Rick Vaughn, Categories: Is it really worth it to get a Gas Credit Card?
If you fill up at the same gas station every week, then it’s probably a smart move especially if you get a credit card that focuses on one gas station so that you can save more money per gallon. However, if you’re the type that travels all over God’s green earth you may find it tough to find the particular gas station you need. If you fall into the latter category then a rewards gas credit card would better suit your needs (more on that later). You’re not going to be able to save as much money as you would with a sole gas credit card but you’ll still be saving nonetheless. Here is a great site for more information on gas cards findgascards.com
by Dusty 73
Do the Research
What am I agreeing too?
- Just like with any other credit card you need to know what fees apply; mainly to protect yourself from being screwed. You will need to know when your rebates will be processed and what fees may apply with that.
- One common pitfall of these cards is that people forget to look at the interest rates associated with the purchases. If you have a gas card it is just like a credit card, and therefore you are paying interest on anything that you purchase with it. Many people get excited at the idea that they have a card that has 6% rebates but they don’t stop to consider that the card also has a 29% annual percentage rate; which basically undoes the rebate. Many end up finding out too late that they would have been better with a 3% rebate card that has a 12% annual percentage rate.
The Types of Card/Rewards
What kind of card am I looking for and what are the rewards?
- Prepaid and credit are the two types of gas cards. The first requires that you pay upfront while the latter works on credit and you pay after the billing period (one month). There has been a lot of debate as to which type is the best. The answer actually lies in your preferences and habits. If you prefer not to be hassled by due dates, then you go for the prepaid type. However, go for the credit if you are not keen on keeping track of things. The balance on the prepaid card will be irrecoverable. In instances when you loose a credit gas card, all you need to do is call your card company and have it canceled.
- When it comes to rewards, cash back card and general rewards are the two types. The first type only offers cash back, which is usually preferred by most gas card users. Cash back can be used for gas purchases and you can earn rebates on them too. However, general rewards cards that offer airline tickets will appeal to you if you travel by plane frequently.
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