Gas Credit Cards
With gasoline prices hovering around $4 a gallon, gas credit cards present a very valuable option for people that regularly use a lot of gas. Start lowering the cost of your daily commute with one of the gas rebate credit card offers listed below.
- 5% Cash Back on up to $1,500 spent at gas stations and on Amazon.com from 1/1/12 - 3/31/12
- Annual Fee: $0
- Credit Needed: Good
| Introductory APR | Balance Transfer | Regular APR |
| 0% for 6 months* | 0% for 12 months* | 11.99-22.99% Variable* |
- Enjoy a 50% bonus on the cash back you earn every year
- Earn 1% cash back on all purchases
- New account holders can earn a one-time $100 bonus
- Annual Fee: $0
- Credit Needed: Good
| Introductory APR | Balance Transfer | Regular APR |
| 0% until February 2013* |
0% until February 2013* |
12.9-20.9% Variable* |
- Earn a $100 cash back bonus after spending $1,000 in eligible purchases in the first 3 months of Cardmembership
- Get 3% cash back at supermarkets, 2% cash back at gas stations and department stores, and 1% cash back on all other purchases
- Annual Fee: $0
- Credit Needed: Excellent
| Introductory APR | Balance Transfer | Regular APR |
| 0% for 12 months* | 17.24-22.24% Variable* |
17.24-22.24% Variable* |
- 2% automatically at any gas station and any restaurant all year long*
- Plus, up to 20% Cashback Bonus at popular online retailers when you shop through Discover.com
- Annual Fee: $0
- Credit Needed: Excellent
| Introductory APR | Balance Transfer | Regular APR |
| 0% for 12 months* | 0% for 12 months* | 10.99-20.99% Variable* |
- American Express(R) Card and Costco Membership Card in one - with no annual fee for Costco members
- Cash back on the things you buy: 3% for the first $3,000 in annual gasoline purchases (1% thereafter), 2% for restaurants, 2% for travel, and 1% everywhere else, including Costco
- Annual Fee: $0
- Credit Needed: Excellent
| Introductory APR | Balance Transfer | Regular APR |
| 0% for 6 months* | 15.24% Variable* | 15.24% Variable* |
* Read Terms & Conditions on any credit card offer before you apply.
Choosing Gas Credit Card Offers That Pay Off
With today's high gas prices, you might be tempted to apply for the first 5% or 6% gas 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 rebate 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 on monthly 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 Low Interest Credit Cards that have a much lower monthly rate than even the best gas credit card can provide you with.
