Thursday, July 1, 2010

The very words 'gas rebate credit card' conjure up some pretty compelling images in this day and age of tough economic times, ridiculous gas prices, and what seems like constant consumer rip-offs. But is a gas rebate card really worth the time and effort it takes to get one?

Learning the Facts

It's very difficult to make generalizations about credit cards because, quite simply, everyone's situation is different. Anyone who tells you that such and such is a definite win is speaking from a narrow set of terms. Your best bet? Learn everything you can about credit cards and understand your personal situation. That will let you make the best decision for yourself.

One of the easiest ways to do that is to find a reliable source of online credit card information, such as Credit Card Whiz Kid and learn everything you can. That will keep you up to date on what you need to know.

Some generalizations anyway

Having said that, there are some facts about credit cards in general, and a gas rebate credit card in particular, that apply to nearly everyone. So before you rush out to apply for a gas rebate card, consider the following questions:

-Do you buy enough gas to make it worthwhile? These cards return relatively low profits. If you're a courier or cross country driver it may be worth your while; otherwise, carefully consider the investments and returns.

-Is the card worth having outside the gas rebate? Does it have a low interest rate? Would you apply for this card if you didn't have a gas rebate to worry about?

-Is there an annual fee on the card and, if there is, will it negate any returns you might get from your gas purchases?

-Are you able to successfully apply for this card? Check online and find out what your credit score needs to be, and don't waste time applying for cards you can't get. The resulting credit pull can damage your credit score even further.

It's not possible to give a definite answer: YES you should, or NO you shouldn't, get a gas rebate credit card. But it is possible to give some general guidelines. Once you've considered the above points, it's time to settle back and make your own decision. Whatever you decide, remember that a gas rebate credit card is just a credit card in the end -- it won't make or break you financially

For more tips on gas credit cards, saving money and avoiding getting taken, check out CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources. http://www.creditcardwhizkid.com/gas-credit-cards/