Credello: Are You Using the Right Credit Card Amidst Rising Gas Prices?
NEW YORK - November 5, 2021 - ( Newswire.com )
American drivers have been walloped by rising gas prices over the last few months. Filling up your tank in the fall of 2021 is costing consumers on average 58% more than the same time last year. And while gas prices typically tend to dip during the holiday season, it doesn’t look like that’s going to happen this year. So financially savvy travelers will need to look at other ways to save, like finding the right credit card to use at the pump.
What Rising Gas Prices Mean for the Average American
The recent surge in commodity prices is hitting the wallets of every American. Those who don’t drive are seeing higher costs in the grocery store and at restaurants. And these dramatic and sudden increases mean there’s room for change in every household to combat the costs.
During the holiday season, when many families usually pile in the car to travel to see loved ones, Americans may face a hard choice: find ways to lower the cost or scratch long-distance holiday plans altogether in favor of staying closer to home.
Finding the Best Credit Cards for Rising Gas Prices
If you’re not willing to change holiday travel plans or simply need to continue to fill up to drive around town, you may as well save as much as possible. And that likely means looking for a gas rewards credit card.
Benefits of Gas Reward Credit Cards
Credit cards, when used responsibly, have many benefits, like the ability to help consolidate credit card debt, build your credit score, and give you increased purchasing power. But when it comes to rising gas prices, certain credit cards can actually put cash back in your pocket. And the best cashback credit cards for gas can get you between 3% and 5% back each time you fill up, which can equate to hundreds of dollars a year.
How to Choose the Right Credit Card to Save on Gas
When searching for a credit card to help save money on rising gas prices, it’s essential to look for:
- Low or no fees: Look for cards that are free from fees or have fees that are clear and acceptable.
- Low interest rates: Learn the APR range and make sure you’re comfortable with the rate.
- Transparency: Look for a reputable company that makes card benefits and fees simple.
- Easy-to-redeem rewards: Great rewards are one thing, but make sure the card offers a rewards system that makes earning and redeeming rewards easy. For example, can you use rewards for a statement credit or receive payment via a check or gift card?
The Bottom Line
American drivers feel the impact of rising gas prices, and there may not be an end in sight. That means consumers need to focus on ways to save money each time they fill up. Finding the right cashback credit card can result in savings on every tank, up to hundreds of dollars each year. And that means keeping more of your hard-earned money in your pocket.
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