In an age of plastic cards and electronic money, new and varied cards are constantly popping up all around us promising better shopping experience, a more convenient banking, and, of course, huge discounts and promos. Gas Cards and Cash Back Cards are just a few of the burgeoning breed of plastic money to hit the market. Are they worth the trouble or should you just keep them out of your wallet? Here is a quick guide to help you make your decision.
Gas cards and cash back cards offer wonderful discounts on your purchases. Discounts can easily go on the upwards of 5%. This is a significant amount of savings when you consider the ever-increasing prices of gasoline and other commodities. In fact, card companies churned out 15 million opt-in mails to consumers around the States. And many are, in fact, biting into the deal.
Here are a few things you, however, have to be wary of when dealing with such.
Read the Fine Print, it could be Here Today and Gone Tomorrow
Some card companies offer outrageous offers, and pull through with them for the meantime. But for how long? The part that causes the most anxiety among card holders is the fact that the card companies may have the power to change the terms, conditions, and benefits their cards offers at very little notice.
Some people buy the tagline of the deal and fail to read the finer print detailing the hows and whys of the card. Many cards offer wonderful terms so you should do careful study of their policies. Diligent study of the varying offers of each card will help you choose a gas or cash back card that will cater to your needs and desires.
Some wily card companies will suddenly drop their discounts by an inordinate amount making subscription to their services essentially worthless. Shop around and ask around. Look whether the company has held steady rates and policies for the past few years. This will help you ascertain the stability and reliability of the card you are looking at.
Make Sure You are not at Their Mercy
Some cards offer wonderful deals – but carry heavy obligations. Some cards require you to do through extra processes to claim your discounts. This could be a major inconvenience especially if you are a very busy person. There have been reports of cards that require users to file for reimbursement of the discounts within a given period before they disappear altogether.
If the card you are considering is much like what is currently being described you will have to be extra cautious. Make sure that you are not at the mercy of any card company’s vagaries. This would defeat the purpose of saving time and money at your purchases.
Check Gas Stations to See if they Accept the Card in Question
Not all gas stations will give you a full discount or rebate on your purchases. While some will offer the marked rebate, others will give scaled down rebates that carry certain conditions. For example, there are cards that will give you 1.5% rebate, ONLY if you spent $6500 with your card. This is quite a heavy condition that may lead many that use such cards to chuck them out the window the next instant.
The best places to get rebates would be gas stations that deal ONLY with selling gasoline. Mixed stations that have stores and other services may be a harder sell when applying for rebates.
Watch Your credit
The hook for gas cards and cash back cards is the fact that users stand to save money at gas stations and stores. However, one must stand in the realization that such cards still have interest. Unpaid balances can generate a pretty steep interest – 15% in most cases. Improper handling of your card can actually do more harm than good in your quest to save dollars at the cashier or at the gas pump.
The sage says, “It doesn’t make sense to eat up your savings paying every penny on interest just to save a few bucks at the gas pump or at the cashier.” This may as well be the greatest warning for those considering such cards.
In all, gas and cash-back cards are an excellent opportunity to save money. However, one must be very careful when treading ground that could lead to debt and the loss of savings. If handled properly, these cards are a wonderful tool in saving every penny that counts.
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