How To Find The Best Gas And Auto Credit Cards With Rewards

Nov. 11, 2011 - PRLog -- With today's skyrocketing gas prices, auto and gas credit cards are becoming ever so popular. Some of the cards are featured with rewards points which can go toward buying a new vehicle. Other cards are offered in partnership with car dealerships and/ or manufacturers and make it possible for the holder to reduce the down payment. You get rewards of your choice. Most often, the points go toward the purchase of parts and services at dealerships, for leasing, used and new car purchases, etc.

You can get gas credit cards from gas companies and banks. These cards offer rebates on the purchase of gas. Two gas credit card types are available - from credit card companies and gas companies. Cards from gas companies are available at gas stations and bear neither a MasterCard nor a Visa logo. They are intended for persons who use the same gas station often. Rewards can be received only at the gas station that issued the card, but reward points can be earned on all gas purchases no matter where they were made.

Other cards are issued by credit card companies that are not connected to a given gas station. In this case, your reward points can be redeemed at more than one gas station and generally amount to 3 - 5 percent.

Some people are suspicious of gas credit cards. If you are one of them, you would be wise to consider the following issues. In Canada, customers can get a 5 - 6 percent rebate only during a specific period of time. After this, it is reduced to a measly 2 - 3 percent. The company that issued the card can change the terms and conditions at will with limited notice, so it does not really matter even if the rebate percent is fixed. If they decide to change the conditions, you should inform yourself as to whether you will be offered other interesting alternatives.

What is more, credit cards - auto and gas have a high interest rate. If you fail to make a payment on time, the interest rate is usually over 20 percent. You can accumulate debt only to save a couple of dollars on gas.

One decent option in Canada is the Petro-Canada Personal Credit Card (http://www.creditcardscanada.net/different-types-of-credi...). Accepted at over 1,400 retail locations of Petro-Canada, this card offers an initial 10,000-point bonus after you charge ten purchases to it. Each purchase gets you 1,000 bonus points, which you can have redeemed at all Petro-Canada gas stations. The Petro-Canada Personal Credit Card goes with an interest rate of 28.8 percent, grace period of 25 days, no annual fee, and dishonored cheque charge of $25. You can obtain your current account statement free-of-charge, but you will have to pay $2 to get a statement for another billing period. Applicants for this card should be of legal age, while all authorized users should be at least 16 years old. You should be a Canadian resident as well. When you get your application, fill out your personal information, together with employer's name, gross monthly income, employment length, and other relevant information.

Learn more about gas credit cards at credit card guide- http://www.creditcardscanada.net/

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Canadian credit card directory is listing credit cards offered by major Canadian banks and financial institutions, as well as credit cards offered by Canadian stores. http://www.creditcardreview.ca/