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5 Important Factors to Consider Before Getting a Gas Credit Card

Aug 10, 2008
The current gas prices have made gas credit cards spread around like wild fire. Motorists are keen on saving every penny they can on gas money and gas cards can definitely save a considerable amount. But if you're one of those who haven't used a gas card before, don't go forth blindly into getting a gas card. There are important factors that should be considered in getting gas cards. To help you, below is a list of the top five important factors.

1. Rewards

Gas credit cards work just like ordinary credit cards only that you save more if used on gas purchases. Rebates are offered for every gas purchase and this is how you save from gas credit cards. When looking for gas credit cards, find out first how much you will be saving from your gas purchases. Rebates are usually at 2% to 5%, so you may want go with a card that offers the highest percentage. And if you plan to use your card on other purchases, look for cards that offer rebates on non-gas purchases.

2. Fine Print

Read the fine print; don't just go for the highest percentage rebate. Look into the card's rebate and rewards offers, and the process of redeeming them. Consider in particular cash back rebates that don't expire or if they do, consider longer expiration periods. If you are a frequent flyer, cards that convert rewards points into airline tickets may appeal to you. Also, look into how rebates are redeemed. Sure, every card offers rebates but make sure you will be able to redeem them. Lastly, read the card's fine print for rebate caps. Stay away from cards that limit your savings.

3. APR

The APR is the annual percentage rate that will be charged on the maintaining balance on your card. To max up savings from gas credit cards, the balance should be paid in full every billing period. If not, the balance is charged with the APR. Even if you originally planned on paying your balances in full, there may be instances when you won't be able to. So, choosing a card with the lowest APR will be preferable.

4. Fees

Credit cards usually have annual fees but most gas credit cards don't. Consider credit cards that don't have annual fees, save for those that offer other benefits that negate these fees. If you're not meticulous in looking for cards, fees could easily eat out your savings especially if you don't spend that many miles on your car.

5. Introductory Period and Rates

Several cards offer higher percentage rebate during introductory periods-often from 90 days to 12 months. Introductory rebates are usually twice the regular rebate, from 6% to 10%. While it is okay to go for cards that offer introductory rates, the rebate that you get during regular months should be considered. Introductory rates can sometimes be too sweet.

Using gas credit cards is a sure win as long as you know how your card works. Be wary of fees and interests as they can easily negate your savings.
About the Author
GasCardsGalore.com offers free applications for gas credit cards online. Apply for a gas card today at http://www.gascardsgalore.com
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