Survey Reveals Consumers Find Gas Rebate Credit Cards Effective at Saving Cash at the Pump

By: Finance News

http://www.CardRatings.com , an award winning web site dedicated to rating credit card offers and educating consumers about credit card usage, has announced the results of a recent survey regarding credit cards that offer rebates for gasoline purchases. The survey, conducted online, had over 1,300 respondents and illustrates strong consumer interest and action in saving money at the gas pump.

Respondents were asked questions ranging from how much they typically spend on gas per month to how much of a rebate they receive on their gas rebate credit card (if they used one). The results emphasized the fact that those who utilize gas rebate credit cards find them effective at saving money.

One of the most interesting findings of the survey was that while almost 70 percent of those responding were aware of credit cards that offer rebates on gas, only 34 percent have such a card. Curtis Arnold, founder of http://www.CardRatings.com , says this discrepancy could be caused by several different types of consumer thought.

“Some individuals may think that having a credit card specifically for gas purchases is too much of a hassle, while others may not like to place everyday purchases such as gas on a credit card.” He continues, “Others may be trying to maximize earnings on an existing credit card reward program by placing all of their purchases on that one card.”

A key finding of the survey actually opposes these common viewpoints. In response to the question “How effective do you think your gas rebate cards are when it comes to saving money on gas?”, over 95 percent of those responding feel that their rebate cards are effective, with the breakdown as follows: “Somewhat Effective” – 30.8 percent, “Effective” – 30.1 percent, and “Very Effective” – 34.4 percent. Only 4.8 percent felt their card was not saving them money.

The majority (81 percent) of card holders responding earn at least a 5 percent rebate with their card. Such an aggressive rebate is hard to find on any type of credit card rebate/reward program.

Arnold relates that the most popular gas rebate credit cards include other products in their rebate programs as well, allowing a consumer to maximize their earnings power. For instance, one card from American Express gives a 5 percent rebate on gas purchases in addition to a 5 percent rebate on grocery and drug store purchases once you have accumulated $6,500 in annual spending. Many even allow a 1 percent rebate on all other purchases made with the card. It should be noted that any 5 percent rebate can be an introductory offer, though (i.e. only available for a limited time only).

Among other key findings of the survey:
When asked how often they used their gas rebate credit cards, an overwhelming 78 percent of respondents said “Frequently,” while 79.2 percent of respondents said they planned on using their gas rebate credit card more frequently to help offset the cost of gas prices in a follow-up question.

When asked which bank issues their current gas rebate credit card, 52 percent of respondents replied CitiBank, with Chase/Bank One/First USA, and Discover Bank in the next two top spots. CitiBank was one of the first to offer an enhanced rebate on gas purchases and has obviously earned fans and loyalty because of this.

The presence of an annual fee (81 percent) and the actual amount of the rebate (75 percent) ranked the highest of importance to respondents when shopping for a gas rebate credit card. How widely the card is accepted came in third at 65 percent. Less important were the interest rate and other rebates and benefits (other than gas rebates) offered (46 percent and 42 percent, respectively.)

Says Arnold, “I would challenge consumers to take a look at their current card rebate program and the rewards they have recently collected. Then compare it to the potential rebate earnings of a gas card rebate program. Not many other types of cards offer such an aggressive rebate, which can be up to 5 percent. Moreover, many gas rebate cards these days don't limit your rebates to one particular brand of gas. Once a consumer analyzes their spending, they may find that they can realize significant savings by using a gas rebate credit card or other type of rebate card."

For more information, including reviews of rebate card offers, please visit http://www.CardRatings.com or call (501) 663-0314.

CardRatings.com was launched in 1998 by parent company Citizens for Fair Credit Card Terms, Inc with the primary goal of aiding consumers by rating credit cards and educating about credit cards. This free site has become the most comprehensive online source for comparing credit cards with staff reviews of over 500 credit cards in 60 categories—including a searchable database containing detailed information relating to credit card terms and conditions, and a cardholders review report which boasts over 17,000 consumer reviews of over 900 credit cards. The information provided on the site has been referenced by numerous news agencies and publications. For more information about what makes CardRatings.com a unique site, please go to http://www.cardratings.com/betterrthome.html.