Gas Cards  —  They Can Work For You!

With gas prices hitting record highs, gas cards are attracting more attention as consumers consider ways to save money. Selecting a gas card can often be a long and drawn out process, especially since you want the best card to suit your needs.

Most oil companies offer two types of gas cards: a gas credit card and a gas charge card. Credit cards are self-explanatory. Charge cards are different from credit cards. Charge card terms require consumers to pay their balance in full by a specific date. They do not allow a balance to be carried forward at the end of each month.

Gas cards with high annual fees benefit from higher credit limits, accident insurance coverage, travel coverage, and many other types of coverage. Today, because of aggressive competition between banks, card issuers are often waiving annual fees in an effort to attract more customers.

Many oil and gas companies are now offering revolving credit accounts. In a revolving account the issuer extends credit to the cardholder. This allows the consumer to make purchases credit up to the limit specified in the account agreement. The cardholder is responsible for making payments, often with interest, on or before the required due date.

There are two kinds of gas station credit cards. The first type is a gas station or an oil company credit card. These will carry a Visa® or a MasterCard® logo and are accepted everywhere. You will only receive a discount on gas purchased from stations that are run or owned by the card issuer. The second type of card is available from major credit card companies. They offer a discount on fuel at any gas station, as well as rebates on other purchases made at supermarkets, drug stores, or restaurants.

Our advice: shop wisely, pay attention to the issuer's terms, and read the fine print when applying for your credit card. Try to select the card that most suits your needs. We think the best deals are the rebate cards, especially those that offer rewards and count total purchases toward award levels. With gasoline prices rising more everyday, why not apply for a gas credit card today and start getting some of your own money back? So go ahead—drive down the high cost of driving. You'll be glad you did!

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