Use Credit Cards to Cut Gas Prices

By: Diane Nassy

Use Credit Cards to Cut Gas Prices

By Diane Nassy

With gasoline prices soaring out of control, wouldn't it be niceif you could shave even a few pennies off of every gallon?The Key to Lowering Your Gasoline Costs is to "Charge It"

Yep, charge it, but not just on any credit card. If you want tostart paying less at the pump then it's out with the old and inwith the new. You may need to replace your current charge cardwith a gasoline "cash back" card.

Cash Back is Nothing New

The Discover Card has been offering it for years, but there's anew breed of cash-back cards, ones that offer rebates ongasoline purchases, and those are the cards that we're talkingabout.

As gas prices continue to escalate, many oil companies areoffering gasoline price incentives to get you to apply for theiraffinity card. Some offer a straight cents-off rebate forevery gallon you buy, while others offer percent of purchaserebate. With those rebates running as much as 5%, or higher, itdoesn't take a calculator to figure out that a $3.00 per galloncan become $2.85 per gallon just by choosing the right creditcard when you pay at the pump.

Many of these credit cards have annual rebate limits and thoselimits vary. So check the Terms and Conditions before you apply.

Most gasoline rebate deals are offered through joint venturesbetween major banks and the oil companies. In order to get in onthe savings, you have to apply for a Visa or MasterCard thatbears some oil company's logo.

For example, Hess Oil has teamed up with Chase Bank to offer theHess Visa Platinum Card. Besides no annual fee, it offers a 10%rebate on all Hess gasoline purchases for the first 90 days, a5% rebate after that, and a 1% rebate on any purchases madeanywhere else for practically anything else.

Even though that 10% doesn't last forever, a $3.00 per-gallonprice becomes $2.70, and if you're planning a road trip anytimesoon, it just might make sense to apply for a card.

If Hess isn't a familiar name where you live, Marathon isoffering the exact same deal for their Chase/Marathon MasterCard.

Gasoline discounter Speedway also has a deal with Chase andMasterCard, but they're only offering 8% for the first 60 days,4% after that, and 1% on any other purchases.

Don't forget to check the credit cards that are already in yourwallet. American Express Blue cards offer 5% back for allgasoline and grocery store purchases, and Discover is offering"up to 10% off" at gas stations.

And if you're a student, the CitiBank Student MasterCard gives5% cash back on gasoline and grocery store purchases as well.

A penny saved is a penny earned and that penny does more good inyour pocket than in the oil company's. Check your wallet to seeif there are hidden gasoline savings inside. If not, grab acredit card that pays you to pump gas

Mileage and Fuel
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