Like other merchant-bonus programs, gas rebates are typically offered to those with "excellent" FICO scores, and some companies will rescind rebate benefits or raise interest rates when payments are overlooked or accounts are past due.
Getting the Most out of Gas Rebate Credit Cards
- Applicants shouldn't get wrapped up in attractive introductory offers without reading the contractual fine print.While some cards may offer up to a five- or 10-percent fuel bonus, the rate may only be good for a couple of months before dropping steeply.
- Annual fees should be avoided. There are hundreds of card options available, and plenty of them are free of additional charges.
- Consumers should pay attention to the account's APR, since many fuel-bonus cards start at 20 percent or more. Shopping around for reasonable rates and paying off monthly balances are keys to benefiting from rewards programs.
- Choosing the most competitively priced service stations helps drivers save even more cash. GasBuddy.com offers consumers a database of fuel prices searchable by zip code, state or province.
- Understanding which purchases contribute to the overall rebate helps applicants determine whether a merchant account is a good fit for them. Some gas reward programs offer bonuses when cardholders buy groceries, pharmacy items and incidentals, in addition to when they buy fuel.
Credit Card Applications provides consumers with a comprehensive analysis of gas reward cards, including their interest rates, rebate amounts, consumer ratings and reviews.
