Gas Credit Cards - Compare Rewards & ApplyBy Joe Taylor Jr.
According to MasterCard, Americans buy more gas with their debit and credit cards than any other product or service. Therefore, it's no surprise that gas stations use dealer-branded rewards credit cards to compete for customer loyalty. Banks have also figured out their own way to capitalize on the popularity of paying at the pump. Cash back credit cards with special bonuses for gas station purposes quickly become a household's go-to card for other everyday purchases. Compare the offers on this page to find out whether you can save money with a gas rebate credit card.
Comparing gas reward cards to dealer loyalty programs
Many Americans launch their credit histories by applying for dedicated gas cards with rewards. Like retail credit cards, low credit limits and constrained acceptance make gas station credit cards easy to earn, even for college students and other consumers with limited credit history. You can earn cash back on gas credit cards because many filling station operators pay deeply discounted transaction fees to their internal payment networks. By passing the savings along to you, they're also making your routine fill-up less of a commodity.
However, loyalty program gas cards carry a few drawbacks. Sometimes, you can spend more money on gas by driving past cheaper competitors on the way to a participating station. Buying pricey snacks and groceries at attached convenience stores can eat up your credit limit while racking up finance charges. If you plan to buy more each week than just gas and taquitos, many of the best credit card reward programs offer special bonuses for "pay at the pump" purchases.
Good things to know about gas reward cards
Credit card issuers work hard to maintain loyalty, especially among cardholders with high credit scores. Therefore, your gas rebate card could also garner you extra credit when you shop online at a bank's special shopping portal. You could even find yourself using your card to gain access to special experiences and events throughout the year. Retailers have even partnered with credit card issuers to add special bonus rebates on products and services.
What to watch for with gas reward cards
Even the best credit card reward programs include some terms and conditions that can impact your overall savings. Follow these tips to get the most from your favorite gas rebate credit card:
Pay your balance in full, whenever possible. Many reward credit cards carry higher APRs than their no-frills counterparts. Carry a balance for more than a month or two every year, and you could end up losing money on the deal.
Make your monthly minimum payments on time. Recent changes to federal laws softened the blows of penalty rates and service charges for late payments or busted credit limits. However, banking rules don't cover reward programs. Many banks can seize or void your rebates if you fail to honor your account agreement.
Watch for spending caps. Some gas rebate credit cards limit the transactions that count toward your rewards. Other cards may offer unlimited rebates, but only on a specific number of gallons per week.
Examine opt-in bonus programs. Some credit cards offer gas rebates as high as 6 percent, but you may have to sign up on a bank's website or Facebook page to get that special bonus. Don't fall for the offer, then fail to collect your maximum reward.
Thanks to the Internet, credit card offers change often. A special offer you see today might not be repeated for months. If you're looking for a gas rebate credit card that can reward you for more than just filling up, one of the offers on this page might just be right for you.