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.
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.
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