Getting a Good Deal on a
Gas Rebate Card

If you drive a car, your wallet is feeling the strain of high gasoline prices.

And the more you drive each week — commuting to and from work, driving the kids to and from school — the bigger the bite high gas prices are taking out of your monthly budget.

Choosing the right gas rebate card for you and your family can help. Many credit card issuers are offering cash rebate deals aimed at easing the burden of high gas prices.

Most gas rebate cards offer 2 to 5 percent cash back each time you use the card to fill up at the gas pump. If you pump $40 worth of gas on a card with a 2 percent rebate, you will earn $.80 cash back. If you pump $40 worth of gas on a credit card with a 3 percent rebate, you will earn back $1.20.

The higher the rebate, the more cash that heads back to your wallet. For example: a $40 charge of gasoline would earn you $2 cash back on a card with a 5 percent rebate.

These cash back rewards can really add up over the course of a month.

Let's say you charge $40 worth of gas six times a month for a total of $240. With a gas credit card with a 2 percent rebate, you'd earn $4.80 in a month. With a card with a 3 percent rebate, you'd earn $7.20 cash back on your gasoline purchases for that month.

Those same gasoline charges of $240 per month would earn you $12 cash back on a card with a 5 percent rebate.

While these cards are no substitute for lower gas prices, they do help to put a little more cash back in your pocket. And with today's high gasoline and high food prices, every little bit of cash heading your way helps.

Some cards are linked to specific gasoline stations, such as the BP Visa Card from Chase. And some cards let you earn cash back at any gas station.

As with any rebate credit card, it's important to shop carefully. Here are some important questions to ask before signing up for a gas rebate card.

How rich are the rewards? Cash back rewards on gas credit cards vary from card to card. Rebates on gasoline credit cards range from 2 to 5 percent.

May I earn rewards for purchases other than gasoline? Some all-purpose reward cards allow you to earn a hefty cash back rebate on gasoline as well as a whole host of other purchases, including purchases made at supermarkets, drug stores, and convenience stores. Some rebate cards even allow you to earn cash back on monthly utility bills that you pay with the card. What's the rate of rewards on each of these purchases? What about all other purchases that you make with the card?

And some credit cards linked to a specific chain of gas stations will allow you to earn a smaller rebate on all other purchases you make with the card. Be sure to study the precise rebate terms of each card offer carefully.

Are there any introductory cash back offers? Some reward cards offering cash rebates for gasoline purchases have sweetened the deal with super-rich introductory rewards. You may enjoy a 6 to 10 percent rebate for gasoline purchases for the first two or three months, followed by a standard rewards rate of 3 to 5 percent. Signing up for a gas rebate card with a rich introductory reward is a great way to save money on an upcoming road trip or family vacation. Just make sure to complete your travel during the introductory period.

May I earn cash back on any gasoline purchase or must I purchase gas at a particular chain of gasoline stations? This is key question. If you are loyal customer to a particular chain of gasoline stations, you may want to apply for a credit card linked specifically to those stations. These cards can offer some pretty impressive rewards, often 5 percent or more.

If you choose a card linked with a particular chain of gasoline stations, make sure there are stations close to where you live or work. It makes little sense to sign up for a gas rebate card if you have to drive several miles out of your way to fill up at a gas station that will earn you the richest rewards.

If you tend to fill up your gas tank at a wide variety gasoline stations, you may be better off with a gas rebate card that lets you earn cash back when you charge fuel at any gas station.

How quickly will the cash rebates be credited to your account? How long will you have to wait to enjoy your cash back reward? Can you cash in your reward at any time? Or must your rewards amount reach a certain level, say $20 or $50, before you can cash it in? Be sure to check.

What's the card's annual percentage rate? Enjoying cash back rebates on a credit card is a nice perk, but don't forget to take a take a close look at a card's annual percentage rate. This rate determines the finance charge you will pay when you carry a balance on the card. Do your best to pay your balance in full each and every month. Any balance you carry will offset any rewards that you are able to earn with the card.

Ready to shop for a gas rebate credit card? Compare gas card offers and apply online instantly!

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