Gas rebate credit cards first hit the market a few years ago and have done nothing but gain in popularity since then. When you use a gas rebate credit card, you’ll earn points that can later be redeemed for gas gift cards in some cases. In other cases, the points can be redeemed as cash credits to pay off gas purchases on your card. With gas being over $3.00 a gallon consistently these days, gas rebate cards are really a hot option.
Gas rebate cards are best for consumers who drive often and would like to save on travel expenses. Because these cards are particularly for gas rebates, the rewards values tend to be much higher than rewards values on other offers like cash back cards.
What To Compare with Gas Credit Cards
Interest Rates – As you use credit cards more and more, you’ll notice that interest rates are quite the expense if they are high. That being said, the first thing that you should look at when comparing any type of credit card, including gas rebate cards, is the interest rate or rates offered. When comparing interest rates, remember that there are a few different types of rates to look at. They are promotional, purchase/standard, cash advance, balance transfer, and default interest rates.
How Points Can Be Redeemed – As mentioned above, with some gas rebate cards, once you’ve accumulated enough points, you can request a gift card in exchange for your points. With other offers, the points may be given to you in the way of a statement credit for gas purchases. If you have a preference in how you receive your rewards, it’s important to read through the terms and conditions to figure out how your rewards can be redeemed.
How Points Can Be Earned – All gas rebate credit cards give you points for each dollar spent or purchase made. However, if you read the fine print on the different offers, you’ll find that they are not all created equally. Some will how points that are worth less and easier to earn, others will have points that are worth more and harder to earn. And, almost none of these are proportionate. Start by taking a look at how you can earn points and take notes on how fast you think you can accumulate them. Next, we’ll go over how much the points are worth.
The Value Of Points – When looking for any rewards credit card, one of the most important things for you to compare in order to get the most bang for your buck is the value of points. If it’s easy to gain a ton of points, but you’re never able to redeem them because there’s not enough value in them, well, you’ve wasted time earning them. Therefore, when comparing gas rebate cards, look at the cash value of points and try to choose an option that offers a competitive point value.
Fees – Each different credit card will come with it’s own unique set of fees. When comparing any form of credit card, it’s important to take a close look at the fees to figure out what you might find yourself paying. Also, on any rewards credit card, annual fees can be quite high. So make sure to pay special attention to annual fees.