Gas prices have reached a mountain top price, our economy seemingly is in recession and prices of essential items are getting higher with each passing day. As more and more Americans forego a substantial percentage of their monthly paychecks to gas and living expenses, the need for a better, safer solution can't be more pressing than it already is. But while the world waits for an ultimate solution to eliminating dependence on fossil fuel, should we continue spending an often ridiculous amount on gas purchases?
For those who are eligible to apply for a credit card and need to reduce gas expenses, they probably are aware of a couple credit cards promising enticing cut-backs on their gas expenses. In order to assist our readers, we reviewed most of what constitute gas rebate credit cards and also have highlighted those often accompanying pit falls they certainly must watch out for.
*When considering a gas rebate card, any applicable introductory period, introductory rates, APR, Annual Fee, cash rebate, or other reward programs should be monitored closely.
Commonly referred to as "intro rate" or "introductory", credit card companies include introductory periods having low interests as a tool to attracting clients onto their service. The bulk of card applicants do not look at the fine print before applying for a gas card. This leaves them venerable to clauses that nullify any introductory periods when violated. Cardholders who exceed the credit limit during the intro period, for example, are almost certainly going to forego the intro period and pay a fine. Numerous card companies will charge the fixed APR and disregard any windfall interests accompanying an intro period the slightest opportunity they get.
Annual Percentage Rates (APR)
APRs rate may vary with each transaction. Some gas rebate cards charge separate APRs on purchase, balance transfer and cash advance transactions. For those planning to make a gas rebate card their number 1 credit card, it's good advice to always ensure they are fully aware of the APR and percentage fees to be charged on any balance transfer they undertake.
Gas rebate credit cards often have late fees applicable when a cardholder defaults with payment. Late Fees are fixed for each card, and since the late fee is usually not in bold print, cardholders especially college students without steady income with which they'll service the extra debt are left vulnerable. Even those with steady income may decide to not use their card and still incur a late fee in the process.
Some of the most rewarding gas rebate credit cards restrict the gas stations a cardholder holder may purchase from. In some cases, a cardholder must purchase gas from a specific gas station in qualify for rebates or accumulate points. Of course, these cards usually don't work out well for cardholders who travel a lot. When applying for a gas rebate card, applicants should request if the rebate program is specific to any particular gas station and geographic location.
Card reward programs often include clauses that reward on specific purchases only.
Chase's Freedom Visa Signature Card, for example, will reward a cardholders top 3 monthly purchases only. So except gas purchasing for each month falls within the top 3 expenses made, a cardholder doesn't become eligible for rebates on gas.
A common pitfall with many rebate cards is that rebate programs are often for a limited time only. Other cards have a list of purchases which they'll reward for. Some will reward on gas and auto maintenance purchases only while others offer higher rewards on "everyday purchases" and lower rewards on everything else. When going receiving rewards through a points system, being fully detailed on the points system can become an asset.
A lot of people get attracted to rebate programs due to its savings potential. They envisage a situation where they'll grow their rewards till it becomes something substantial. But is this viewpoint quite true? No. Many cards have limits on â€“ points a cardholder can accumulate & months a cardholder waits before redeeming their reward.
Those entirely serious about receiving gas rebates had better be prepared to work for it. Virtually no card company offers to send a rebate check without being told to do so. This is why it's good when a credit card provides an interface through which a cardholder monitors his points till he can redeem rewards.
Compare most popular Gas Rewards Cards and apply securely online.