Along the course of time, several inventions have taken place which have changed the course of history. Their impact can be felt to such an extent, that it has become quite unimaginable, to go about our daily life without any of them. One such invention is the motor car.
Now, just like a television set requires electricity to function, in the same way, a car relies on gasoline to run. However, gasoline prices have been rising rapidly over the years and hence, have become an independent expense in itself. Banks and financial institutions, in order to help customer manage and save on fuel expenses, have begun offering something known as gas credit cards or gas rebate cards. Read on to find out how these cards can be helpful for you.
Overview of Gas Credit Cards
A gas credit card or gas rebate card is one which offers cashback, discounts or rebates on fuel purchases. There are basically two types of gas credit / gas rebate cards available. The first type is made available by credit card companies / banks in association with fuel companies to offer rebate on refueling at select petrol stations. These cards carry the logo of the associated fuel company as a clear indication that the card may only be used at that particular company’s gas station. Credit card companies also offer gas cards which aren’t associated with any particular fuel company. These cards do not carry any restrictions on their usage and may be used at any petrol station. The other type of gas credit / gas rebate card is offered by fuel companies themselves to be used at refueling stations of that particular company.
How Do Gas Credit Cards Work
Gas credit cards or gas rebate cards usually work on a percentage or point basis. Under the percentage basis, card holders earn a certain percentage of cash back each time they purchase fuel at a gas station. Normally, gas credit cards will earn you anywhere between 1% to 6% of cash back on each refueling.
On the other hand, gas credit cards working on the point basis entitle the cardholder to earn a certain number of points with every refueling. These points may be exchanged for cash which may either be credited to the card holder’s account or sent via check in the mail.
Benefits of Gas Credit Card
Gas credit cards or gas rebate cards offer multiple benefits when it comes to refueling. Some of these benefits are listed below.
- All you need to do is swipe the card in order to pay for gas, making the entire refueling process quick and easy.
- Out of cash but in desperate need of gas? Your gas card can be a blessing in disguise here as it lets you purchase fuel without actually having to pay solid cash.
- Gas credit cards, like credit cards, allow customers to access their account online. This means that you can not only keep track of your account activities but also your fuel expenditure.
- You get a chance to improve your credit score if you pay your gas bills on time.