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Should I Get A Gas Rebate Credit Card?
Have you received an offer for a gas rebate credit card? If you have, then you are not alone. Actually gas stations and petrol-product merchants all over the country constantly provide gas rebate credit cards to their loyal patrons and consumers. This way, they can encourage car owners to regularly purchase the gasoline and petroleum products they sell out.
However, a lot of consumers are somewhat hesitant to obtain the very first reward credit card offered to them. What could be the reason behind this apprehension? Well, not all of us understand how these credit card reward programs actually work. This is because we do not hear nor see much advertisement regarding gas reward credit card programs.
Still if you are very interested on what a reward credit card can do, and what credit card rewards you can gain from using a certain card program, then we encourage you to read the rest of the article. This is because we will be providing basic facts about gas rebate credit cards in the succeeding paragraphs below. We will also discuss some tips that will assist you in securing the right reward credit card that will ...
... prove suitable to your needs.
What are Gas Rebate Credit Cards?
What is a gas rebate credit card? A gas rebate card is a type of reward credit card that is especially intended for car owners who regularly purchase gasoline and other petroleum products. This card program is not only issued by gasoline chains all over the country. Some card companies also provide these unique credit cards to their loyal cardholders. But how does this card program actually work?
In a gas rebate card program, consumers can earn a certain percentage of the total expenses they have incurred as they purchase gasoline and other petrol-based products. For example, you can take a reward credit card that features a cash back rate of 5%. If you are able to charge as much as $1000 on your credit card, you can expect a rebate of $50 from your card issuer. But are the credit card rewards offered in this credit card program only in the form of cash incentives?
The answer for that question is a big no. Aside from monetary incentives, you can also choose from a wide range of credit card rewards. You can redeem rewards in the form of free car insurance plans, maintenance and repair discounts, free car parts and even free gasoline products.
Drawbacks in Using Gas Reward Credit Cards
Gas rebate credit cards also have some disadvantages. Some card issues impose very high interest rates and fees on the card programs they offer. Aside from that, there are lenders that offer high cash back rates only during their introductory periods. Once the short-term teaser program is up, the cash-back rate will slide down to a mere half of the rate you used to enjoy.
Still, it is possible to lessen the impact of these disadvantages. But how? By employing the tips we have listed below.
Tips on Selecting and Using a Gas Rebate Card
You can employ the following tips when you shop for and use a gas rebate credit card:
- Look for gas rebate credit cards that provide the lowest possible rates of interest.
- Settle only for a reward credit cards that does not require payment of annual fees and high finance and transaction charges.
- To get the the biggest cash-back incentive possible, you have to search for credit cards that offer the highest cash back rates or incremental rewards.
- It will be wise to charge only on your reward credit card the gasoline purchases that you can surely pay off. This way, you can avoid incurring debts that you will have a hard time to repay.
- Resist the urge to get more than two gas rebate credit cards. Remember that the fewer cards you have, the smaller will be your risk of running up large credit balances.
- Pay your reward credit card bills on time and in full each month.
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