We all know that gas prices a lot higher than they used to be, but will a gas cashback credit card really make that big of a difference in the long run?
Well recently, on the political scene, there was much debate on the 3% that would be saved on our gas consumption if we simply inflated out tires to the proper tire pressure, if we had not done so already that is. This 3% would go a long way, but how much more money would you save by using a gas cashback credit card?
Percentages can vary, but on many credit cards you can get 5% cashback on all purchases at a gasoline station. That is a very significant figure when you figure that 5% can be 20 cents a gallon with gas prices at 4 dollars a gallon. On average this can save you at the least $200.00 on a year or more.
It just makes sense to use a gas cash back card. As long as you pay it off every month and find one that is 0% interest you wil save a lot of money.
Think about it. You will buy gas. There is no doubt about that. And chances are, the cost will be high. And the higher the price goes the more that 5% will mean to you. After all, 5% of $4.00 a gallon is more than 5% of $3.00 a gallon.
Like I said, just be sure to pay off that balance. You may have other credit cards that carry a balance, and thats ok. You just don't want to lose that 0% interest on your gas credit card because then that 5% cashback will mean nothing. Maybe you think you already have too many credit cards and don't want another to add to the list, and I can understand that concern, but getting more money back that you will have to spend anyway is a no brainer in my book.
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