How To Save Money with a Gas Rebate Card
Apr 27, 2009 Save Money
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A gas rebate card can appear to be a great way to save on gas. This is very appealing, as the price of gas has been increasing. However the actual savings are not what they appear to be and you need to read all of the fine print to completely understand what you can get from gas rebate cards.
However the large rebate tends to only be available for the first few months, generally at about 90 days. For example Chase’s MasterCard has a 6% rebate on all gas purchases but only for the first 90 days and then after this time the rebate drops to around 3%. As with many credit cards the terms and conditions can change drastically. There have been cards in the past that offered rebates on gas but when the card issuer discovered that people were only using that card to purchase gas and not other items they quickly changed the policy.
You will also need to realize that many gas rebate cards only offer rebates at specific gas stations. To receive the full rebate you will have to go to a standalone stations. Also the savings you may be receiving from the rebates may not be savings at all as gas rebate cards tend to have much higher interest rates then traditional credit cards. If you carry a balance on your credit cards then it is advised that you do so on a low interest card and not the gas rebate card.
Many times you will have to make a request for the rebate and if you do not request it then you it can disappear after about 6 months. It is possible to be creative and save quite a bit on gas but this can take some time to figure out.
It is possible to get some good savings from gas rebate cards but you will have to be very creative, such as purchasing a pre-paid discounted gas card using your gas rebate card, so you get a combined savings on gas.
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