Are gas cards worth it

are gas cards worth it

Well who doesn’t want a free gas card ?! With gas prices soaring the way they have been and the short break from gas prices that we saw this summer, I can guarantee every one of our readers wouldn’t say no to that. Due to oil price fluctuation in the middle east we have seen some of the biggest gas price swings in history! Do you remember when gas was only .80 cents a gallon? Those were the days right? Well not anymore unfortunately were stuck with high prices, lower wages, more traffic and aging non fuel efficient cars. But we have a solution!

If you are looking for some gas price relief then you have come to right place. Visa and oil companies are teaming up and giving away free gas cards as part of their program for just a bit of market research! I would highly recommend that you click on the below link or photo and just submit your email address where you will then receive a link to a small survey provided by these companies for market research and in turn for your time provide Free Gas Cards ! What are you waiting for? Sign up today and take advantage of this limited time offer before they pull it in its entirety! Sign up at below link! Thank us later

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Is Amazon’s new credit card for Prime members worth it?

Published: Jan 21, 2017 10:14 a.m. ET

There’s yet another way to buy things from the online retail giant

Are gas cards worth it

In case you needed one more way — or reason — to buy things from Amazon, here it is.

The retailer AMZN, +0.08% on Wednesday announced its new Amazon Prime Rewards Visa Signature credit card, which will offer 5% back to customers who are members of Amazon Prime, which itself costs $99 per year to join. It also offers 2% back at restaurants, gas stations and drugstores and 1% back on all other purchases. There is no cap on the amount of rewards cardholders can earn.

It is a Visa card V, +0.42% issued through Chase JPM, -0.32% The card has no annual fee and does not charge foreign transaction fees, and charges 14.74% to 22.74% annual percentage rate on unpaid balances versus the average credit card interest rate of 16.35%. When new cardholders sign up, they will receive a $70 Amazon gift card. (Amazon did not respond to request for comment.)

The new card is a good choice for someone looking for “a very simple option for getting the greatest return on Amazon purchases,” said Zach Honig, the editor in chief of rewards site The Points Guy. “If you want something really straightforward, one card to use for all Amazon purchases, this is the way to go,” he said. Plus, since Amazon sells such a wide variety of items, those who use the retailer consistently could reap large rewards in return, especially since there is no cap on the rewards they could earn.

This isn’t the first time Amazon has offered branded credit cards. Amazon already offered a credit card called the Amazon Rewards Visa Signature card, which offered a $50 Amazon gift card when new cardholders were approved and gave 3% back on Amazon purchases. That card does not require Amazon Prime membership. It also has a “Store” card that customers can only use on Amazon, which gives Prime members 5% back as a statement credit, but they could only use that card at Amazon. The new 5% back card can be used elsewhere.

That said, other credit cards on the market offer higher rewards. American Express’s Blue Cash Preferred card, for example, offers 6% cash back at U.S. supermarkets (up to $6,000 per year and 1% after that), 3% at gas stations and some department stores and 1% back on other purchases. Chase’s Freedom card and Discover’s DFS, -0.99% “it” card also offer 5% cash back on categories that change on a regular basis, but are not limited to one retailer.

As consumers have had more money to spend, banks and credit-card issuers have competed for high spenders by offering increasingly high sign-up bonuses and perks, including cash back, recently. (At the same time, banks have had to scale back those rewards when they cut into profits, as Chase recently did with its popular Chase Sapphire Reserve card.)

Tempting as discounts may be, consumers should pay their balances in full each month to avoid paying interest and to maintain high credit scores, consumer advocates say. American households with credit card debt on average owe more than $16,000.

Amazon makes it easier to impulse buy

And a card with sweetened rewards isn’t the only way the massive retailer has pulled customers even further into the Amazon ecosystem. Amazon debuted “Alexa,” its digital personal assistant and mobile operating system, in November 2014. Since then, the company has allowed Alexa to be integrated not only with Amazon’s hands-free voice-controlled Echo and Echo Dot but with appliances including smart refrigerators, making purchases (on Amazon or otherwise) easy.

There are advantages for Amazon releasing such a card too. Creating a branded credit card — as many airlines, hotel chains and department stores have done — can boost a shopper’s loyalty to that brand. When consumers physically see a retailer’s name in their wallet on a regular basis, they may be more likely to shop there, said Rob Markey, a partner at Bain & Company, who is the head of the company’s customer strategy and marketing practice.

For banks, such as Chase in this case, it’s beneficial to attract high-spending , low-risk customers who will not only sign up for cards but continue to use them responsibly and not put the bank at risk for having to track down outstanding balances, Markey said. – Is It A Good Idea To Buy A Prepaid Gas Card?

I am too. So are millions of other people.

