Many people are only familiar with the gas credit cards offered at the gas station. These credit cards are tied to one specific gas station and often charge very high interest rates. However, individuals looking to save money on gas this summer should look no further than the wide range of low interest gas cash back credit cards currently available online. These credit cards offer the flexibility of choosing which gas station to use, as well as anywhere from 3% to 10% cash back on all gas station purchases.
Currently, the Chase Perfectcard leads the pack for gas cash back credit cards by offering a full 6% rebate on all purchases made during the first 90 days you have your card, followed by 3% thereafter and 1% cash back on all other purchases. With a gas price of $3.00 per gallon, this card would save you $0.18 per gallon. Over the course of three months, this 6% rebate can add up to substantial savings.
The Citi Dividend Platinum Select is a high cash back yielding credit card that offers a full 5% cashback on not only gas, but grocery and drug store purchases as well. Not only does the 5% reward rate have no expiration, the added savings of cash back on everyday purchases makes this cash back credit card an excellent option for consumers looking to cut down on expenses.
Now, aside from these cards, there are gas station specific cash back credit cards that offer even more savings. The Hess Visa from Chase offers a full 10% cash back on gas for the first 90 days of cardmembership, followed by a 5% refund on gas purchases thereafter. With this card's attractive initial 10% cash back rate, consumers can save $0.30 or more per gallon on gas.
Overall, consumers may find that a cash back credit card such as the Citi Dividend Platinum Select may provide them the best overall value, as it allows them to save 5% on not only gas, but groceries as well. However, for individuals looking to save the most on gas in the short term, the Hess Visa from Chase offers very appealing savings. Lastly, those who want the flexibility of choosing which gas station they use may find the best value with the Chase Perfectcard.
The author is President of Credit Card Depot Inc, http://www.credit-card-depot.com, an online credit card information portal that has been helping consumers understand credit card offers for over two years. For online applications and more information on cash back credit cards and gas rewards credit cards, visit http://www.credit-card-depot.com
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