Rewards Gas Credit Card
http://creditfederal.com/article/articles/518/1/Rewards-Gas-Credit-Card
By CreditFederal.com - A good or bad credit personal loan, auto and mortgage financing, and credit card resource.
Published on 07/11/2008
How to deal with high fuel costs? Get a gas credit card or other rewards credit cards like cashback for all purchases and not just for gas.
Rebate Gas Credit Cards and other Cashback Rewards Cards
You could save hundreds of dollars a year on fuel costs with gas credit cards, or other types of rewards credit cards that offer cashback on any type of purchase. Some cards offer up to 10% in cashback rebates during an introductory period before the long term percentage drops down to around 1% to 5%. For example, some cards offer cashback rebates on all purchases, not just for gas, but reward only 1%. Specialty cards; like gas cards, typically pay higher cashback percentages for purchasing that particular type of product over other types.
Apply for a gas credit card today.
Someone who owns a car that gets 20mpg and drives it 20,000 miles a year, paying $4 a gallon, a 5% cashback rebate would yield $200 in savings.
The key; however, is to payoff balances before interest fees accrue, otherwise the cashback earnings may be outweighed. If you typically carry a balance month-to-month and do not payoff charges in full before the grace period expires, you may do better by getting a low interest credit card instead of one that offers rewards. Face reality. If you're having to pay 18% interest on a card that offers a 5% rebate, you're not coming out ahead.
For those who do payoff balances in full each month during the grace period and you have good credit, you could really earn big by getting a new rebate credit card each time the one you currently have reduces its introductory rewards percentage. If you don't do this too often, there shouldn't be much impact on your credit score.
But keep your old cards and don't de-activate them, because the higher your overall credit limit typically the better your credit score. The reason is because the gap between your credit limit and the amount of debt (balance) will be wider. You'll have far more available credit that you owe.
Improving credit scores is the name of the game. The best credit card offers with the lowest annual percentage rates (APRs) and the highest rebate rewards are reserved for people with the best credit scores. Not only does bad credit affect interest rates and rewards percentages, but also whether or not you'll even get approved.
How to choose a gas credit card that's right for you: If you always buy gas from a BP gas station; for example, then a BP gas credit card may be best for you, as the issuer will likely work hard to keep you as a customer. And don't be afraid to call and ask for a lower interest rate or higher rewards. But; once again, if you're not going to payoff charges in full each month before interest charges begin, forego the rewards and get a card with the lowest APR.
Some cards may have an expiration date on the rewards, and if you don't use them beforehand you'll lose them. Read the terms and conditions carefully to see how rewards are earned, is there a maximum amount of earnings, how to collect the rewards, and if/when they expire.
Apply for a gas credit card today.
Someone who owns a car that gets 20mpg and drives it 20,000 miles a year, paying $4 a gallon, a 5% cashback rebate would yield $200 in savings.
The key; however, is to payoff balances before interest fees accrue, otherwise the cashback earnings may be outweighed. If you typically carry a balance month-to-month and do not payoff charges in full before the grace period expires, you may do better by getting a low interest credit card instead of one that offers rewards. Face reality. If you're having to pay 18% interest on a card that offers a 5% rebate, you're not coming out ahead.
For those who do payoff balances in full each month during the grace period and you have good credit, you could really earn big by getting a new rebate credit card each time the one you currently have reduces its introductory rewards percentage. If you don't do this too often, there shouldn't be much impact on your credit score.
But keep your old cards and don't de-activate them, because the higher your overall credit limit typically the better your credit score. The reason is because the gap between your credit limit and the amount of debt (balance) will be wider. You'll have far more available credit that you owe.
Improving credit scores is the name of the game. The best credit card offers with the lowest annual percentage rates (APRs) and the highest rebate rewards are reserved for people with the best credit scores. Not only does bad credit affect interest rates and rewards percentages, but also whether or not you'll even get approved.
How to choose a gas credit card that's right for you: If you always buy gas from a BP gas station; for example, then a BP gas credit card may be best for you, as the issuer will likely work hard to keep you as a customer. And don't be afraid to call and ask for a lower interest rate or higher rewards. But; once again, if you're not going to payoff charges in full each month before interest charges begin, forego the rewards and get a card with the lowest APR.
Some cards may have an expiration date on the rewards, and if you don't use them beforehand you'll lose them. Read the terms and conditions carefully to see how rewards are earned, is there a maximum amount of earnings, how to collect the rewards, and if/when they expire.