Review: Volvo Service Credit Card

volvo-credit-cardVolvo, in partnership with Synchrony Bank (formerly known as GE Capital Retail Bank), to help Volvo owners finance parts & service expenses — in some cases, at a 0% interest rate. But watch out! Our overview / review of this Volvo credit card is below:

The first thing to understand about the Volvo Service Advantage credit card is that it is only accepted at Volvo dealerships for parts & service expenses. This is very limited acceptance — it’s not a great idea to open a new credit line for such a limited card, especially if your credit history is not so great.

However, in some cases, it could make sense. The most likely scenario is this: you have a big car repair ($200 or more) that you can’t or don’t want to pay all at once. The dealer offers you the Volvo credit card, saying you’ll have 6 months to pay off the balance with no interest charged. That’s a compelling offer, right?

Well, yes, provided you pay off the complete balance within those 6 months. Because here’s the fine print: if you don’t pay off every penny you owe within this 6-month, 0% promotional period, you will then got socked with all of the interest you would’ve been charged from the date of purchase, as if the 0% offer had never happened. And what is the interest rate should that unfortunate thing happen: 29.99%!!

This is a dangerous thing to do! Do not accept this offer unless you are absolutely sure that you can pay off your complete parts/service purchase within those 6 months!

You can , but there’s no reason to do so. Instead, wait until you actually need to take advantage of the 0% offer — the dealer will be more than happy to make you the offer at the time.

See also: Instant Approval Credit Cards, Store Credit Cards, Which is the best credit card?