The right card can help you earn rewards on that spending, avoid interest charges — or both. And on both of those counts, the PepBoys Synchrony Car Care Credit Card is a poor option. It offers no rewards, and its offer of financing comes with a potentially expensive caveat.
If car-related expenses are in your future, another credit card will serve you better. Some, like Fasten card And Upgrade to Triple Cash Rewards Cardare ready for car owners. Credit cards co-branded with some auto companies can also be solid choices. Jeep And Dodge Credit Cards Some are excellent.
Here’s what you need to know about the PepBoys Credit Card issued here Synchronization Bank.
1. There are two Pep Boys credit cards… kind of
The PepBoys Synchrony Car Care Credit Card is not the same product as the PepBoys Fortiva Credit Card. The latter is no longer open to new applicants.
2. Its use is extremely limited
The PEP Boys Car Care Credit Card can only be used to make purchases at compatible Car Care retailers and gas stations. Although this list of eligible merchants is long, it is not exhaustive. If you’re considering a PEP Boys card, you’ll want to check that your preferred auto mechanic is affiliated with the Coordinated Car Care Network.
Or, you can choose a more general-purpose card that can be used for all your everyday expenses, such as Wells Fargo Active Cash Cardwhich earns 2% cash back on all eligible purchases. If you love doing business with synergy, check it out Synchrony Premier World Mastercard®. It also earns a flat 2% on all purchases.
3. Special financing is the only benefit of the card
No reward about it, the main draw of the PEP Boys Credit Card is its special financing, or deferred interest, offer. Cardholders can receive special six-month financing on purchases of $199 or more.
This financing offer is “always on”, meaning you can use it an unlimited number of times. However, special financing is risky: if you don’t pay off the entire balance by the end of the promotional period, you’ll end up owing interest on the entire balance as of the date of purchase.
A better solution for financing large purchases is a credit card with a credit card 0% intro APR period. With such offers, the interest will not be for the entire promotional period, there are no strings attached. When the term ends, you will only have interest on the remaining balance, if any.
The best 0% intro APR cards will have a 0% term of 12 months or longer.
4. Current interest rates are high
If you’re unable to pay for a purchase that’s financed, or if you carry a balance from month to month, you’ll be paying a lot more at an interest rate of around 35%.
Let’s say you take advantage of PepBoys Card’s special financing for $1,000 in new tires for our vehicle. If you haven’t paid off the $1,000 balance by the end of six months, you’ll owe $174.96 in past-due interest (assuming a 30-day billing cycle).
5. Paper statements can cost you
The PEP Boys Credit Card doesn’t charge an annual fee, but watch out for a $1.99 monthly paper statement fee if the statement balance exceeds $2.50. Sure, $1.99 is a small amount, but card issuers don’t evaluate anyone in substantial amounts. Fees for paper statements.
To avoid this charge, log into your account from Synchrony’s website and enter electronic statements.
