Save Money on Gas with Rewards Cards
Have you heard the fuel forecast? Experts are predicting gas prices will rise above $5 per gallon by fall. If
you’re like me and commute daily then you understand how the pain you feel at the pump is only going to increase and at the worst possible time for those going back to school. I started to think about this and wondered how students can counter this increase without somehow making more money.
I was reminded of this roommate I had after college named Jason. Jason was an accountant and I gave his quirky behavior around money and finance a mixed review. One of the things he always did was to pay for all his groceries, gas and other everyday expense with his credit card. He did it because it was easier to manage his money and he got some sort of rewards back.
Personally I thought that was a good idea in theory but that in reality using a credit card for regular expenses would make it harder to budget. For example it’s much easier to go over your grocery budget if you are using a credit card versus cash or a check. But then I thought about gas. Gas is different; you can only fill up your tank until it’s full so there’s no risk of overspending. A gas rewards credit card is actually a really good idea.
Gas rewards cards are just like regular credit cards except they pay you back a percentage of every dollar you spend at the pump. Typically they will give you 3% to 5% back as cash for every dollar spent which is the same thing as saving 12 to 20 cents per gallon. This can add up to $2 to $5 for each fill up. Multiply that by how many times you fill up each month and that’s the money you could be saving on fuel which you simply aren’t right now. You’re buying the gas anyway so if you can be responsible and save the cash you’d normally spend on gas this is an easy way to off set the increases.
The challenge for you is to be responsible and try to only use it for gas and pay it off each month. If you end up letting your balance carry over from month to month you’ll be paying them back the money they’re paying you to cover interest payments. That might be OK in a pinch but it’s not a good plan. So what credit cards offer student the best Gas Rewards Programs?
Discover® Open Road(SM) Card for Students
This card is for students with no credit history or a very limited one. Through the Discover® Open Road Card cash reward program, you will earn a full 5% in cash rebates for gas and auto maintenance purchases! There is no annual fee, and a reasonably low APR (14.99%) for those who qualify. Of course this only applies if you don’t pay your balance each month.
PAY YOUR BALANCE EACH MONTH & YOU WON’T GET CHARGED INTEREST and it builds terrific credit… Apply Now.
No matter what you choose to do, be aware that there are lots of ways to save money besides plopping pennies in a piggy bank and you should always be trying to think of them. Like anything else, you don’t become good with money without practice. If you’re a member of www.ScholarshipPoints.com you can use the code GIVEMEGAS to earn 15 scholarship points.
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crazy!
not a bad idea… saving gas is a VERY important thing these days
yeah i think it would be a good idea it helps out people that really need it and it wouldn’t hurt to get some credit
I had no idea about this!
this is a good idea and i might make a decision to do what would be best to budget your money
EXXON NEEDS TO GIVE A CARD LIKE DISCOVER…ONLY 5% TO 10% BACK FOR THE USERS…FOR THE
credit is the reason my ————–is in debt today
the interest is very high!
I agree with several people that have commented before me.
thats a real good idea
If you set aside money it is easy to do and helps build credit
I guess using a credit card wisely is ok, but I’m still unsure about credit cards. I know they are easy and they do help build your credit, but they can be dangerous. I don’t think I’m ready for a credit card, but someday I maight be.
Good tips. especially in times like this when gas is a must do, in spite of the high prices :S
Good idea, but you have to think about interest, and you would have to be a responsible college student, and I do see many of those these days
I feel that it is a good idea, someone should def. try it out!!!
I like the idea of saving money on gas, but I do not drive.
sounds like something that needs to be checked into forsure
i agree
ok
I am not sure about this.
Gas prices are absolutely ridiculous, yet, we need it, so we pay…
I am not too sure about this either.
Credit cards are not a good idea
I think this is one of those cards that will really help me get my finances straight. not only will i have a card specifically for gas and automotive stuff but i will be able to see exactly how much i use a month in this area and be able to monitor when i need to service my car, like if i bought oil and a oil filter in January then i would know that is when i changed my oil and would be able to keep track of when i should change it next time.
everyone needs to be cautious about any credit card, that you still have to pay.