Find the Very Best Gas Credit Cards
Your guide to the mysterious world of the best gas credit cards
Finding the best gas credit cards is no easy task. You have to be a very savvy consumer to get by in our world, and when you're dealing with credit cards, that's doubly true. Everyone's well aware that we're in a recession, so credit card companies are competing for your business -- while trying to cut corners of their own.
If you follow this blog you've heard me say it before: read the fine print. That is the best, the only way to make sure you're not going to have any unpleasant surprises when your bill arrives, and with gas credit cards, that's doubly true. Here are a couple of the things you want to watch out for when you're choosing the best gas credit cards.
Things to watch for
1. Introductory vs permanent rates
So you're browsing online and you find a credit card proudly proclaiming that you get 6% gas back on every purchase. 6% sounds pretty darned good, so you jump at the offer, and for a few months everything's great. Then, suddenly, your rewards disappear. What's going on?
If you read that fine print, you'll probably find that you just finished your special introductory period and moved to the card's regular rate of return, which is probably closer to 1 or 2% than six.
2. How do you claim your rewards?
The best gas credit cards assume that the reason you're using them is to get rewards, and so they send you a check, or issue a credit, each month. Other companies, though, have other policies. Some won't send your rebate unless you specifically request it (as if you've suddenly decided you don't want your money). Others won't issue a check until you reach a certain dollar amount. Know what you're getting into.
3. What stations qualify?
Some (many) credit cards make deals with specific gas stations. You may only receive a rebate if you patronize those stations, or you might get less cash back when you visit other stations. If that's the case, make sure the stations are convenient for you, and remember that it will limit your shopping options.
4. Remember this is a credit card
This isn't just a gas rebate card, it's a credit card. If it has an interest rate of 20%, is it really worth getting a couple percent in a gas rebate? Unless you have the discipline to use your card for nothing but gas and pay it in full each month (and some cards have penalties for that, too), these cards can murder you with interest rates.
This isn't to say that there aren't good gas rebate cards, only that there are many bad ones. If you really want to get the best gas rebate credit cards, these are the things you'll need to watch out for.
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