A gas rebate card is a credit card that gives the user a rebate on money spent. This means that if you spend $100.00 on a purchase, you may get $5.00 back (depending on the rebate percentage). A credit card company may offer cash back on rebate charge card purchases to encourage the continued use of their gas rebate card, and make it more preferable than others.
You can get your money back right at the pump by using Gas Rebate Cards that turn your expenses into cash.
Take your time to review this list of gas rebate cards owned, tested and reviewed by consumers just like you. Learn about the benefits and compare gas rebate card offers side by side to determine which gas card works best for you. Then select the gas rebate cards of your choice and apply today to start saving right away.
Before making your selections learn the general concept of gas rebates so that you understand how the savings is generated and what’s all involved.
When should I use my gas rebate card?
If you can pay on time and avoid interest charges, then you are essentially being paid to use your card. If having a credit card does not tempt you to buy things you should not, and you only use it on things you would normally buy, it only makes sense to use the card to maximize your rebate potential as often as possible. If, however, you tend to go overboard on purchases when you have a credit card in hand, you may want to freeze it in a block of ice.
How does the gas rebate card company make money?
If having the credit card company pay you to use their card feels as if you are ripping them off, do not worry. They make their fair share of money too. They receive a fee from the merchant who processes the gas rebate card transaction. In addition, they count on you to carry a balance on your gas rebate card, which means interest payments for them.
What should a gas rebate card user be aware of?
Before you start shopping with your gas rebate card, read the fine print first. Some cards only offer a rebate on certain purchases. Just because you can use the card anywhere, does not mean your purchase is an approved rebate purchase. If your gas rebate card says purchases at gas stations are approved, it does not mean a purchase at Costco, which also sells gas, is approved. When in doubt, call your card provider and ask. If you have made questionable purchases and did not get your rebate, gather your receipts and be prepared to argue your case.
Can you get a rebate when you use the pin number?
Some gas rebate cards give you the option of using pin numbers and a debit function for some store purchases and cash advances. However, they may only give rebates on credit purchases where pin numbers are not used.
What are the different types of gas rebate cards?
There are several types of gas rebate cards available to consumers:
- There are reward cards, which offer the user to accumulate points that can be traded for gift cards. An average reward is 5 points for every dollar spent. 6000 points would purchase $50.00 gift card.
- You can also get a cash card, which would offer straight 3% cash back on purchases. This cash back comes in the form of a credit on the gas rebate card bill.
- Some banks offer cash back on debit cards as well. For instance, if you have a PayPal debit card, you get cash back when you use the credit card option.
In the end, a gas rebate card is only valuable if you are disciplined enough to not overspend or pay your bill late. Knowing the rules will maximize your potential savings.
Reward Credit Cards
Reward Credit Cards are the type of cards that offer incentives for their use. These incentives can come in the form of rebates, coupons, discounts on future purchases, promotions, cash back rewards and others. The counter starts at the first dollar you charge on the card and rewards are generated when enough points have been collected to satisfy the promotional requirements. All that depends on how often and how much you use the card over a period of time.
TIP: Read carefully the terms and conditions for each card so that you know what to expect.
Reward programs are costly to the credit card companies and the only way they recover those costs is if you don’t pay off the balance on time. You have to be diligent about paying off monthly balances, otherwise your finance charges will wipe out all the benefits associated with the reward.
Cash-Back Credit Cards
Cash-Back Credit Cards are great. Why? Because you are getting back exactly what you put in – money. For every dollar you spend you get a percentage back in your pocket. Cash back credit cards give you cash rewards for making purchases with the card. Users have been taking back hundreds of dollar in cash! Most cash back rates start at 1% of your total purchases, excluding interest and finance charges and can go up to 10%.
TIP: These types of programs are tiered, so the more you use the higher your return.
Specialty Credit Cards
Specialty Credit Cards are for individuals with unique and special needs for their credit use. This includes Gas Rebate Cards, Travel Cards, Student Cards, Book Store Cards. There are some cards that offer a higher cash back percentage only at select merchants or for particular types of purchases, so if you always get gas in the same spot or do your grocery shopping in the same place you can opt for this choice.
Getting a Credit Card Gas Rebate on your gasoline purchases is great but it is likely those purchases are just a small share of your total credit-card bill. So for our purposes of looking for the best savings plan out there, FuelBudget.com recommends you to look at the cash-back cards offers. Do the math, since these cards offer a slightly higher rebate rate for ALL your purchases versus a specific type of purchase. Your earning back potential has just increased! That’s what we call savings.
Now that you are familiar with the different types of cards available to you, take some time to learn how you can get the most out of the card you select.
Getting the most out of your cards
- Do not carry a balance. Budget to pay off your debt on a monthly basis. Keep in mind that this option will not work for everyone because it takes discipline to not spend more than you have in your budget. This is the most important tip that will help you get to the savings faster and smarter.
- Read all the fine print. Sometimes the offers may look lucrative at a glance, but you should never underestimate the providers, nothing ever comes easy. Learn the system well and use it to your advantage. Those who are best familiar with the rules of the game get the prize.
- Look beyond introductory offers. Credit-card companies know you want to spend less on gasoline, so they’ve advertised some very attractive initial offers with consumer information web sites focusing on credit cards. Before you race to sign up, investigate how the rewards change down the road.
- Think about your spending. Don’t assume that you can now put your life away on a credit card just because you are getting cash back. Remember rule number one – Do not carry a balance. That means that you should use a financial plan or budget to estimate your spending within a pay period and structure it in such a way that you are able to pay off all your debt within a month. That’s the only way you can guarantee to get some of your hard earned money back in the wallet.
- Charge away. You know what they say – cash is king, well in this case credit cards are the queens. Yes, imagine that! We advise that you make it a practice to charge certain items on your card, but of course within reason! Here’s some advice – charge your gas to credit, charge your grocery shopping to credit, these are relatively small but quantitative purchases that can yield you great savings.
- Some cash back cards offer a higher rebate for common consumer purchases, such as supermarket, gas station, and drug store purchases. That’s the specialty cards that we discussed earlier. The definition for these types of purchases is usually clearly defined in the terms and conditions.
How do I get the cash?
Review all the details before signing up with any card. You would normally get a check in mail as a form of payment or you can get credit toward your next payment, it depends on your preference on how you want to spend this cash. You may have to indicate what payment method suits you set it up that way.
Is there a limit to how much I can get back?
There is usually an annual limit, but it depends on the card. Some cards earn cash at a higher rate, but have a relatively low cap on the amount of rebate. Other cards earn at a lower rate or have rate tiers (the more you spend the more you earn), but there is no limit to how much you earn. You’ll need to figure out how much you plan to charge and how quickly you can get to the higher tiers to determine which card will benefit you most. Many people choose a few valuable cards so that when the rebate caps out on one card they can start getting cash back on the other.