5 Reasons You Should Open a Gas Credit Card

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As you start to pump gas into your vehicle, you see the sign over the pump promoting the station’s gas credit card. You aren’t sure you need one more credit card — and you wonder if it is really worth it.

IP_PersonalFinance_logo_185x185As with any credit card decision, read the fine print as well as pay attention to the interest rates and rewards redemption process. You will also want to make sure your credit activity on the gas credit card is reported to the credit bureaus.

Here are five reasons you should open a gas credit card:

Lower Gas Prices: When you use a gas credit card, the gas prices are typically lower. Some gas stations lower prices per gallon, such as 15 cents per gallon less, when you use their card at their gas stations. Other gas station credit cards lower the price by increasing the reward points for gas-related purchases. This could mean instead of a 1% rebate, you receive a 5% rebate.

Rewards on all Purchases: The best reward credit cards allow you to earn rewards on all types of purchases. This includes gas credit cards that allow you to earn rewards on more than just gas purchases. The reward points on these non-gas purchases may be lower, but they are still reward points.

Rebuild Your Credit Score: A gas credit card can be a good choice to start the process of rebuilding your credit score through how you responsibly handle the payments and credit limits.

Low Credit Limits: Gas credit cards typically have low credit limits. This helps you to responsibility handle the credit card, especially if you are in the process of rebuilding your credit score or even beginning to establish a credit history.

Track Your Gas Expenses: A gas credit card is a good way to help you track your gas expenses. If you have authorized users on the card, you can also track their gas expenses. This is helpful for individuals as well as for businesses.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/01/5-reasons-open-gas-credit-card/.

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