What you’ll learn about in this article:
Everything to know about gas cards and especially with bad credit.
What is a gas card?
Gas cards are designed for getting rewards for each visit to your gas station when you get your tank filled up. You can use it to build up a good credit score. These cards are more profitable for those with a good credit score than for the ones with a bad score, they have more feed attached and fewer benefits.
Discussing bad credits, there are two types that you need to know.
Closed-loop gas-cards:
These cards only work at a particular store and for a particular brand. It is also known as the single-purpose card. You can use it only where the logo or brand name on it suggests. They are a way of electric payment and they require a lower processing cost for merchants. Those for gas stations come with an incredibly high-interest price such as Shell and Chevron.
Traditional gas rewards credit cards:
This type of card let the holders of it earn rewards on gas and other types of purchases. These tend to be more beneficial since you can use them anywhere and they do not have any terms which mention their limits for any kind of service they can offer.
Discover it Secured credit card:
•Best known for being secured for gas rewards.
•Easiest to get approved and is secure
•you’ve to deposit a certain amount of money for security to get started
•you get 2% cash back on your first $1000 spent on a gas station
•they’re a great help in building your credit once again.
•they have the policy of dollar-for-dollar in which they give you a match of all the cash back that you’ve earned throughout the year with them.
•fortunately, you don’t have to pay an annual fee to them.
2. Capital One quicksilver student cash rewards credit card:
•Best known gas card for students
•this is suggested to those with fair to clear and good credit. ( FICO range 580-740)
•you can get 1.5% cash back on each purchase
•you don’t have to pay any annual fee
- Credit one bank platinum visa for rebuilding credit
•Best known for building credit.
•It is for those who have bad credit.
•by far it is known as the easiest card to get.
•you get to pick your credit card payment due date.
•Has an annual fee of $75 in the first year and then $99 which is 8.25 per month.
- Shell: Fuel reward card
•has an easy approval system
•you can save up to 5 cents on every gallon
•Combine your automatic savings with additional discounts you earn by shopping with select merchants.
•no annual fee to pay.
5.Chevron
•known for best big rewards
•it is a card for those with a bad credit
•you can earn up to 30 cents per gallon for the first 90 days of opening your account
•no annual fee to pay
•more: Earn 3 cents per gallon on every fill-up year-round (on regular or diesel), 5 cents per gallon on Plus fuel, or 7 cents per gallon on Supreme/Premium fuel. (Higher rates on Plus and Supreme fuel end Sept. 30, 2021.)
Q: Are these cards even worth it?
Yes. They are more than worth it because you’re always saving some money off your purchases and gas being an essential need and part of one’s day, it is worth it. There are no disadvantages to switching to these cards with low annual pay. You will just save some money from doing what you regularly do. The best part is that these cards help you build up good credit which means you’re open to much more rewards and cash backs that a good credit may give you.
