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With gas prices still very high, people want to save some money at the pump. Gas rebate credit cards are becoming a very popular alternative. The average gas rebate credit card
can save you up to five percent on gas purchases. If you’re not careful with your credit card use, a gas station credit card could make you pay more for your gas.
Misleading Gas Credit Card Applications
Before applying for any credit card, read the terms and conditions. Most gas credit cards claim high cash back percentages, but there is usually a catch. Here are some examples:
• cash rebates limited to one gas station company
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• high cash rebates only during an introductory period of usually 6 to 12 months
• a monthly or annual limit on how much cash back you can earn
• a tier structure with varying cash back percentages depending on spending
The credit card companies are very careful with their marketing wording. A cash back percentage is usually quoted as ‘up to 5% cash back’. Once they say ‘up to’, you know you
won’t get that high cash back all the time. So know what you are applying for to prevent disappointment.
Keeping a Balance Will Blow Your Cash Rebates
With any credit card, if you only make the minimum payment and keep a balance, you will pay interest charges. Over time these interest charges could cost a lot more than any
cash rebates you earn. Try to only use your credit card as much as you can afford to pay off next month. This can be difficult to adjust to for some people. Suddenly they are
paying for everything with their credit card to earn more cash back. Meanwhile it seems as if their bank account is unaffected. This could lead to impulsive spending. Before
they know it, their bank account is empty and a big credit card bill shows up. Then the interest charges add up. This is how credit card companies can afford to offer cash back.
Ideally you should keep track of your credit card spending and keep that much cash aside as money already spent.
Gas Rebate Credit Card
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Credit cards are a device used to get the consumer credit at the time of purchasing a product. Canadian Credit cards may be issued by a business firm in Canada, such as a department store or an oil company, to make it easier for consumers to buy their products especially if the person is a Canadian living in all provinces of Canada. Otherwise credit cards may be issued by third parties, such as a bank or a financial services company, and used by consumers to purchase goods and services from other companies.
When a person goes into bankruptcy he has to hand in all his credit cards to the trustee. After that person has been discharged from bankruptcy, he or she is often a good credit risk, since that person has no debt.
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Even though, a discharged bankrupt often has a difficult time getting a new credit card. An option is to acquire a secured Canadian credit card.
A secured Canadian credit card is a card backed-up or secured by funds that he have deposited with the financial institution. The card looks like a credit card, and acts like a credit card but will have a limit depending on the amount of money that secures the card. A Canadian credit card is a product where the security deposit user has provided is equal to the credit limit of his credit card. The deposit amount will be held in an interest bearing account with interest and paid to the user annually on the anniversary of the opening of the security deposit account.
The Government of Canada maintains a database of the Canadian Credit cards fees, features, interest rates and reward programs of all the credit cards available in Canada. This database is updated on a quarterly basis with the information supplied by the Canadian credit card issuing companies. Information in the database is published in every four months on the website of the Financial Consumer Agency of Canada (FCAC).
Canadian Credit Cards
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