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Gas Credit Cards Promise (A Little) Relief to Consumers Struggling with High Gas Prices

by Peter Andrew

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Gas

Credit Cards Promise (A Little) Relief to Consumers Struggling

with High Gas Prices

When

trends develop, you can be sure credit card issuers will find

a way to capitalize on them. The rise of gas credit cards in

response to rising fuel costs is the latest example.

With the cost of gas currently over $2.30 a gallon (about 50

cents higher than at this time last year), consumers are looking

for relief. Credit card companies are promising it, or at least

a little. Today, most of the major credit card issuers are offering

specific gas rebate credit cards or have added special gas rebates

into their existing rewards programs. Many of these programs

have been introduced within the last year.

"The

rebates can be very generous," says Adam Jusko, Research

Director of IndexCreditCards.com. "Many general market credit

cards offer 5% rebates on purchases at gas stations, while many

specific gas retailers have cards offering even higher rebates."

(IndexCreditCards.com

offers a list of gas cards with rebates at http://www.indexcreditcards.com/gascreditcards.html.)

Jusko stresses to read the card agreements closely, as some

cards restrict rebates to gas purchases at standalone stations

- purchases at wholesale clubs, supermarkets or other non-traditional

retailers may not apply. He adds that any credit card offering

rewards should be avoided if you don't pay off your card's balance

each month.

"Getting

a 5% gas rebate doesn't do you much good if you're paying 13%

interest on your purchases."

 

Published 01/26/06 (Modified 05/07/12)


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