category, you might benefit from carrying a Goodyear credit card, especially if you can stick to repaying the bill in that six-month grace period before interest charges kick in.

If you’re just puttering back and forth to work in a pretty-good compact, you might find a universally-accepted credit card is adequate to cope with your occasional need for a new tire.

Frequently-Asked Questions

What Can I Buy With the Goodyear Credit Card?

The card can be used only at Goodyear locations and its website, and at Exxon and Mobil gas stations. Goodyear sells tires and related services, oil changes, and lube jobs. This is a standard “private label” card, not usable anywhere like a Visa or MasterCard.

What Are the Interests Fees and Charges for the Goodyear Credit Card?

The Goodyear Credit Card comes with a variable annual percentage rate (APR) of 28.49% or a non-variable rate of 13.49% to 26.99%. You can avoid any interest charges if you pay your bill in full within six months.

There is no annual fee for the card, but there is a $40 late payment penalty.

What Credit Score Do You Need for a Goodyear Credit Card?

Private brand credit cards such as Goodyear’s generally require a minimum credit score in the “fair” or “good” range. That should make it a little easier to get than a general-use Visa or MasterCard. If you’re trying to improve your credit score, getting one of these and using it responsibly could be a step back up the credit-score ladder.