Gas Credit Cards Promise (A Little) Relief to Consumers Struggling with High Gas Prices
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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 /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.”
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
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