You may have heard about credit cards that give you cash back when you buy gas. Since the price of gas goes up and down (but stays high), you might be interested in these credit cards that give you money back when you buy gas. Are they what you need? Yes could be the answer, as long as you don't have too high of hopes.
Gas companies or credit card companies can give out cards that give back money on gas. Most of the time, the ones from credit card companies give you more freedom. With gas station credit cards, you have to use the card at certain stores to get your rebate.
Most likely, credit cards for gas won't save you a lot of money. They will save you a dollar or two every time you fill up your tank, which can add up to a couple hundred dollars at the end of the year. If you're creative, you can save even more. When you use a gas rebate credit card along with prices from a discount club or to buy and reload gas station gift cards that come with their own discounts, you can save a lot more money.
In some ways, credit cards that give you cash back on gas are better than regular credit cards. Most of the time, they have lower interest rates (depending on your credit score) and easier approval requirements. These cards are a great way to fix bad credit and get a reputation for paying bills on time. Some of them will even give you money back for car repairs and regular maintenance. Do your research to find a good deal, and avoid cards that charge you a fee every year. Since you have a lot of cards to choose from, you can be picky.
Most gas cards have bigger rebates during the first few months of use, but the rebates get smaller (but still aren't small) after that. Some rebates have rules about what kind of gas station you have to use to get the most money back. Still others want you to buy things besides gas with your card. Before you sign up, make sure you read every word of the fine print.
Before you apply for a card, you should learn as much as you can about it. As with other credit cards, the terms of a gas card can vary a lot depending on who gives it to you. When looking for the right gas card, you should focus on the small print instead of the introductory rates. Look for websites that rate gas cards based on how much interest they charge each year and how much money they give back in rebates. The Citi Dividend Platinum Select card, the Discover Open Road card, and the First National Bank Gas Rewards Platinum Visa all get high marks. However, the First National Bank Gas Rewards Platinum Visa is only for people with high credit scores. Doing research for an hour or two will help you find the card that fits your needs the best.
Do keep in mind that rebates on gas are not always given. Most likely, you will have to ask for them to be sent to you, which is similar to how you use reward points on other cards. Also, there are limits on how much you can save each year, but these limits are high enough that the average driver won't have a problem with them.
If you do decide to get a credit card for gas, make sure you know the rules for that card. They can change at any time, sometimes without warning. Choose an issuer you can trust, and if you have questions about your card, talk to customer service. Lastly, make sure to pay off the balance on your credit card every month. You don't want to ruin your plans to save money by paying interest on the gas you buy.
