Despite the recent decline in gas prices, the rumor mill predicts that when OPEC finally manages to lock in the $80-$90 range per barrel of oil, gas will once again rise and eventually settle into the $3 range. Why not prepare now for this future inflation and secure a gas back credit card to keep in your wallet and to use at the pump.
If you have a huge gas-guzzler or need to clock the miles for work, you know how costly fuel is. With a gas back credit card consumers can earn 3% to 5% back from the initial cost of their fuel. With most gas back credit cards cash back savings are added up until you obtain about $50 credits; then you can request your cash rebate.
Gas back credit cards actually operate just like other type of reward incentive cards. Consumers use credit cards for purchases and then based on their charging history and maintaining their account in good standing, they can earn cash back incentives and rebate programs. Depending on what type of gas back credit card you get, you can probably earn extra points gas purchased from participating gas stations.
For example, perhaps you choose to get a gas back credit card from “company Z” and they have an association with “gas provider Z” that relationship may earn you 3 points for every one dollar spent, thus increasing the rate of accruing your gas back reward certificate.
Frequent drivers are those who would benefit most from using a gas back credit card. Ultimately this can help offset the high prices consumers are paying at the pump. But, to take full advantage of these types of cards, it is important to manage the debt responsibly, pay off the bills on time and use your credit wisely.