Gas-Saving Moment of the Day: Gas Credit Cards

Gas credit cards can save you money at the pump. Some cards offer rebates as high as 5% on gasoline, but don't be a mindless consumer — pay attention. The period when you're getting that high rebate usually ends after about three months.

For instance, Chase's PerfectCard MasterCard nets you a 6% rebate on gas purchases for 90 days before dropping to a less-helpful 3%. Also be aware that credit card companies can basically change their terms whenever they feel like it with little or no warning.

Yes, you can save money with a gas credit card, but the key is to be very discerning in your purchases and keep the card paid down. Gathering debt so you can save a few cents at the pump in the short term is a monumentally bad idea.

Related:
More Gas-Saving Moments of the Day (KickingTires)

Comments

[J]

Discover Open Road Card offers 5% for gas and auto purchases.
There is no introductory period. But a $100/month cap on gas and auto purchases.

[EA]

Citi offers the Driver's Edge mastercard that gives 6% back on gas/groceries for the 1st year (3% after), plus $1 for every 100 miles you drive.

[Lauren]

The PerfectCard is great but have you looked into the BP Visa? You can save up to 10% for the first 60 days and 5% after.

The only catch is that you have to use it at a BP station.