This is why is allowing you to pre-purchase tomorrow’s gasoline at today’s prices.

So, is it worth it? Should you really pre-pay for gas like this? Are there any “catches”?

Here’s the scoop about the prepaid gas card… is a membership-based program costing $30 a year.

Once you have signed up and paid the membership price, you can pre-purchase gasoline at today’s prices — a price determined by which should compare to the price you can get at your local gas station.

TIP: You can save even more by filling up at a gas station whose prices are even lower than your pre-purchase price.

Pre-paying for gas in this way is very similar to stocking up food, toothpaste and toilet paper. Of course, you cannot store this extra gasoline in barrels in your basement though. So instead, you get a MyGallons prepaid gas card that you use to fill your car with gas, as you need it.

You use the MyGallons prepaid gas card in the same way that you would use a debit card. (Psst… here’s why you shouldn’t use a debit card to pay at the pump.)

TIP: MyGallons Cards can only be used at “participating gas stations”. promises that all gas stations that take credit cards will eventually honor MyGallons prepaid gas cards. Source

UPDATE: They recently modified their terms so now you can have money electronically deposited into your checking account if you prefer instead of using their prepaid gas card.

Instead of deducting “money” from your MyGallons prepaid gas card, the gas station will deduct “gallons used”. There will be monetary adjustments made if you use premium or diesel gas. There will also be adjustments if you purchase gas in a place that is higher or lower than the average gas price in your home location. (This is likely to occur if you travel.)

Becoming a member of has its advantages:

  • The first and most important benefit is that you are protecting yourself from rising gasoline prices. The higher the gas prices go, the more money you will save in the long run.
  • If you own a business where a fleet of vehicles is used, you can save a great deal of money by pre-purchasing gasoline. And you can also control what your employees purchase with their gas cards.
  • allows you to keep better track of your gasoline purchases.
  • They offer a 100% money back guarantee.

There are some disadvantages of using

  • There is a fee every time you add more gallons to your prepaid gas card.
  • There is no way to know for sure that you will save money, as you never know when the price of gas will drop, even by a small amount.
  • If you accidentally go over your limit, you will be charged an overdraft fee and you will be charged the actual price for the number of gallons you have gone over. This may not sound like a problem because you can monitor your account, but “some filling stations can take up to 72 hours to report transactions. Therefore, the balance shown in your MyGallons account will not include more recent transactions.”
  • Your credit card is attached to your MyGallons prepaid gas card so you can be charged for overdrafts and automatic refills “when your balance drops below 15 gallons“, as well as the annual membership fee.
  • You will always refill your prepaid gas card at “current average prices”. So if you purchase 100 gallons at $4 a gallon in July and gas goes up to $5 in August, then you save a bit of money. But, when your current gasoline balance runs out, you would be refilling your prepaid gas card at the new price of $5/gallon. Unless the cost of gas goes up again, you will actually lose money. This is gambling at its finest.”If you bought at $2.80 per gallon and waited until the prices went up to $3.20 per gallon you would save $.40 per gallon.” Source
  • The final disadvantage (and the main reason I have not joined the program) is that you have to come up with the money to pre-purchase the gas in the first place. Few people have enough money on hand to buy 2 or 3 months worth of gasoline at once.

If the program charged a small monthly fee to lock in your gas price at the lowest cost in the country, then I would consider such a membership.

The MyGallons prepaid gas card program is still new, so you can expect some glitches, as well as some changes as they progress.

Only time will tell if the MyGallons prepaid gas card program will be worth it in the longterm.

More About

Are gas cards worth vs – the owner of sets the record straight

Are gas cards worth itBBB Alert On – from July 2008

Are gas cards worth itOnline Gas Card Company MyGallons Gets An “F” – discusses the “F” rating once given to by the BBB that has since been rescinded

Are gas cards worth it

Something Fishy About – to dispell rumors, MyGallons is not a scam, they did not go out of business, and they are once again offering real protection against rising gas prices

Are gas cards worth itBehind the Controversy – in defense of… sort of

I have been a certified tightwad since I became pregnant with my first child and decided to find a way to stay home with him. I enjoy sharing my experiences in my journey back to financial health and planning for a future -- which will include sending 2 kids to college and early retirement.

Is your rewards credit card worth it? How much you have to spend on travel and more to break even.

Are gas cards worth it

Are gas cards worth it

With so many rewards cards available today, it can be extra tricky figuring out whether they're actually worth it . The $300 annual travel credit for the Chase Sapphire Reserve sounds great, for example, until you realize there's also a $450 annual fee that you have to pay upfront.

