I recently did something I haven’t done in years–I applied for a credit card. Now that I am wise to the potential pitfalls of credit card use, I decided it was time to try to recoup some of that money I’ve been pouring down the gas tank. Gas credit cards that offer rebates for gasoline purchases seemed like the best idea, and I was off to compare various options based on the following three requirements:
- The new card must have a low interest rate. I am dedicating this card to gasoline purchases and utility payments only, so there is little chance I will roll over a balance from month to month. However, I’ll try to get a competitive rate just in case. Find low interest credit cards at CardOffers.com
- I refuse to pay annual fees. Not much room to negotiate here. There are simply too many options available to spend $35 plus on a fee just for the privilege of carrying a card in my wallet.
- Extra cashback earnings on gasoline, and other regular purchases. One of the downsides to using a credit card is that studies have shown we typically spend more money with plastic. Since I am limiting myself to required purchases only (gasoline, utility payments, etc.), and those don’t have much variability, I feel confident I won’t be spending any additional money running those charges through the credit card and paying them off each month. In the process, it would be nice to earn a little extra money back for those types of purchases.
And the Winner Is…
The Blue Cash® from American Express®. This card had everything I needed in a rebate credit card, and offered a nice 5% bonus on cash back at the places you frequent most, like supermarkets, drugstores and gas stations.. What will we do with the cash back money? We will probably drop it in one of our targeted savings accounts like the vacation fund, or maybe even the Christmas fund. I’ll report back after a month or two to let you know just how much cash rebate we rack up.