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In an effort to recoup the elevated cost of gasoline, many people are beginning to use gas rebate credit cards.
With some of these cards allowing consumers to save up to 10 to 14 percent (most cards save 4 to 5 percent.) on the cost of gas, it’s no wonder these offers are seductive.
In an effort to get cash-strapped consumers to use credit, different credit card companies are offering large introductory rebates for a few months followed by more reasonable gas rebate rates.
Many of these cards also offer rebates for non-gas purchases made at the gas station or elsewhere. Some of the major companies offering these gas rebate cards are: Hess Oil, Marathon Oil, Speedway, Discover Card, and Chase MasterCard.
If you are a responsible and disciplined credit card user, these rebates can be a very good idea.
If there is the smallest chance, however, that you will carry a balance on these credit cards, then you are eating up your rebate and possibly even losing money in the end.
I have been a certified tightwad striving for financial freedom since I became pregnant with my first child — and I decided to find a way to stay home with him full-time. I enjoy sharing my personal experiences in my journey back to financial health and planning for a future — which will include sending 2 kids to college and early retirement.