Gas Credit Cards
With gasoline prices passing $4 per gallon in early 2008, gas credit cards present a very valuable option for people that regularly use a lot of gas. With a gas rebate credit card, you can earn sizable cash back rebates on your gasoline purchases, plus discounts on purchases made elsewhere. Start lowering the cost of your daily commute with one of the gas rebate credit card offers listed below.
*Annual percentage rates, introductory periods, annual fees, and reward programs will vary. Please read all applicable credit card terms and conditions for full details.
Choosing The Right Gas Rebate Credit Card
With today's high gas prices, you might be tempted to apply for the first 5% or 6% gas rebate card offer you see. However, with gas credit cards, you might not notice as much of a benefit as you had hoped for if you don't pay attention to a few details. With gas credit cards, these include:
- Long term rebates being much lower than the introductory rebate
- Being inconvenienced by only earning rebates at specific gas stations
- Paying more for interest than what is saved on gasoline rebates
The first thing to check on when you see an offer for "5% discounts on gas purchases" is how long that rate applies. Usually, that rate will only be valid for the first few months. After that time, your gas rebate will be lower. That 5% discount could become 2% after just a few short months. It might be in your best interest to get a card the gives you 3% to 5% off your gas purchases for the long term, rather than the gas card that drops to 1% or 2% after just a few months.
Another major consideration of choosing a gas rebate card is whether you want a big discount at one gas station or a good discount at ANY gas station. If you are loyal to a specific gas station, and they offer a card with 5% or 6% discounts on gas, then they will usually be your first choice. However, if you are someone who tends to pull in just about anywhere to fuel up, then a card that offers good discounts at any gas station is the better choice for you.
Oddly enough, the main point that gets overlooked when applying for gas rebate credit cards is that they almost always have a significantly higher interest rate than standard non-reward cards. If you are getting 5% discounts on your gas, but paying 15% to 25% in interest on large credit card balances from month to month, you aren't really "saving" money. Gas credit cards are a good choice for consumers who pay their credit card bills off each month. However, if you plan on carrying balances, you are probably better off making those with a standard platinum card that has a lower interest rate than even the best gas credit card can provide you with.