What can gas rewards credit cards mean for you?Friday, May 25, 2012 at 5:48:53 PM
If you are trying to apply for credit cards that will give you the most rewards for every dollar you spend, you're probably trying to find the one that will work best for you, given your unique spending and repayment habits.
The first step to choosing the best kind of rewards credit card for you will be to look at the areas where you spend the most on your account every month, and how conscientious you are in repaying the debts you racked up over the course of the month when the bill arrives. For many people, this will likely lead them to determine that a credit card which grants them more points and cash back for spending on gasoline is the best credit card deal for them.
Gas rewards credit cards have been growing particularly popular among both borrowers and lenders in recent months as the price for a gallon of fuel has remained quite high, making it difficult for Americans to afford a fill-up with just the cash they have on-hand, according to a report from Tulsa, Oklahoma, televisions station KJRH. These cards grant consumers double, triple and sometimes even five times the points they would earn on regular purchases for every dollar they spend at the pump.
But which works best for You?
Because there are so many offers out there, you will need to take the time to review a large number of credit card applications to find the gas rewards card that works best for you and your unique financial situation, the report said. The more you spend on gas every month using your current credit card, the more you may want to find a card that gives you a higher cash back rate. Often, though, these are supported through sizable annual fees or higher interest rates, and sometimes both.
For this reason, you'll need to consider the way you currently deal with your credit card debt. If you pay it off in full every month, then the amount of cash back you earn will only need to exceed the cost of your annual fee, and doing a bit of math can help you figure out if you would do so under your normal spending habits. However, if you do carry a balance over regularly, you'll need to factor in the added interest costs as well. Doing so will help you find the best credit card.