Monday, July 20, 2009

A gas reward credit card

Gas prices keep going up, and the money in our wallet keeps evaporating quicker. There are many ways you can spend less money on gas and reduce your overall fuel consumption. But, you must think it through and begin formulating new plans! One technique that has been around for a while but has drawn more attention recently is hypermiling. However, use your head because some hypermiling techniques are illegal and extremely dangerous.



There is another way to save money on gas .

If you're like the average driver, you'll buy about 607 gallons of gas this year and drive about 12,000 miles. You'll also spend more than $1,500 to fill up your gas tank each year.* A gas reward credit card is a great way to earn a cash bonus at the pump.

Gas rewards credit cards typically offer cash back on gas purchases. Some gas rewards credit cards only give rebates at specific gas stations. Some gas cards offer high cash rewards for a very short time—often just for the first 90 days—and then revert to a lower rewards rate. It's important to read the fine print before choosing a gas credit card.

What to look for in gas rewards credit cards:




*A low or 0% interest rate on purchases and balance transfers—and a longer low or 0% APR period




*A low interest rate after the intro APR period expires
Are there introductory rewards levels that taper off—for instance, do you get 10% back per gallon for the first 90 days and 5% back after that




*The ability to earn automatic, unlimited rewards at stores, restaurants, grocery stores, on auto maintenance and car repairs, and on everyday purchases




*Flexible rewards—such as cash, electronic deposit, account credit and gift cards




*No annual fee—plus no fees for things like making a payment the same day online or by phone




*Benefits including free car rental insurance, flight travel insurance and travel assistance




*Resources than can help you make the most of your money—including online tools that help you analyze and monitor your monthly spending and financial advice


In Discover open Road Card you have it all
Find out more about the Discover Open Road Card.

TIP:
Your personal auto insurance may not cover all the costs involved with an accident in a rental car. One great benefit offered by many top gas rewards cards is automatic secondary rental car collision coverage. With this coverage, when you use your gas credit card to rent a car you can decline the Loss/Damage Waiver offered by the vehicle rental agency—saving you even more money when you travel.