What Are The Best Gas And Auto Credit Cards With Rewards
Wednesday, February 1st, 2012
Given the high gas prices nowadays, gas and auto credit cards have become increasingly popular. Some auto credit cards come with rewards points, and customers can earn points for buying a new car. Other cards are offered to clients in partnership with manufacturers and card dealerships, making it possible for cardholders to lower the down payment. You can choose what rewards you want to get. Usually, the points are used for purchases of services and parts at dealerships, for new and used car purchases, leasing and more.
You can get gas credit cards from gas companies and banks. These cards offer rebates on the purchase of gas. There are two types of gas credit cards – from gas companies and credit card companies. Cards from gas companies are available at gas stations and bear neither a MasterCard nor a Visa logo. They are intended for persons who use the same gas station often. Rewards can be received only at the gas station that issued the card, but reward points can be earned on all gas purchases no matter where they were made.
Credit cards are also offered by credit card companies, which are unrelated to gas stations. Hardholders can redeem their points at various gas stations, usually in the amount of up to five percent.
Not everyone thinks of getting a gas only cards .If you would rather not have such a card, here are some issues that support your case. Canadian customers get a rebate in the range of 5 – 6 percent but only within a specified timeframe. After this, it is reduced to a measly 2 – 3 percent. The card issuer can change the terms at any time and with limited notice, meaning that it is irrelevant whether the rebate is fixed. If the company changes the terms and conditions, ask them whether they have an interesting alternative on offer.
What is more, credit cards from gas stations have a high interest rate. If you fail to make a payment on time, the interest rate is usually over 20 percent. You can accumulate debt only to save a couple of dollars on gas.
One decent option in Canada is the Petro-Canada Personal Credit Card. Over 1,400 Petro-Canada locations accept this card, and it goes with 10,000 bonus points after charging 10 purchases. You earn 1,000 points with each purchase and can redeem these at gas stations of Petro-Canada. The card comes with a 28.8 percent interest rate, $25 dishonored cheque charge, no annual fee, and interest-free period of 25 days. You can obtain your current account statement free-of-charge, but you will have to pay $2 to get a statement for another billing period. To apply, you should be of the majority age, while authorized users should be 16 years old or older. You should be a Canadian resident as well. To apply, fill out your personal details, along with employer, length of employment, gross monthly income, and other required information. Learn more about auto and gas cards at auto credit cards.