Credit Card Articles

With gasoline prices consistently reaching new record highs, saving money on fuel expenses has never been so important to so many people. Some consumers have found that a good way to reduce their fuel cost is to apply for gas credit cards and use them when they make their purchase.

Gas credit cards come in two forms. One type, which is rarely found anymore, is directly affiliated with a particular chain of gas stations, such as Mobil, Amoco, BP, etc. Rewards earned on purchases can be applied to future purchases at those gas stations, but the cards are only good at that particular chain. Rebate rates generally range from three to five percent. It may not sound like much, but if gas is $4 per gallon, it means you’re saving about 20 cents per gallon, and if you do much driving at all, it doesn’t take long for it to add up to a big savings.

Other gas credit cards are bank-sponsored and can be used at any station. These are much more flexible. Visa and MasterCard both have programs where consumers accumulate rewards until they reach a particular value, for instance, $75. After reaching the minimum reward, the credit card company issues reimbursement, either in the form of a gift certificate, cash, or the amount can be applied back to your account.

A typical bank-affiliated card might also offer a rebate of up to six percent for the first 60-90 days at any gas station. After that, the rate usually drops to three percent at gas stations, plus an additional one percent anywhere else the card is used. One exception is the BP gas credit card which gives you 10 percent cash back the first 60 days of your account, and then drops to 5 percent thereafter. The BP gas card also offers many other perks.

In the past, there have been some bank-affiliated gas cards with a five percent rebate rate which doesn’t drop after the introductory period. If you tend to buy your gasoline at many different stations, you should check to see if there’s a bank-sponsored card available with a zero APR introductory rate.

Regardless of what kind of gas station credit cards you use, it’s important to remember that you won’t be saving any money if you don’t pay off your balance each month. Interest which is applied to carry-over balance exceeds the amount of the rewards earned on your purchases. Keep this in mind when you apply for gas credit cards.

We recommend that you don’t just stumble around the internet looking to apply for gas credit cards when you can compare and find the most valued gas station credit cards all in one place.

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