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6 tips for using gas rewards cards wisely

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"As long as you're paying off your balance in full every month, a good rewards gas card is found money," says Joe Ridout, spokesman for consumer advocacy group Consumer Action in San Francisco. However, he cautions that gas rewards cards are not appropriate for consumers who carry a balance because these cards tend to have higher annual percentage rates than regular credit cards.

Compare rates on gas rewards cards to those on low-interest cards.

Paying interest can offset any discount from a gas card. "When you're paying 26 percent on a $50 balance to get 15 cents off a gallon of gas, those rewards do not pay out," says Ondine Irving, founder of CreditCardConnection.org, a directory of credit unions that offer consumer-friendly credit cards.


 

 

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Balance Transfer Cards 15.75% --0.00 15.75%
Cash Back Cards 16.45% --0.00 16.45%
Low Interest Cards 10.96% --0.00 10.96%
 
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