Mark Carolin

Posts Tagged ‘Reward Cards’

Some people prefer the cash back gas credit cards because for them, it’s a great way to save energy and money at the fuel pump. Usually the cash back gas pays 3% to 5% back, depending on the bank that issues the card. Your cash back gas savings are added up until you obtain about $50 credits and by then, you can request a check from your credit card company for a rebate.

Not just for good for gas purchases but the card let you also earn cash back bonuses aside from gas, also in department store purchases, home improvement stores also.

The gas reward cards are designed for people with good credit record which pay off their balance on monthly basis. In considering gas credit cards, one need to look carefully the benefits that are offered since most gas credit cards offer good benefits as an introductory incentives just to gain or attract customers especially to new card holders.

Some bank issued cards with common benefits which include cash back rebates that range from 3% – 5%, cash rebates on purchases and with 0% introductory rates and with NO annual fees. In making choices on what credit cards you want to have, chosen the benefits that best match your lifestyle and needs.

Generally, gas rebate credit cards have higher APR than the regular credit cards and take note, if you are carrying a balance then this type of card is not for you. The important rule for gas credit card is to pay off your card balance at the end of the month. So be aware of the rule what these types of card have.

Although the benefit you will get in this type of card is good. Some offer double cash back at any gas station. So before having this type of card, try to think and plan for it if it suits in your budget to pay off at the end of the month.

People know that gas card offer convenient way to pay for your gas pump and many also come with rewards and incentives that can reduce your overall fuel costs although some are base on your gas purchases while other offer cash back for every purchase you make with your card.

In choosing cash back gas credit cards, always compare the interest rates, the fees and rewards. Look for specific reward terms because some offer specific percentage back on gas purchases and small reward percentage on non gas purchases.

Others have maximum reward percentage each month and others also only allow you to start earning rewards after you have reached a minimum required level of spending.

Be sure you understand the terms completely before making a selection or decision. The most important thing is to know the interest rates or annual percentage rate, since most likely that the interest rates is higher when you cannot pay off the balance at the end of the month. Regarding the annual fee, you need to know because many reward cards come with an annual fee and some charges fees for inactive cards.

Also determine where you can use each card and see to it that you can not only use your card to specific gas chain since other cards can be use in any gas station. Find one that is best and meets your needs.

Ah, the sweet rewards of using credit!

Not only do you get immediate gratification with the buy now-pay later plastic, but now, many credit cards offer rewards and incentives for using their card to make purchases. You can get cash back, or gift cards, or ‘reward points’ that you can spend on merchandise or services from various merchants. There are also cards that allow you to designate your ‘cash back’ points to a charity – sometimes called affinity cards – and those that put your cash back into a special savings account for college.

Great deal, right? You spend your money and get something in return. The catch is, of course, that you’re paying interest and card fees to get your cash back rewards. But if you’re going to be using the credit card anyway, you might as well get something back out of it, right?

Most cash-back cards give you 1-2% cash back on most of your purchases. You’ll get a check at specified periods for the amount of your ‘rewards cash’. You can cash the check and spend the money on anything you want.

Reward cards give you 1-5 reward points for every dollar that you spend at different merchants and types of merchants. Most pay you 5 reward points for purchases made at their ‘Merchant Thank You’ network, and for purchases made at gas stations, drug stores and supermarkets. You’ll get 1 reward point for every dollar that you spend at other merchants. You can then redeem your reward points for particular items from the merchants that belong to the credit card’s merchant network.

Which is the better choice?

Each kind of credit card reward has its own pros and cons, and the better choice depends on what’s most important to you.

Cash-back Rewards – Pros

Cash can be used anywhere, for any kind of purchase.
Gives 1% – 2% cash back on all purchases.

Cash-back Rewards – Cons

Rewards points cards may give rewards of higher value, particularly for purchases at merchant networks stores, gas stations and supermarkets.
Cash-back can only be used when a check is issued.

Rewards Points – Pros

Rewards points are often higher value than cash-back. If you use the credit card for purchases made within the merchant member network, you can get as much as 5% value back when you spend your reward points.

