Credit Cards with Gas Rewards | An Expert Guide
Gasoline is expensive but thankfully you can reduce the cost of driving through gas rewards cards that allow you to earn points and cash back on your gas purchases. Gas cards are available from both individual retailers and from banks that offer rewards for gasoline purchases. Click on the images below to get specific advice from our experts.
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What To Look For When Applying
When you apply for a gas rewards credit card, you should compare the cards available to find the product that will offer you the most possible savings. Gas cards are available from both individual retailers and from banks that offer increased rewards for gasoline purchases. When considering a card from an individual retailer, you can try to calculate the value of the rewards you might receive from a typical year of driving. In addition, it is important for you to consider whether the retailer has the best prices available for gas in a particular area. Finally, if you are applying for a generic card that offers additional rewards for gasoline, you should weigh the value of the rewards you might earn against any annual fees that must be paid.
What To Avoid When Applying
Gas credit cards can offer valuable rewards, but there are some important considerations that you should keep in mind. For example, some gas rewards credit cards are tied to specific gasoline retailers which may not offer the lowest available prices. In addition, some credit cards that offer increased rewards for gas purchases exclude gas stations attached to supermarkets and warehouse stores, which may offer lower prices than nearby retailers. Paying a higher price to earn rewards is rarely worth it. Finally, many gas cards have limitations that may restrict the value of rewards. For instance, some gas rewards cards require a minimum amount of purchases each month, while others limit discounts to a specific number of gallons per fill up.
Should You Apply For More Than One?
If you are a gas rewards credit card user, then you should have little need to apply for multiple cards. First, these cards rarely offer you much of a sign-up bonus, so there is little benefit in acquiring multiple cards for that reason. And while there may be some utility to having multiple airline or hotel rewards cards when you are traveling to different places, as a driver you are free to patronize a single brand of service station with locations throughout your area.
When Is The Best Time To Apply?
Gas credit cards offer you rewards in the form of discounts on your gasoline purchases. While there is no best time of the year to apply for these products, you may want to time your application to earn the maximum rewards possible. The summer months are often referred to as the driving season, and gas prices tend to rise during late spring in anticipation of increased demand. Therefore, you may want to acquire a gas rewards card before you incur the most fuel costs. At the same time, you should avoid applying for a gas card when you have applied for several other cards recently, as several recent inquiries can lower your credit score and reduce your chances of being approved.
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