How To Choose The Best Gas Credit Card
Unless you have excellent credit or pay off your balances every month you really should not focus on reward cards. If you do not fall into these categories any rewards that you receive will no doubt be swallowed by the high interest charges that you will be forced to pay.
Choosing the Best Gas Credit Card
Before you even start comparing cards you need to determine if it makes sense to even apply for a gas credit card. Are gasoline purchases one of your main expenses? If you do not move around a lot then you would be better off getting another type of reward card. If you do then this is the card for you since you could save $250-$400 per year on average.
Once you have this figured out your next step is to determine whether you will need a card that is tied to one specific station or one that is a bit more flexible. This could be a tough decision but the savings and convenience must be your main deciding factor.
Gas Station Specific Credit Cards
Gas credit cards that are tied to particular brand of gas station will offer rebates on gas purchases made at the chain and sometimes on other non-gas purchases made at retailers where Visa and MasterCard are accepted.
The rebates on these cards are usually much higher on gasoline purchases however the downside is that they are not very flexible. If you usually fill up at that specific chain then you will definitely see the benefits however if you travel a lot and have to use other chains then your savings will be limited.
You have to decide if the savings or convenience is more important. Ultimately it all comes down to your loyalty to one specific brand and the real savings added to your pocket.
Gas Cards Issued By Credit Card Providers
There are a number of gas credit cards offered by major credit card providers which will give you the convenience of saving on fuel no matter where you purchase. The drawback to this is that the rebates are much less than those provided by gas station specific cards. Still cardholders will receive some financial benefit even though it is slightly less.
If you would like to save on fuel purchases but don't want to be tied to a gas station credit card then cash back reward cards can provide savings on gas as well as other purchases so take this into consideration.
Once you identify the type of gas credit card that you want the other factors that you have to consider when choosing the best gas credit card are the interest rates, annual fees, terms and conditions and how and when the rebates are paid.
Interest rates and annual fees are only important if you do not pay off your balance monthly and on how often you use the card. Remember to read the terms and conditions carefully to avoid undesirable surprises later on.
We recommend you check out the best gas rebate credit card on the market.
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