Reward points are available to use on a rolling basis. Some card companies may require you to accumulate a certain number of rewards points before redeeming them, but reward point rewards are often more easily available than cash-back rewards.
Reward points can be used for cash rewards in some circumstances.

Reward Points – Cons

Reward points can only be redeemed from particular merchants and/or on particular merchandise.

Whichever your choice, it makes good sense to get something back when you choose to use credit. If you’re a frequent credit card user, the rewards can certainly add up. Among the merchants that belong to various Merchant Member networks are such well-known companies as airlines, Saks Fifth Avenue, Evelyn & Crabtree and Smarter Edge.

Gas rebate credit cards are different from other reward cards in that the rebate is applied directly to your credit card statement every month. You have no choice of reward, point level to earn, form to fill out or requests to be asked to receive your reward. Just by using the card as defined in the terms you earn your rebate.

The average rebate is 3%. To receive a higher percentage savings, consider the introductory periods that are offered by some cards which offer up to 10% such as with a Chase BP Visa

Named as the HESS Platinum Visa Card, this credit card is produced to cater to people with good credit ratings from the East Coast of the United States who fill up their gas tanks and make other purchases from HESS, HESS EXPRESS and WILCO HESS store regularly.

Cardholders will earn a 1% rebate on all general purchases. However, if they make purchases at stores under the HESS umbrella mentioned earlier, they are eligible for a massive 5% rebate. Furthermore, purchases at HESS made within the first 90 days of membership are awarded with a whopping 10% rebate. Unlike many other reward cards with great rebates, the HESS Gas Card does not have a yearly limit to the amount of rebates that can be earned.

The interest rates for purchases and balance transfers on the card are reasonable while there are no annual fees imposed. At the same time, there is a six-month introductory period where purchases and balance transfers are charged 0% interest. Standard platinum cardholder benefits from Chase such as auto rental insurance, travel accident insurance of up to $500,000 and fraud protection also apply.

However the HESS Gas Card, just like everything else in life, is not perfect. The credit card utilizes the “Two Cycles Average Daily Balance” method of calculating finance charges including new purchases. With new purchases included, the cost for having the occasional balance ends up higher than if it were calculated using the “Average Daily Balance” method that most other card issuers use.

In a nutshell, the HESS Gas Card would greatly benefit those who plan to take advantage of the fabulous 10% rebate at HESS during the first 90 days and subsequently make regular purchases at HESS, while making payments in full after the introductory period expires.

The CARD ACT was passed by President Obama as of late, and what does it mean for you when it comes to rewards and your credit card? Do you think credit cards are going to get rid of cash back rewards completely? It all depends on who you talk to, but I wanted to let you know exactly what I thought of the ACT, and what you can expect from the credit market.

Back in the early 80s, we were in a very similar recession, where the banks were holding back on loans, and credit, but obviously, it was nothing like it was today. In fact, today is going to be probably be a once in a lifetime thing, and if you can weather out this storm, you can get by anything.
The free market

The thing I love about America is our free market, and you should most likely never see your rewards go away? Why is this you might ask? It’s because of the competition that is out there. If one card wants your business, they are going to offer 1% cash back, and what do you think the other companies are going to do? They are going to follow suit.

Today, there are still great reward cards out there. You can save on gas, groceries, and just about anything else. If you pay your card off in full each and every month, you can really take advantage of these credit companies. Don’t let the economy bother you, and don’t worry about the rewards, because I can’t see them going away!

Many credit cards these days have a reward program. People generally choose a reward program with their credit card if they are going to be able to make use of the reward. It is fantastic to be able to earn points towards filling up, each time you use your card. With gas reward cards, you can earn points so that when you fill your tank, you end up paying less. With the way the markets are and how crude oil fluctuates, most people will benefit from this type of reward program.

Some of the cards on offer tend to have a fairly high APR (annual percentage rate), but there are cards available that offer a 0% interest introductory period. For example, the Capital One