Can Gas Rewards Credit Cards Save You Money on Gas?
Gas Rewards Credit Cards May Be Able to Help Offset Rising Gas Costs
You’ve probably seen offers for one of the many gas rewards credit cards that are currently offering cash back on your gas purchases. While the terms and conditions will vary from card to card, one thing remains the same -- each card promises to help you save money each time you fill the tank, and considering the prices of gas lately, that’s a very tempting offer. But are gas rewards credit cards really the answer, or is this just another bad deal in disguise?
Read the Fine Print
The first thing you need to do when thinking about responding to one of the many gas rewards credit cards is read the fine print. It’s important that you understand the terms and conditions of the credit card before you get it.
For example, you may see that one of the gas rewards credit cards is offering a 10 percent rebate and another is offering 5 percent. At first glance, you may think the 10 percent rebate card is the best way to go.
However, if you look at the fine print you may see that the 10 percent rebate is only an introductory offer, with the rebate amount dropping to 2 percent after 60 days while the 5 percent rebate is not an introductory rebate amount. In this instance, it would actually be best to opt for the 5 percent gas reward credit card and not the 10 percent deal.
Don’t Charge More Than You Can Pay
Another thing to consider when using gas rewards credit cards is that the interest rate on these cards is usually higher than the interest rate on traditional credit cards. Because of that, you’re going to negate the benefits of the gas rewards if you don’t pay your balance in full each and every month.
A Deal Indeed
So to sum it up -- yes, gas rewards credit cards can very well help you save money and offset the increasing price of gas. However, make sure you completely understand the terms and conditions of any gas rewards credit cards you apply for and pay the balance in full each and every month. That way, if the credit card company does change it’s terms, conditions, interest rate or rebate program, you’re not carrying a balance and it won’t affect you as much.
Visit this website to apply for gas rewards credit cards.
Comments
Here's something new you might not have run across yet. Parked my car at a garage I've used a lot. Several days later I got a call from Exxon that someone was using my Speedpass and had charge $200 worth of gas each day for the last 3 days. Someone in the parking lot pulled the core of the Speedpass out leaving only the shell. I saw the shell and never thought to look inside. Moral of story: Be sensitive as to where you put the Speedpass on your key ring..
Posted by: Tony Schweiger | June 13, 2006 7:12 AM