Expenses, especially those that offer cash back and rebates. However, some gas credit cards that give rewards for purchases can only be used in a specific gas station. You may be able to use them in other gas stations, but you won’t get the rewards or points.
Many of the cash back or rewards gas credit cards that are for specific gas stations have high interest rates so if it weren’t for the points, you wouldn’t be saving anything. Therefore, if you can’t use the points, you’re not coming out ahead.
If you choose a gas credit card like the Discover Open Road Card you can get a low interest rate and introductory offer of 0% for up to 12 months on purchases and balance transfers. You get up to 5% cash back on these credit cards and many other benefits.
There is also the Perfect Card by Chase Credit Cards that will give you a 6% rebate on gas over a specific period and then adjusts to 3% cash back rate. It also offers a low interest rate for those with good credit.
When looking for a gas credit card, there are certain things you should be on the lookout for:
Inability to use at other gas stations
Make sure that your gas reward credit card is good at any of the other affiliates of the gas company where you got the card. You won’t be saving much if you have to go out of your way just to get rewards when you get gas.
Terms and Conditions That Don’t Tell You Everything You Need to Know
When you apply for your gas rewards credit card, make sure the details regarding your rewards and benefits are clearly stated. If there are any conditions regarding the earning and redemption of your rewards, find out what they are when you apply for the card. Read all the fine print and if there are any asterisks, go to the bottom of the page to learn the meaning.
Learn About Late Monthly Payments
Gas reward credit cards are very strict about payments being made on time. Failure to make your monthly payments by the due date will usually forfeit your right to the rewards you may have earned.
Pay attention to when the payment is due so you don’t have to give up rewards you may have earned. If you compare credit cards, you’ll probably see that most rewards gas credit cards have the same or similar rules regarding their rewards.
Watch for Misleading Promotional Offers
There’s an old saying that says if something seems too good to be true, it probably is. The same can be said for certain rewards credit card offers. Watch out for promotional offers that offer you terms and rates that seem unbelievable.
Read the fine print so you know how long these great terms will last. Many credit cards offer you a low introductory rate and increase to a very high interest rate. The price of gas is high enough as it is, without having to pay a high APR on your gas credit card.