Consumers Saving with Gas Reward Credit Cards

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Consumers Saving with Gas Reward Credit Cards

07/21/2004
PHOENIX -- As gasoline prices continue to linger around record highs, gas reward credit cards are becoming more and more worth a look, as some offer rebates of up to 10 percent on purchases at the pump, according to the Associated Press.

The Consumer Reports Money Adviser newsletter says that works out to about one free gallon for every fill-up.

Deputy editor Lisa Lee Freeman says consumers have to do a little research to find the best cards, because they're not all the same.

For example, the Triple-A Preferred Visa provides 5 percent cash rebates, and the Marathon Platinum MasterCard gives up to 10 percent back. Those are at the top of the scale.

On the bottom, according to the Consumer Reports Money Adviser, is the Getty Platinum Plus MasterCard. Freeman calls it "pretty pathetic." You get a $5 coupon for every thousand dollars you spend at the pump, which amounts to only one-half of one percent cash back.

Freeman added that gas cards tend to come with higher interest rates, so consumers need to pay off their balance in full every month to keep the interest from canceling out the benefits.