Entry

Can one really save a lot of money with gas reward cards?

Jun 14th, 2008 23:06
Ivan Rimsky, http://cardfusion.com/learningcenter/, http://www.creditcardmix.com/credit-card-category/cash-back-gas-credit-cards

Gas Rebate Cards is an exceptional tool for drivers to save every time 
they pump gas at their cars. However, it’s not all that perfect. Gas 
rebate cards will save you hundreds of dollars a year, only if you use 
it right. We all have to understand that those big banks won’t offer 
you the cash back for one of your most essential expense if they are 
not sure that they will make money. And it’s really not that hard for 
them. 
Generally speaking gas rebate credit cards have a higher APR then the 
regular credit cards, and if you are carrying a balance then gas 
rebate cards are not for you. Think about it for a second - if you're 
getting back a 5 percent credit on your gasoline, but you're paying 
them 14.99 percent on your balance, it's going to cancel out any 
credit that you might be making. Banks, and credit card companies hope 
that you’ll cary balance on your card so they can sit back and collect 
the interests. So, most important rule for gas rebate credit cards 
is “ALWAYS PAY OFF YOUR CARD BALANCE AT THE END OF THE MONTH”.
Also, before applying do your homework, compare offers. Some web sites 
like PumpAndSave.com specialize in gas rebate cards. Visit them and 
compare some offers. Pick what will fit you best. One of the key 
points in choosing the gas card is that you have to pay attention to 
the introductory period for the high rebate. Some cards will offer you 
15 percent, but will drop to 5 after three or six months. Also, make 
sure to read the card terms and conditions and know how you will get 
the rebate, and if there is an expiration on it.
Some consumers take savings even further. If you decipline yourself 
you can use the rebate money to purchase discounted gas gift cards, 
and savings can really surge in this case. There have been reports on 
consumers saving up to 32 cents per gallon.
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If you are looking for alternative ways to save money on gas, ckeck 
out the goverment supported website 
http://fueleconomy.gov/feg/drive.shtml that contains tips for drivers 
that are willing to change their driving habits for the sake of saving 
money and fuel resources.