credit cards

6 tips for using gas rewards cards wisely

Understand the card's terms
7 of 7
Back
text

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."

 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
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%
 
Search
advertisement
CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

advertisement

Credit Card Blog

Jeanine Skowronski

Subprime rewards card now available

New stats show issuers are opening up to subprime credit card borrowers. But should they try to get that rewards card?  ... Read more

Partner Center
advertisement

Connect with us