credit cards

6 tips for using gas rewards cards wisely

Understand the card's terms
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Irving cautions that private-label gas cards especially can "come with the same terms as those for high-risk, low-credit-worthy consumers."

That means consumers should watch out for high APRs, late payment fees, overlimit fees, and enticing introductory offers designed to lure consumers in need of credit. Some also charge an annual fee, says Ridout, so make sure you understand the card's terms and fees.

If you'd wipe out the rebate savings from a gas rewards card by paying a high APR or fees, Irving says it's smarter to use an "all-purpose Visa or MasterCard with more favorable APR terms."




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