Don't like how much your gas bills are going up? Credit cards with gas points can help! You can get money back on the gas you buy if you use these cards. There are a lot of different ways to get rewards. Here's what you need to know about gas reward credit cards before you apply.
How credit cards with rewards for gas work
Credit cards with gas rewards are like cards that give you cash back. The percentage system is used by most. Every time you buy gas, a certain amount of money is given back to you. This ranges from 1 to 6 percent most of the time. So, if you spend $200 a month on gas and have a card that gives you 5% cash back, you'll get $10 back every month. How's that for a way to pump gas?
Some credit cards that give you rewards for gas use a point system. You get points based on how much gas you buy. Then, you can trade these points in for dollars. You get your money back in the form of a check or a credit on your card statement.
There are many choices
There are many different kinds of credit cards with gas rewards. Some companies sell gas cards that can only be used at certain gas stations to earn rewards. If you always fill up at the same place, this could be a good choice. You can earn cash back at any gas station with other companies. If you usually buy gas at different places, this kind of card will work better for you.
Some credit cards that give you rewards for buying gas also let you earn points or cash back on other purchases. There may be a 5% cash back offer on gas purchases and a 1% cash back offer on other purchases. Or, they could give a higher percentage back on purchases of both gas and car maintenance. One of these plans may be best for you if you want to use your card at a lot of different stores and gas stations.
Most credit cards with gas rewards have an introductory period with extra perks. This could mean that the APR is 0% or very low for the first few months. Also, for the first few months, your card may give you extra points or a higher percentage of cash back on purchases. This gives you a way to make more money right away. If you travel more than usual or already put a lot of miles on the road, a credit card with gas rewards can help your wallet out at the start.
What's Good for You?
Keep in mind that you need good or excellent credit to get most credit cards with gas rewards. Also, many of them have interest rates that are higher than those of other credit cards. So, you can benefit if you pay off your credit card bills every month. But if you usually carry a balance from month to month, you might be better off with a different credit card.
Look at how you spend money and how much money you have set aside for travel. If you usually pay a lot for gas, a credit card with gas rewards could be a good choice for you. Look at the different credit cards with gas rewards and choose the one that will help you the most. Then apply for a credit card with gas rewards online. It's a great way to get money back to pay for something you need.
