Credit card companies are now offering a myriad of incentives to attract more consumers. With the gas prices continuously rising, there is one card that increases in popularity. This is the gas rewards card, which claims that they can aid people in saving money as they purchase fuel. According to statistics, an American family typically spends around $2,500 each year for gas alone. It is easy to see why many individuals are searching for ways on how they can save cash.
If you are planning to get a gas rewards card, here are the top benefits that you can expect from it:
More Affordable Price for Gas
This is the main reason why you should get a gas rewards card. Whenever you purchase gas, you get a percentage off. The percentage will depend upon your credit card and the offered rate of your creditor. It is easy to find cards that provide as much as 10% cash rebate for gas acquisitions. Therefore, when you buy a gallon of gas that costs $3, you can save $.30. This may not seem much, but it can quickly accumulate overtime.
Gas cards are basically designed for fuel consumption. However, there are also cards of these types that offer other rewards to consumers. You can accumulate points as you purchase against your credits. Many cards give you a specific number of points for every dollar you spend. Once you have collected enough points, you can exchange them for items or to acquire bonus goods from certain merchants.
Just like regular credit cards, you can obtain accurate records of all your expenses. You can use the information to devise a strategic plan on how you can spend your income wisely. Many business owners today make use of gas cards because they are excellent monitoring tools for their expenditures. They can also use the card to deduct their expenses on gas and to simplify their process of filing taxes. This is because it is easier to obtain clear statements on how much cash was spent on gasoline during the entire year.
Emergency situations, such as car breakdown, can easily be remedied when you have a gas card. Most creditors offer roadside assistance so you can contact them when you need help in towing your car, quick car repairs and even gasoline delivery. There may also be instances where you need additional cash in a short period of time. Rather than applying for loan, you can simply turn to your credit card.
You can also use your card to gain discounts for your trip. If it is a crucial business journey where you may be driving for several miles, you can save a lot on gas if you use your credit card. Plus, you may be entitled to get cash back or rebate on your balance at the end of the billing cycle.
Build Your Credit
If you haven’t had a credit card yet, most companies will turn you down. However, if you go for a gas rewards card, there is a great chance that you will be approved. Aside from high approval rate, you can use the card to establish good credit history.