Thinking About A Gas Credit Card? Think Again!
From CNN Money:
“The APRs on gas cards are even higher than store credit cards, which are already really high,” said Matt Schulz, CreditCards.com’s senior industry analyst. “And when you look at the rewards you can get, compared with other cards, it looks like a pretty bad deal.”
The average annual interest rate on a gas station branded credit card is 24%, compared with 15% for “general-purpose” credit cards.
While gas cards offer discounts when you fill up the tank, those discounts become less valuable as gasoline prices go up.
Check out the NGPF Lesson on Selecting A Credit Card
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.