Gas rebate credit cards are amongst the many types of cash back and rewards credit cards that card issuers are giving out in order to attract or retain customers. Given the increasing prices of gasoline, gas rebate credit cards are particularly useful, especially when combined with other features. The most common form of gas rebate cards, offers cash back on all gas station purchases. This cash back percentage varies between 1 - 5% depending upon whether the target customers are those with fair credit or those with excellent credit history. Some credit cards offer higher discount on automobile gasoline and a lower cash back percentage on all other general purchases charged to the card.
You can apply if: you have a long and positive credit history with a mix of credit types, you keep your balances low and make on time payments every month.
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Plenty of Merit in Gas Rebate Credit Cards
Gas rebate credit cards offer up to 5% rebate on all gasoline purchases at gas stations. There are quite a few resources online that one can use to pick a gas rebate card based on the credit history of the individual.
Benefits of gas rebate cards?
Gas rebate cards are a great plus in the present situation, where gasoline prices are hitting the roof. One must also note that the benefits of gas rebate cards aren't restricted to discounts at gas stations alone. Gas rebate cards also come with other features. Some credit cards offer up to 5% off at gas stations and 1% cash back on all other purchases. That could be a handy discount every month. Gas rebate cards could also come with opening bonus points as well as introductory APR that could help you save more.
When should you go for gas rebate cards?
If you are one of those people who has to commute long distances every day, gasoline prices might affect your expenses in a great way. In such a situation, a 5% discount on your gasoline purchase could help you save more than what most other cash back offers or low APR cards can help you save. You can also go for cards which offer double cash back on gasoline purchases and reasonable rebate for other expenses like dining outside, departmental store purchases, etc.
Obvious pitfalls with gas rebate cards?
Gas rebate credit cards aren't necessarily the most attractive of all card offers. Gas rebate credit cards might come with high APRs which could hurt you when you have high outstanding balances. That is also a reason, only those with 0 balances, at the end of the month should opt for such cards. Those with high outstanding dues, will save more with low APR credit cards, compared to gas rebate credit cards.
How do the rebates work?
Gas rebates are mostly credited to your account at the end of the billing cycle and hence available as a deduction on the credit card bill. In some cases, gift cards are also available to the card holders, which can be used for gasoline purchases at gas stations. Some gas rebate cards are associated with gas station chains and bring in attractive benefits when card holders visit particular gas filling stations. In other cases, these gift cards are only available if the card holder claims the rebate before expiry of the reward.
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