Think about the means and timing of your reward collection. Before enrolling in a rewards program, be sure you understand any restrictions, such as a minimum rebate amount or cash-out threshold.
Rewards on some gas cards take the form of a price cut on a single tank of gas. A vehicle with a larger gas tank may benefit more from this than one with a smaller tank. Some provide reward points without specifying their value. Before choosing a credit card, carefully consider the points' worth.
Verify any current loyalty cards
You may be better off with a general rewards credit card that lets you rack up points on purchases outside of the gas station. In fact, some of these reward programs are increasing motivation by providing bonus rewards in various quarterly categories, one of which is gasoline.
Chase Freedom and Discover it® Cash Back are two examples of cards that offer bonus categories that change periodically. Know the fine print of the card
It's not uncommon for private-label gas cards to have rates and terms that are on par with those offered to people with poor credit. Credit-hungry consumers should exercise caution around enticing introductory offers, high annual percentage rates (APRs), late payment fees, and overlimit fees.
If a gas rewards card's APR or fees would eat up the money you save on gas purchases, it's not worth it. You should look for a general purpose card with the most favorable terms if you anticipate needing to carry a balance or paying any fees for being late.
Do not overestimate fuel savings.
It's easy to get carried away when you find out you'll be getting 3 percent cash back on gas, but think about how much you'll actually be saving. Average passenger vehicle fuel economy is about 24 miles per gallon, as reported by the United States Department of Energy. According to the Federal Highway Administration of the United States Department of Transportation, the average distance driven by a U.S. resident in 2020 was 12,724.
Rewards on some gas cards take the form of a price cut on a single tank of gas. A vehicle with a larger gas tank may benefit more from this than one with a smaller tank. Some provide reward points without specifying their value. Before choosing a credit card, carefully consider the points' worth.
Verify any current loyalty cards
You may be better off with a general rewards credit card that lets you rack up points on purchases outside of the gas station. In fact, some of these reward programs are increasing motivation by providing bonus rewards in various quarterly categories, one of which is gasoline.
Chase Freedom and Discover it® Cash Back are two examples of cards that offer bonus categories that change periodically. Know the fine print of the card
It's not uncommon for private-label gas cards to have rates and terms that are on par with those offered to people with poor credit. Credit-hungry consumers should exercise caution around enticing introductory offers, high annual percentage rates (APRs), late payment fees, and overlimit fees.
If a gas rewards card's APR or fees would eat up the money you save on gas purchases, it's not worth it. You should look for a general purpose card with the most favorable terms if you anticipate needing to carry a balance or paying any fees for being late.
Do not overestimate fuel savings.
It's easy to get carried away when you find out you'll be getting 3 percent cash back on gas, but think about how much you'll actually be saving. Average passenger vehicle fuel economy is about 24 miles per gallon, as reported by the United States Department of Energy. According to the Federal Highway Administration of the United States Department of Transportation, the average distance driven by a U.S. resident in 2020 was 12,724.
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