To help you figure out which rewards card makes the most sense for you, RewardExpert  analyzed your choices based on how much you'd have to spend per month to break even, using spending data from the Bureau of Labor Statistics on things like food, gas and travel. Since the first year sign-up bonus can skew a card's perceived value, the site calculated how much you'd have to spend in the second year of having a card when you no are no longer eligible for the bonus.

Using real spending habits is key because it gives you a better idea of how likely you are to charge enough trips, restaurant meals and entertainment to actually make any given card worth it. As you can see from the BLS chart below, household spending varies widely depending on your age.

To help you figure out the right card based on your spending habits, Mic calculated how much you would need to spend to break even around the four-month mark  — enough time to start reaping real rewards before your second-year annual fee comes due. Until you spend that "break-even9quot; amount, you are not really getting a good deal.

Here's how the cards shake out: See which one might make sense for you.

Break-even point for spending : $18,321

Best if you spend : Around $4,500 a month  

If you buy lots of big-ticket items or use your rewards card for most of your purchases, then the American Express Platinum might be right for you.

While you have to spend about 158% more than you would on the Chase Sapphire Reserve — and 62.5% more than with the Citi Prestige — according to RewardExpert , perks include a $200 Uber credit, $200 airline fee credit and a $100 global entry/TSA pre-check fee credit.

Break-even point for spending : $11,275

Best if you spend : Around $3,000 a month

This card is ideal for those who like to slap restaurant, airfare and hotel purchases on their card, because the Citi Prestige earns triple points on hotels and airfare, plus double points on restaurant purchases. There's also a $250 travel credit for any flight-related expenses and free access to VIP airport lounges. On the downside, you have to spend over $4,000 more before you'll break even compared to the Chase Sapphire Reserve, which has the same high annual fee.

Are gas cards worth itSource: Syda Productions/Shutterstock

Break-even point for spending : $7,105

Best if you spend : More than $2,000 a month

The  Chase Sapphire Reserve , another good travel card, offers triple point-back earnings on airfare, hotels and dining. With sign-up bonus points worth $750 in travel and a $300 annual travel credit, the metal card has gotten a lot of buzz for its generous rewards. But if you charge less than $2,000 a month on it, you'll need about four months to break even in terms of rewards. What's more, you have to spend at least $4,000 in the first three months to get the sign-up bonus points.

Break-even point for spending : $3,803 

Best if you spend : About $1,000 a month

With the best break-even value for a luxury rewards card, the U.S. Bank Altitude Reserve Visa Infinite  offers $100 off global entry/TSA pre-check fee, complimentary VIP airport lounge access and free in-flight W-Fi. Plus, cardholders earn triple points back on all mobile wallet purchases. 

Break-even point for spending : $7,000

Best if you spend : More than $2,000 a month

Annual fee : $95 (first year fee is waived) 

While cardholders pay no annual fee the first year, you have to spend the most on the  Chase Sapphire Preferred  compared to other low-fee cards listed here before breaking even. Benefits include double points for airfare, hotels and dining purchases and one point for every dollar spent. Plus, earn $625 worth in bonus points if you spend $4,000 during the first three months.

Break-even point for spending : $4,450

Best if you spend : More than $1,500

Annual fee : $89 (first yearly fee is waived)

The low annual fee on the Barclaycard Arrival Plus World Elite Mastercard makes this card attractive to anyone who is fee-averse. You can earn double miles on flights, and they never expire. Plus, cardholders earn 5% of their miles back every time they redeem them.

Break-even point for spending : $3,000

Best if you spend : About $1,000 a month

Annual fee : $59 (first yearly fee is waived)

The winner for lowest fee and best break-even value, the CapitalOne Venture card offers double rewards on airfare, hotels, groceries, gas and more. No fee for the first year, CapitalOne Venture is a great card for someone who doesn’t make credit card use a habit but still wants some rewards for less.

Break-even point for spending : $0

Best if you spend : About $1,000 a month

Don't spend enough on travel to justify a premium rewards card like the Citi Prestige, but still want the top-flight travel rewards? The BankAmericard Travel Rewards card gives you a $200 statement credit toward travel purchases if you spend $1,000 in the first 90 days. That's in addition to the 1.5 points you earn for every dollar you charge. If you spend just $1,000 a month, for example, you may earn another $180 travel credit. Sweet.

Break-even point for spending : $0

Best if you spend : Any amount

You don't have to waste money on an annual fee to get rewards. Citi Double Cash gives you 2% back on everything single item you charge. You get the first percent when you make the purchase and the second percent once you pay your bill. Redeem cash back for either a statement credit, a check or gift card.

Sign up for The Payoff  — your weekly crash course on how to live your best financial life. Additionally, for all your burning money questions, check out Mic&#x201&;s  credit ,  savings ,  career ,  investing  and  health care  hubs for more information — that pays off.

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