Using Your Gas Reward Credit Card

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Is there anything I should know about my reward card?

Using Your Gas Reward Credit Card

As gas prices continue to climb, gas reward credit cards are gaining popularity. But consumers need to be careful, both of the offers they accept and of the way in which they use their cards.

  1. Understand the difference between a rebate and a reward. Gas reward credit cards give a reward you can use at many of your local gas stations. Gas rebate cards give you a small percentage of your gas purchases back in rebates and cash.
  2. Interest charged against your balance will often be greater than the value of your rewards. If you let your balance accrue and interest is charged at 15% or more, the interest charges will greatly outweigh any rewards you can possibly earn.
  3. Your introductory reward may be greater than your permanent reward. Often, gas reward credit cards will offer an extremely attractive introductory reward that reduces after the introductory period.
  4. Be sure to pay your bill on time. When you pay late, you'll be charged a late fee, and you may trigger an interest rate increase that really impacts your bill.

   

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