Choosing a Gas Rebate Credit Card
For the past several years, gas prices have been higher than their historical averages. Unfortunately, it doesn’t look like this trend will reverse anytime soon, considering that countries like China and India are using more petroleum than ever before. To cope with these higher fuel prices, more and more people are turning to gas credit cards; they offer a per-gallon discount or a percentage rebate on fuel purchases.
Gas-Station Affiliated Cards vs. General Gas Rebate Cards
Basically, every gas card falls under one of two categories; a credit card which only gives a discount at an affiliated station, or a general purpose card which gives a discount at every gas station. Each of these has their pros and cons. For example, the Exxon Mobil credit card gives a 5% rebate, but that only applies to purchases at Exxon Mobil stations. Meanwhile, the American Express Gold Card gives only two points per dollar spent on gas, but the difference is that it can be used at any station. Which type will benefit you the most? Well, that depends on where you buy gas. If always buy from the same company, then it might make sense to go with their affiliated card. If you don’t, then it’s probably better to get an American Express, Discover, etc. that can be used anywhere.
Annual Fee vs. No Annual Fee
Some gas rebate cards charge an annual fee… will that make sense for you? For example, the American Express Gold Card (Premier version) charges $175 per year; if you’re not a big spender, this probably won’t be a smart decision. There are others which don’t charge an annual fee (like the Discover More card) but the drawback is there are limits and restrictions on its gas rewards program. Some of the gas station affiliated cards are almost always a bad deal, such as the Chevron credit card. Their “premium” charge card doesn’t offer rewards on gas, except for a short promotional period after you apply. Their Visa version does offer a rebate, but it’s only 10 cents per gallon and only applicable at Chevron stations.
Making The Final Decision
If you’re considering the Exxon Mobil card, Discover More card, or any of the others mentioned, it’s important to realize that there are literally dozens of others to choose from. Make sure you consider each and every one before making your final decision. What’s best for one person may not necessarily be the right choice for you.
Five Alternatives To Traditional Credit Cards
Credit cards are a convenient way to complete payments using the internet to shop online or cover unexpected and emergency expenses. Unfortunately, there are some instances that can make it difficult for a consumer to get a credit card – such as bad credit or a lack of credit in the case of someone being new to the country. In these cases, there are many alternatives to credit cards that can be used for all of the purposes that a credit card is traditionally used for.
Here are five alternatives that can be used for credit cards:
Online Payment Systems
Online payment systems like Paypal allow the consumer to use these online payment systems to shop online and complete payment, while providing a viable alternative to credit cards. These payment systems are safe and secure and money can be added directly from the bank account to fund these purchases. There are over one million websites that allow the consumer to shop on the internet using their account, without ever requiring a credit card number.
Prepaid Credit Cards
Prepaid credit cards can be obtained from a variety of financial stores and shops. They can also be obtained on the internet to be given as gifts. These credit cards are loaded with a certain amount of money and can be replaced when this money has been spent. Prepaid credit cards allow the shopper to stay within a certain budget, and require no credit rating. They come with high fees, but can be instantly loaded and used after loading.
Secured Credit Cards
Secured credit cards are great for those consumers that have not been approved for a traditional credit card in which the credit limit is granted based on the credit score. Secured credit cards require a deposit which is equal to or less than the credit limit that is being provided and can be a great way to gain access to a credit card as well as developing and building the credit rating. Secured credit cards can be used just like a normal credit card, only the deposit is returned once the account has been in good standing or the account has been closed for an account that is non-secured.
Debit or Check Cards
Debit or check cards can be used like credit cards, but draw the money from the checking account rather than allowing a credit line which should be repaid at the end of the month. These are a great way to get credit card debt under control – and are a great alternative for those that find themselves easily attracted to the lures of credit use.
Temporary Credit Card Numbers
Many financial companies and online payment systems offer temporary credit card numbers which can be used to shop online at stores that do not accept the online payment systems.