In the current era, Credit Cards have become very important. They are an easy solution to all your immediate money needs. If you own a credit card, you do not need to worry about carrying cash wherever you go, you can make all your transactions with a credit card.
The best thing is, credit cards help you save a lot of money. Other than building your credit score and increasing your creditworthiness, you will also earn rewards and cashback for using your credit card. Moreover, credit cards also allow you to avail discounts on different categories like flight bookings, hotel bookings, online shopping, etc.
Gas Credit Cards are those credit cards that allow you to save money on fuel purchases. You can use a specific gas card that can only be used to buy fuel or you can also use a regular credit card that offers you some rewards on fuel purchases. In this article, we are going to tell you about ways to increase your credit score.
What is a Gas Credit Card?
A gas credit card is basically a credit card that offers you rewards and cashback on fuel purchases. These are closed-loop credit cards that can only be used to buy fuel. If you are someone with a good credit score, you can easily get a high rewards gas credit card. But these days, there are several credit card companies that offer gas credit cards for bad credit as well, so even if you are a bad credit score holder, you do not need to worry.
If you do not have a gas credit card or you cannot qualify for a rewards gas credit card, then you can also go for a standard credit card that offers cashback and rewards on fuel purchases. Credit cards like Bank of America Cash Rewards Secured credit card and Discover It Secured Credit Card offer up to 3% cash back on fuel purchases, plus you can also use this credit card for other purposes like buying groceries, etc. So it can also be a good option for you.
How to Maximize Savings and Rewards With a Gas Credit Card?
In this section, we are going to tell you about the tips and tricks to use your gas credit card in such a way that you can make maximum savings on fuel purchases. After all, fuel is extremely expensive these days, so saving even just 2%-5% also matters a lot.
1. Choose Your Gas Card Wisely
You need to be very cautious while selecting your gas credit card because your rewards and savings will depend on your credit card. If you are going for a specific gas credit card then see which card is offering you maximum rewards on your credit score. Also, do not just fall for the high rewards. Compare the annual fee, APR, and other things as well before making your final decision.
2. Go for the Gas Stations that Offer You Maximum Cash Back
There are some specific gas cards that offer more rewards and cashback at some specific gas stations. For example, Chevron/Texaco Techron Advantage Card offers high rewards and cashback on fuel purchases, but only if you buy fuel from Chevron and Texaco fuel stations.
3. Use Multiple Cards
If you believe that your fuel expense is more than the credit limit of your gas credit card then you can use multiple gas cards to save up money on fuel. This way, you would be able to avail maximum savings. You can also use a specific gas card and a standard credit card to get the best of both worlds. This will allow you to save money on fuel as well as other categories.
It can be difficult to manage multiple cards initially, but once you learn it, you will be able to make maximum savings and it will also increase your credit score at a higher speed. If your managing skills are good, you would be able to pull this off very easily.
4. Take Care of the Bonus Categories
Are you planning to go for normal rewards guaranteed approval credit cards for bad credit no deposit instead of a specific gas card? If yes then you can go for a credit card that offers good rewards on fuel purchases. Credit cards like Shell Fuel Rewards card and Discover It Secured Credit Cards allow you to make maximum savings on fuel along with rewards and cashbacks on other categories as well.
5. Pay the Bills on Time
Credit cards can help you save a lot of money on fuel, but only if you pay the bills on time. If you miss the bill payment, then you would not be able to use your credit card from next month. So, to keep saving money, make sure that you pay the bills on time.
Are Gas Credit Cards Worth It?
Definitely, gas credit cards are totally worth it. Especially since fuel is extremely expensive these days, even if you are able to save 2% or 3% of the total fuel amount, that is a lot. But in order to maximize your savings, make sure that you take care of all the important things like selecting the right card and going to the gas station that offers maximum rewards & more.
FAQs: Frequently Asked Questions
Q1. Which is the best credit card for fuel purchases?
If you want to go for a specific gas card then you can go for cards like Shell Fuel Rewards Card and Chevron/Texaco Techron Advantage Card. But if you are planning to go for a general rewards card that offers maximum rewards on fuel purchases then you can opt for a Discover It Secured Credit Card or Bank of America Cash Rewards Secured Credit Card. If you are a student then you can also go with Discover It Student Chrome Card which offers you 2% cash back on fuel.
Q2. How much money can I save by using gas credit cards?
Your savings totally depends on the type of credit card that you own. If you are using a gas rewards credit card then you would be able to save up to 10% on fuel but if you are using a standard credit card then you might only be able to save up to 3% to 4% of the total amount.
Q3. How to maximize savings on fuel purchases?
If you want to save money on fuel then the most important thing is to select the right card. Go for a card that offers you maximum savings on fuel purchases. Also, make sure that you take care of all the important factors like which gas station offers maximum cash back, etc. For maximum savings, you can also use multiple cards.