If you’re in the hunt for a gas credit card, you may find that the rewards out there vary from getting cash back to a point based system. Depending on how you want your rewards, there are a few ways you can get them and today, I’ll explain the top ways credit card companies distribute your rewards. Hopefully by the time you browse over them, you’ll know exactly how you will want your card to work.
Cash back rewards system
A cash back reward system is exactly how it sounds. For every dollar you spend or with a gas card, it’ll be for every gallon you fill up with, you’ll get cash back. Let’s make an example really quick. Let’s say that you apply for a card that gives you five percent back per gallon. If the cost of gas is three dollars, you’re going to only pay two eighty five per gallon. When you receive your credit card statement, they will knock the prices off that way. You usually won’t see the savings instantly.
The points system
Some people like the point system and some don’t but it all depends on your needs. A point based system is very similar to the cash back system but you’re going to get points back instead. Most cards generally work that when you spend a dollar, you’ll get a point. Sometimes you may find that they have deal days where you can get double or triple points on particular purchases.
Every time you spend your money, your points will go into your account. You can either check your points online in your profile or you can simply glance at your statement. Your statement will usually say how many points you have. From there, you’ll be able to log into the online store and see what they have to offer. Most people think that point based stores will have nothing but garbage but this couldn’t be further from the truth. You can usually get anything from gift cards to just about any popular retailer to electronics, plane tickets, and so much! Sometimes people find that the point based system gives them more back than a cash back system.
The miles per dollar
The miles per dollar are rare and you mostly see this with airline cards but sometimes you’ll see them with gas rebates as well. Every time you spend a dollar, you’ll get a mile and like the point based system, the more miles you rack up, the more you earn. So for example, if you spend $2,500, you can get 2500 miles and that in turn can turn into a $25 gift card.
These rewards are the top three on the market and these are what most credit card companies’ use. It’s up to you to do your research on not only the rewards but the cards themselves. A credit card can really save you a lot of money if you use them properly. Spend wisely and the rewards shall come.
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