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Since gasoline is a recurring expense, like a light bill or telephone bill, it certainly makes sense to pay it in full each month. But some people, for whatever reason, cannot do so. If that is the case, then you should shop around for a better card. Most oil company credit cards have interest rates that range from 17-23%, regardless of your payment history or credit score. They differ from bank cards, which often provide different interest rates to customers, depending on their credit report. A better way to pay for gas would be to use a bank card, as most gas stations with pay at the pump will accept Visa or Mastercard in addition to their own brand. Customers with good credit scores can often obtain bank cards with interest rates that hover around 10% per year or less. That would be a good choice, especially if you are carrying a balance.
An even better choice might be to open an account with Discover which provides customers with up to 1% cash back on all purchases. If you use it regularly to buy gasoline, you will receive an annual rebate for a portion of your purchase amount. Discover Card recently introduced a gas card designed especially for those who wish to use it to buy gasoline; that account has special rebate terms that apply only to gasoline purchases.
Smart customers know how to use their accounts wisely. These days, it makes little sense to carry a high-interest oil company card when a bank card at half the interest rate will do. An added benefit is that bank cards can be used nearly anywhere to buy anything. This is a distinct advantage over oil company accounts, which can only be used at the gas pump.
Buy your gas wisely.
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