Do Gas Credit Cards Help Build Credit?
If you are attempting to establish credit or improve your credit rating, a gas credit card may be a vehicle you should utilize. This is especially true when consumers find themselves faced with tight credit markets and decreasing likelihood that credit card companies will provide unsecured credit cards at favorable rates to individuals who have a sketchy credit payment history.
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Gas Card Benefits
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Gas credit cards may help your personal finances as well as provide an avenue for building your credit rating. Using some cards you may earn as much as 5 percent in cash back from at-the-pump purchases. "With others, you get awarded in points or miles, redeemable for airline tickets, merchandise, and other types of rewards," the website Credit Card Guide notes.
Gas Rebate Cards Problems
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Gas credit cards have some drawbacks. "Interest rates on unpaid balances of gas-rebate cards can be more than 20%," according to the MSN.com. Debt may quickly eliminate any advantage in the form of cash back, and the initial rebate percentage may decrease significantly following the expiration of an introductory period.
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Compare Gas Credit Cards
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Before you select a gas credit card, determine which card is best for you, as well as the flexibility of the card's provisions. Although most gas cards offer rebates and other rewards, all are not equal. Choose a gas card that will give you better rebate rates and the latitude to fill up at any affiliated gas station, the website Compare Cards advises.
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- Photo Credit paying gas using a credit card image by Gary from Fotolia.com
