Gas credit cards are not much different than other cash back cards or rebates. Banks have restrictions that apply to what purchases are eligible for rebates and how much of a rebate you are allowed to get along with other restrictions that the company wishes to apply to their gas credit card offer.
Gas credit cards have restrictions on the amount of rebate you are allowed to receive. The annual rebate cap on gas credit cards ranges from $300 to $600 depending on the card. $300 is the most common rebate cap that gas credit card companies allow for.
Gas company specific gas credit cards will restrict where you are allowed to purchase gas from to be eligible for the rebate. If you have to purchase gas from a gas station not connected with the card you will not receive a rebate on this purchase. In rare instances though, even some general credit card companies are placing this restriction on their gas rebates.
Paying at the pumps only rebates is another restriction being seen placed on gas credit cards by a few companies. To make sure you get the rebate you must pay for your gas purchase at the pump only. Some transactions that take place inside the store are not eligible for any rebate.
Companies also place a restriction on using warehouse clubs to fuel up. To be eligible for your full rebate they require that you use an actual gas station that’s primary purpose is to sell gas.
For example MBNA’s AAA gas credit card has a nice little restriction attached to it. The restriction is that if you use your card for only fuel purchases then instead of the 5% rebate you will only receive a 2% rebate. This restriction is rather annoying if you got the card to use for gas purchases exclusively.
Some companies place monthly rebate accumulation restrictions on their gas credit cards. These restrictions can be as low s $15/month.
CITGO offers a gas credit card that can be used at any CITGO branded station across the country. They have a restriction on the time frame in which you can use your rebates. All rebates must be used within six months or the rebates will expire.
Rebate restrictions, also comes in the form of forcing you to request your rebates within a specific amount of time. If you are to busy to sit down and make the request within the given time frame your gasoline rebates will expire.
Gas credit card companies hold all the power with these cards. The terms and conditions of your interest rate, rebates and usage can be changed at anytime with very little notice given to you.
Your credit is another area where restrictions apply. You need to have good credit to be eligible for a most gas credit cards. Poor credit and a history of late payments will cause most companies to reject your application.
Each company and gas credit card program has their own set of restrictions attached to them. Make sure that you read the fine print so that you understand what restrictions apply to the Gas credit card of interest. Banks are good at offering you what looks like a great package until you look closely at the restrictions. Please make sure that the restrictions associated with a particular card do not outweigh the discounts and rebates that the company is offering to you.