Gasoline prices are top of mind for everyone right now. With prices actually passing the $4.00 per Gallon mark in certain areas of the United States, it is no surprise consumers are looking for ways to save at the pump. One method that many people are looking into now is gasoline rebate cards. These credit cards function just as any other card does but they can save money on gas purchases. This can be a welcome savings, but if these cards are not managed properly their value can be lost very quickly.
As with all credit cards, if you maintain a balance of any kind, they will cost you money. Gas rebate cards are no different. Most gas rebate cards offer around 5% back on all gasoline purchases, which can be a good savings if you go through a lot of gas. However, even with pristine credit you will probably have an interest rate of around 10.9% to 14.9%. If you think you are saving at the pump while you are carrying a balance you are mistaken. 5% cash back means very little is it is costing you 14.9% interest on a sizeable balance. If you can, pay off your card every month. If you must carry a balance, don’t worry about reward credit cards and do whatever it...
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