Gas Credit Cards vs Low Interest Credit Cards
There are two types of gas cards; those that are general and those are specific to one brand. With general gas cards the savings across the board will be same no matter what or where you purchase fuel. Brand specific gas cards on the other hand favor only one company. The amount of rebate and the types of rewards will vary according to the type of card that you choose. For example general type cards might give 3-5% back on fuel and purchases related to auto maintenance done at any company and you might also be eligible for cash back rewards that range from 1-2 percent. Brand specific cards often provide higher rebates on gasoline purchases while the cash back earnings on regular purchases might be lower. It all varies according to the provider that you choose.
Gas specific cards are perfect if you tend to purchase fuel only at one specific gas company, if want to save more on the fuel your purchase and if you do not plan to use the card to make purchases outside of your gas purchases. General cards are ideal if you prefer to purchase at gas stations with the lowest prices or at any station that is convenient for you to purchase at. They also are beneficial if you travel a lot since your brand specific card would be redundant if your chosen brand does not have a presence in the places that you drive to.
The rewards that you earn with your gas station credit card will make the card a worthwhile investment. The downside to these cards however is the high interest rate that you are required to pay. This is the reason it is best to pay off your balance monthly to avoid the charges. If you plan to carry a balance on the card, especially a high balance, you might be better off getting a low interest card which will have less rewards but will cost you less in the long run.
Low interest credit cards
Like gas credit cards there are two types of low interest credit cards. The first will offer a low introductory APR that will be increased to a higher rate at the end of the introductory period. The other type of card offers a single low rate that stays fixed for the duration of the card provided that the card holder does not violate the terms of the card.
Low interest rate credit cards are useful for consumers who plan to use the card to make large purchases and if they plan to carry the balance for some time. The low interest makes it possible for them to pay off the balance over time without paying out too much finance charges. It is important to read all the terms and conditions of the card before you sign on since any late payment can result in penalties and increases in the APR that are above the standard rate. It is also important to take note that low interest rate credit cards usually have higher annual fees so you must weigh the cost of the fee verses the money that you will save on your purchases. Finally although there are a few of these types of cards that offer additional rewards the mass majority of them do not offer rewards beyond the low interest incentive.
We recommend you check out the best gas rebate credit card on the market.
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