These days, with the high price of oil, credit companies are competing fiercely for your business, spurring on a slew of aggressive advertising techniques in order to entice you to sign up for a gas rebate credit card. With the price of gas quickly reaching $4.00 a gallon, perhaps it’s time to re-evaluate the details of credit card rewards programs. Not only do you get something in return for the high prices you are paying at the pump, but you also have an incentive to return frequently. These types of credit card rewards programs are becoming quite popular with consumers who see it as a way of taking some of the bite off when filling up.
Tips for Credit Card Rewards Programs
It’s important to read the fine print on the application in addition to the details of each of the credit card rewards programs carefully. Some offers sound tempting at first glance but often have strict limits on how, when, and where you can redeem the rewards they are offering. Moreover, you will find that the limits sometimes reach the point of benefitting the credit card company more than you. Be wary of credit card rewards programs that charge a higher interest rate. If a credit company is offering credit card rewards programs that seem too good to be true, then they probably are. Many times, the credit card company will pay for these rewards by charging a higher interest rate if you’re carrying how to start a payment processing company a balance. It’s best to pay the balance off every month so that the higher interest rate will not affect you.
Furthermore, most credit card rewards programs don’t kick in until you have spent “up to” a certain amount, like on a gas rebate credit card, for example. Again, be careful to read the fine print because many times, especially on cash back reward credit cards, the reward will not kick in until you have spent over a certain dollar limit threshold. For example, some credit cards may give you a $50.00 gift certificate after spending $10,000 on the card. This really amounts to about a ½% reward. In this case, you would be far better off with a 1% cash back reward. Ensure that you understand how much you are paying for the reward you are receiving.
Additionally, watch for annual add-on fees with reward credit cards. Make sure you do not have to spend a bundle to get decent credit card rewards. Otherwise, it defeats the purpose of the reward as you are really paying for the reward with the annual fee. Other times, credit card companies impose reward limits. You may have noticed many cards offering rewards but only up to a certain amount. For example, a 5% cash back gas rebate credit card may stop paying once you have reached $200 or $300 in gas purchases. Apply for the credit card rewards programs that have no limit or that give you unlimited cash back. Finally, some credit card companies have reward expiration dates. If you have to redeem your rewards for a gift item, make sure you redeem before the posted expiration periods. Usually, you must redeem rewards within a specific period of time.
A Gas Rebate Credit Card in Particular
A gas rebate credit card can be quite generous but can have its limitations. Ask the credit card company if you can use these rewards at all gas stations or if the rewards for the card are limited to certain gas stations, certain locations, or a particular grade of gas.
Every time you make a purchase on your gas rebate credit card, you get a percentage of that purchase in credit to use to buy gas. Many of the credit card rewards programs will give you a higher cash back percent when you use your gas rebate credit card to purchase gas at a pre-approved gas station. Often, it is as high as 5% cash back on your gasoline purchase!
A gas rebate credit card with added perks can be extremely beneficial, especially if you monitor the best credit card rewards programs available. Once you’re convinced and ready to apply for a gas rebate credit card, make sure that you read the application carefully. Do not rush through the application process to find out this card is not something you expected. Do the appropriate research, and you’ll be more than satisfied.