What Is A Gas Card?
Gas and Money Saving Tips by Doug Smith
Types Of Cards
Not only are gas cards convenient, their itemized statements can help you when you need to itemize your vehicle expenses. Gas card companies generally offer both a credit card and a charge card.
Gas credit cards give you the ability to make monthly payments instead of paying the whole bill at once. Charge cards require payment in full each month. Furthermore, gas charge cards do not allow you to carry a balance, so you do not have to pay any interest.
The best choice of a gas card is usually the one that is most widely-accepted where you live. Before applying for that card, note that major credit card companies such as MasterCard or Visa might offer better rates and benefits to you.
How A Gas Card Helps You
The convenience of gas cards has produced a crowded market for them. Choosing the right one might be confusing.
Gas cards with high annual fees usually come with correspondingly higher credit limits. They may also include better accident insurance coverage, airline miles, and other benefits. Many credit companies are willing to dismiss all fees required to get their gas cards.
Gas cards are easy to get, but can have high interest rates. Some oil/gas companies offer revolving charge accounts. With a revolving account, credit is extended to the consumer up to the amount the person repays on that credit card each month.
Try applying for an oil and gas card if you are not approved for a nationwide gas card. These are easier to qualify for. Once you've established a good payment history on your card, qualifying again for a national card may be easier to do.
Be Aware Of Interest Rates
Know what interest rate you are getting with your gas card. Learn whether it is a limited-time offer or a permanent rate. Find out if there are any other fees associated with your card. Many gas card companies charge interest at 2-3% per month. That's about 30% annually, which is where gas card companies make their real money.
This article is ©2005 by Doug Smith. You can find many free tips and resources on how to save gas and money with gas card tips at http://GasCreditCards.FindCarsForHire.com. This article may be freely reprinted as long as this copyright notice remains intact, the article is unchanged, and all hyperlinks remain active and clickable.