Are The Gas Cards Really Worth It?

While gas rebate credit cards are extremely tempting with gas prices ticking up toward $5, there are a few things to consider before signing up for one of them. It is important to read the fine print on the credit card contract to fully understand what the card will offer you in the long run.

While you consider your options, here are a few things to remember about gas rebate credit cards:

Introductory offers only last so long—Many card companies offer very high rebates for only a short length of time—around ninety days. After that period is up, the rebate can drop considerably.

All gas stations are not created equal—While gas rebate credit cards offered by major credit card companies may seem flexible, even they have restrictions on where the rebate will count. Buying gas at a wholesale club is often much cheaper than a regular gas station, but it may not receive a full rebate.

Interest rates are extremely high—Because gas cards are rewards cards, they have higher interest rates than most credit cards, often as much as twenty percent. If you do not pay off your bill in full every month, gas cards may end up costing more than they save for you.

Rebates may not be forthcoming—Some card issuers do not automatically refund you the rebate money and instead require that you request the rebate. The unwanted hassle is worsened by the fact that your rebate may disappear altogether if you do not act within a certain time frame.

Rebates may be capped—Many gas credit cards have a limit to the amount of money you can receive in the form of a rebate, usually between $300-$600.