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CarParts.com Launches Rewards Credit Card with TBOM
A popular auto parts retailer is debuting a new Cashback Rewards credit card for its customers.
About the CarParts.com Mastercard:
This week, CarParts.com announced the launch of the CarParts.com Mastercard. Issued by the Bank of Missouri (TBOM) and developed in partnership with Concora Credit, the new card allows cardholders to earn rewards on everyday purchases as well as auto part orders.
With the CarParts.com Mastercard, customers can earn 3% Cashback Rewards on all CarParts.com purchases. Plus, the card earns 1% back on all other purchases (everywhere Mastercard is accepted). Earned cashback rewards are automatically applied as a statement credit. Cardholders will also have access to Mastercard benefits
CarParts.com notes that applicants can gain pre-qualification without any impact to their credit score. Then, upon approval, customers can have instant access to their card number, allowing them to earn rewards right away.
What They’re Saying:
Announcing the new card, CarParts.com CEO David Meniane said, “Our strategy is centered on building a more complete, driver-first experience. The CarParts.com Mastercard builds on a series of initiatives introduced over the past year, all aimed at simplifying vehicle care and giving customers more control over how they shop, manage, and maintain their vehicles.”
Meanwhile, Concora Credit Chief Commercial Officer Rolando De Gracia said, “Drivers expect flexibility and convenience when managing vehicle-related expenses. Through our partnership with CarParts.com, we’re delivering a credit card program that aligns with those expectations while offering a fast prequalification experience, streamlined application process, and easy-to-navigate account management experience.”
My Thoughts:
This CarParts.com Mastercard features the same trappings of most retailer-specific cards in that it’s really only beneficial if you’re a frequent customer of the brand in question. However, the structure of the rewards here does give it a leg up on some others in that the Cashback Rewards are automatically redeemed for a statement credit rather than needing to be used on a future purchase. Still, while 3% back is pretty good, I think most people would benefit from having a card like the Wells Fargo Active Cash or Citi Double Cash cards, which earn a flat 2% back everywhere. So, unless you’re buying a lot of autoparts on a regular basis, I’d recommend looking at other options.
Now for the really interesting (and potentially awful) part: while searching for the card’s terms, I found three different files. Two of them mention an annual fee of $175 for the first year and $49 a year thereafter. Meanwhile, the third says no annual fee. I’m guessing that the annual fee version is offered to less creditworthy customers, while the “standard” version is the no annual fee one. Needless to say, paying an annual fee for this card would not make sense, so I hope that anyone who does decide to apply is able to obtain the no annual fee version.
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