Choosing the Best Gas Cards

2007-10-15 12:53:47

( Financial )



Why Get a Gas Card?

In today's consumer world, a credit card not only entitles you to make purchases or loan advances on a deferred payment basis, but may also give you other privileges. Some credit cards give you reward points, while others offer special discounts when you buy from particular stores.

Many of the best credit cards have tied up with fuel companies to develop gas cards, or credit cards that you can specifically use for purchasing petroleum and other automotive products.

When you consider that you have to spend a lot of money on fuel, you will appreciate the fact that gas cards do offer you something back for your gas purchases. There is a wide array of the best gas cards you can choose from.

Features of the Best Gas Cards

Practically all the best gas cards have waived their annual fees. The main difference is in how much rebate they can offer for fuel and automotive service purchases. Rebates range from three to as much as ten percent. Gas cards with higher credit limits, like gold or platinum types, usually have higher rebate rates.

The best gas cards usually offer lower annual percentage rates of interest, averaging about fifteen percent for fixed rates, and slightly higher for variable rates.

Some of the best gas cards also offer reward points just like standard credit cards. You can apply the reward points as discounts for future purchases at affiliated establishments, or redeem the points for free gifts or merchandise.

Tips for the Consumer

The best credit cards are also great sources for gas cards because of their competitive features. A good way to start is by asking your credit card company whether it also offers gas cards.

You should choose a gas card that has tie-ups with a reputable fuel brand or automotive services firm to ensure that you will regularly patronize these establishments.

Some sites have lists of the best gas cards, so you can easily compare their features. Review each card's rebate rate, annual percentage rate, balance transfer fee and reward point system before finally making your choice.

Bear in mind that you must have an above average credit rating in order to enjoy the special features of the best gas cards.


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