Gas Credit Cards
Gas credit cards can be a wonderful way to save money. Whether it’s receiving a cash rebate at the pump, or cash back from the credit card issuer, it’s definitely a good deal. Compare the best credit card offers and decide which one best meets your financial needs.
Discover® Open Road Card
- 0% intro APR on purchases and balance transfers for 15 months, then the variable standard purchase APR of 10.99% - 19.99%*
- 2% automatically at gas stations and restaurants all year long*
- Plus, up to 20% Cashback Bonus at popular online retailers when you shop through Discover.com
Blue Cash PreferredSM Card From American Express 0 Welcome Bonus
- 6% cash back at supermarkets
- 3% cash back at gas stations and department stores
- 1% cash back on all other eligible purchases
American Express Premier Rewards Gold Card 25,000 Membership Rewards® Points
- 3-2-1 Points: Earn Membership Rewards® points up to three times as fast: You can earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else
TrueEarnings® Card from Costco and American Express 3% for the First K in Annual Gas Purchases
- Cash back on the things you buy: 3% for the first ,000 in annual gasoline purchases (1% thereafter), 2% for restaurants, 2% for travel, and 1% everywhere else, including Costco
- American Express Card and Costco Membership Card in one - with no annual fee for Costco members
Chase Freedom® Visa
- Earn 0 Bonus Cash Back after you make 0 in purchases in your first 3 months
- 0% Intro APR for 15 months on purchases and balance transfers
- 5% Cash Back on up to ,500 spent at grocery stores and movie theaters from 4/1/12 - 6/30/12
PenFed Visa® Platinum Cash Rewards Card
- Earn 5% cash back on gas purchases paid at the pump**
- Earn 0.25% cash back on all purchases**
- No annual fee
Ink CashSM Business Card
- Up to 0 cash back bonus - 0 cash back bonus after your first purchase, plus an additional 0 after you spend ,000 within 3 months!
- 5% cash back on the first ,000 spent annually at office supply stores, and on cellular phone, landline, internet, and cable TV services
- 2% cash back on the first ,000 spent annually at gas stations and restaurants
There are several things to consider when doing your credit card comparison. These important factors include but are not limited to:
- Is it a Discount at the Pump, or a Cashback Offer
- Can the Card Be Used Anywhere You Buy Gas, or
- Is it a Proprietary Card (ex. Mobil, Shell, BP, etc.)
- What is the Annual Percentage Rate
- What Are the Fees
The above bullet points are some of the main considerations that must be taken into account. When you use a proprietary card, meaning it’s honored at one company only such as BP or Shell, there usually is an instant rebate credit at the pump. It’s basically an instant discount.
The other type of cards, which are accepted anywhere credit card transactions are accepted, are more of a rewards program in that cash back rebates are granted along with, in some cases, bonus points. The two types of gas cards basically accomplish the same thing but in a little bit of a different way.
The people that truly will benefit from gas credit cards are, obviously, the ones that drive the most. There’s no doubt that gas prices can and do fluctuate wildly. In addition to that, gas is becoming more and more expensive each and every year due to several factors that we have no control over.
What we can control is how we choose to pay for it. By using gas rebate credit cards we are giving ourselves an instant discount, usually 5%. That means if you are paying $3.00 a gallon for gas it will actually cost you $2.85 a gallon when you factor in the 5% cash rebate.
Now $.15 a gallon may not seem like a whole lot of money but as I’m sure you can imagine over time that adds up. And again, the more you drive the more substantial the savings will be.
Be sure that you carefully read the disclosure statement for the terms and conditions of the offers that you are interested in. Understand what the interest rates are on the card as well as any and all fees. If you have any specific questions about gas credit cards be sure to contact the card issuer and speak to a representative.
Credit Cards for Gas
Gas credit cards offer many benefits that will interest consumers that are conscientious about saving money. As with any other credit card there are important considerations to keep in mind including carefully understanding the terms and conditions associated with the offers.
Some of these considerations include but are not limited to:
You will note that some gas rewards cards are proprietary to one oil company. When you buy gas at these stations you usually receive an instant rebate in the form of a discounted price per gallon. It’s instant savings that’s passed along directly to.
These cards operate as a special partnership between the oil company and the bank that issues the credit card. Just about every major oil company has partnered with a credit card issuer resulting in a Visa or MasterCard branded credit card with the oil company’s name and logo on it.
Other cards allow you the flexibility to purchase gasoline at any station you choose. These types of cards offer rewards in the form of cash back and the accumulation of bonus points. Many travel rewards cards offer savings in the form of gas rebates.
Of course, gas rewards credit cards can be used to purchase any of the goods and services that a regular credit card can be used for. They just happen to specialize in offering rewards for making purchases at gas stations.
Obviously for those people who drive quite a bit, whether for business or personal use, there is the potential for substantial savings. Businesses that rely on fueling cars for transport can also benefit by reducing their costs.
As with any other card, it is in the prospective cardholder’s best interest to thoroughly compare offers before submitting an application. Each and every one of them are different and by examining the details the applicant will discover which gas cards are best for them.
Cash back, fees, discounts and rebates are wonderful but if the card has a high interest rate and costly fees then those savings can be mitigated or wiped away completely. Take the time to compare APR’s and fees. It is time well spent.
All pertinent facts such as payment schedules, grace periods and the calculation of interest rate charges are laid out in the disclosure statement. If you should have any questions it is recommended that you contact the credit card issuer directly to get the answers you need.
By taking the time to truly understand the facts and details of an offer before you apply you put yourself in the best possible position to finding gas rewards credit cards that will serve you well financially for many years to come.
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