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What to Look for in a Gas Reward Card
By Adam Goldman
In view of the high gas prices, we will still be much dependant on gas, until someone comes up with a better and cheaper power source replacement. Nevertheless, there is always a silver lining behind a grey cloud in any situation. What better way to acquire more value for your money in an era of inflation than getting your money back for pumping gas?
This can be a reality with gas reward cards. Usually with no annual fees required, gas reward cards charge a higher APR as compared to normal credit cards. Some gas reward cards limit the rebates of gasoline and general purchases to specific brands only. This means that you will only get rebates from purchases made at selected stores. Some of these cards also limit the total amount of annual rebates for each customer, with the usual limit being $300. Another type of gas reward card allows you to accumulate points from multiple brand gasoline stations. You can then redeem these points at affiliated partner stores, or even acquire gift cards and certificates from the gas company instead of rebates.
The downside to gas reward cards may be that consumers may be prompted to spend more rather than to save on their gas expenses. In any case, rewards should be viewed not as a goal to be achieved, but rather as just a reward. Otherwise, the original purpose of a gas reward card of cutting unavoidable expenses would be defeated.
Similar to cash-back reward cards, gas rebate cards return a percentage of your gasoline purchases to you on a monthly basis. The rebates are usually in the region of 1% to 6%, with the average being 3%. Some cards may offer an introductory percentage of 5% to 8%, only to lower it down to the usual 3% about two to three months later. Apart from the rebate on gas, users should also look for cash-back rebates on normal purchases for the same card. The rebates for such purchases are of a lower percentage (around 1% or 2%) but these purchases can add up if your family shops with supplementary cards. Some cards even offer double value for your points when you use them to redeem special items at selected stores.
About the Author
Adam Goldman recommends Find Credit Cards if you're looking to put gasoline in your tank and cash back in your pocket with a gas reward card. See http://www.findcreditcards.org/type/gas.php for more information.
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