Finding the right credit card can make a big difference when it comes to earning rewards and avoiding interest charges. Unfortunately, the Pep Boys Synchrony Car Care Credit Card falls short on both fronts. It doesn’t offer any rewards, and its financing offer could end up costing you more than you bargained for.
If you have car-related expenses on the horizon, there are much better credit card options out there. Cards like the Fasten card and the Upgrade Triple Cash Rewards card are specifically designed for car owners. Additionally, co-branded credit cards with auto companies like Jeep and Dodge can offer great benefits.
Let’s take a closer look at the Pep Boys credit card, issued by Synchrony Bank.
1. There are two Pep Boys credit cards … kind of
It’s important to note that the Pep Boys Synchrony Car Care credit card is not the same as the Pep Boys Fortiva credit card, which is no longer accepting new applicants.
2. Its use is extremely limited
The Pep Boys Car Care credit card can only be used at Synchrony Car Care retailers and gas stations. While there are many eligible merchants, it’s not a comprehensive list. Before considering this card, make sure your preferred auto mechanic is part of the Synchrony Car Care network.
Alternatively, you may want to opt for a more versatile card like the Wells Fargo Active Cash® Card, which offers 2% cash back on all eligible purchases. If you prefer Synchrony, consider the Synchrony Premier World Mastercard®, which also provides 2% back on all purchases.
3. Special financing is the card’s only perk
The main appeal of the Pep Boys credit card is its special financing offer, allowing cardholders six months of financing for purchases over $199. However, this offer comes with a significant risk: if the balance isn’t paid in full by the end of the promotional period, interest will be charged retroactively.
For larger purchases, a credit card with a true 0% intro APR period may be a better option, as it doesn’t accrue interest during the promotional period.
The best 0% intro APR cards typically offer 12 months or more of interest-free financing.
4. The ongoing interest rate is high
If you carry a balance on the Pep Boys credit card, you’ll be subject to a steep interest rate of nearly 35%. This can add up quickly, especially on larger purchases.
5. Paper statements might cost you
While the Pep Boys credit card doesn’t have an annual fee, be aware of the $1.99 monthly paper statement fee for balances over $2.50. To avoid this charge, consider enrolling in electronic statements through Synchrony’s website.