Credit card rewards can be insanely lucrative in terms of both recurring rewards and the generous signup bonuses they offer. Unfortunately, the best credit cards on the market are only available to consumers with a very good or excellent credit history, which usually means a FICO score of 740 or higher.
Notes can get a bonus credit card if you have bad credit. You just need to adjust your expectations and be prepared to consider a wide variety of cards. In particular, you may find that most bad credit bonus credit cards are for certain purchases, such as gasoline.
What is a gas card?
Gas credit cards can help you accumulate rewards as you fill up your reservoir, but you can also use them to build up your credit score so you can later qualify for a better credit card. Most gas credit cards offer a percentage of your spending just like any other. credit card refundalthough credit cards for bad credit tend to have less lucrative reward programs and higher fees.
Keep in mind that when we talk about gas cards for bad credit, there are two main types to consider. There are closed loop gas cards that are only suitable for the purchase of gas and other goods of certain brands, such as Shell or Chevron. When comparing cards, keep in mind the fact that closed loop gasoline-only credit cards tend to have incredibly high interest rates. Take the ExxonMobil smart card, for example. This card gives you back 30 cents for every gallon of gas you buy over the course of two months, and then 6 cents a gallon. However, you will be charged a variable annual rate of 26.49% on purchases if you have a balance.
There are also traditional credit cards that allow consumers to receive rewards for gas and other types of purchases. These cards are generally more useful because you are not limited as to the gas stations you can fill up at and because you can use them for all your regular purchases, not just gas.
How do gas cards work?
If you are wondering how to get a gas card, know that this is a very simple process. It is easy to apply for a gas credit card online, although payment requirements can vary depending on the type of gas card you are considering. The best gas credit cards that allow for rewards are usually for consumers with a good or excellent credit history, while consumers with only a fair credit history (580 to 669) or bad credit (579 or below) may only be eligible for bad credit bonus credit cards or a store brand gasoline card.
Some gas cards allow you to earn points or cashback for every dollar you spend on gasoline and other purchases, however closed loop gas cards that only work with a certain brand of gas may offer a discount for every gallon of gas you buy instead.
In the end, the benefits of getting a Gas Card depend a lot on the card you are approved for and their specific reward program. Just remember that like all credit cards, gas cards are charged interest when you hold a balance, so you need to pay your gas card bill in full every month you use it.
Construction loan with gas card
Building credit with a gas card is a smart move, just like with any other credit card. Whether you are using your credit card for gasoline only or rewards a credit card for bad credit, all your credit movements and payments will be reported to three credit bureaus – Experian, Equifax and TransUnion.
To make the most of your gas card, you’ll want to use it to pay for gas and other purchases that you can pay right away. Try not to keep a balance, as your interest rate is likely to be high, and stay away from accumulating debt that you cannot afford to pay off.
Pros of building a loan with a gas card
- Some gas cards are fairly easy to get approved because they are gasoline-only credit cards or regular bonus cards aimed at consumers with bad credit.
- Gas cards are provided by three credit bureaus that can help you accumulate credit over time.
- Gas cards can help you earn rewards or discounts when you fill out.
Cons of a construction loan with a gas card
- Bad credit gas cards may only offer mediocre rewards.
- You may have to pay an annual fee and many gas cards have a high annual rate.
- Some gas cards for bad credit secured credit cards, that is, you must post a cash bond as collateral.
Best gas cards for bad credit history
When it comes to gas cards for bad credit, there are several options to consider. The following list of credit cards includes the best gas cards for bad credit on the market today.
Discover it® secured credit card: the best secured card for gas rewards
Since this is a secured credit card, Discover it® Secured Credit Card is one of the easiest gas cards to get approved. To get started, you will need to post a cash collateral as collateral, but this card will report your loan payments to three credit bureaus, helping you accumulate credit over time. There are no annual fees and no hidden fees, but you will return 2 percent of the first $ 1,000 you spend at gas stations and restaurants every quarter (then 1 percent), plus 1 percent of all other purchases. Discover will also match any rewards you’ve earned since the first year.
Capital One Journey Student Rewards: Best Student Gas Card
IN Capital One Journey Student Awards is intended for students and others with “fair” credit, which usually means anyone with an FICO score between 580 and 669. This card does not charge an annual fee, but you will receive 1% cashback on all your purchases. Pay on time to increase your cashback amount up to 1.25 percent this month. Note that while you can start with a low credit limit with this card, Capital One will automatically consider raising your limit after six months and six on-time credit card payments.
Credit One Bank® Visa® for credit recovery: the best option for obtaining a loan
IN Credit One Bank® Visa® for Credit Recovery is designed for consumers with bad credit history, so today it is one of the simplest gas cards. Once approved, this card allows you to receive a reward of 1% cashback on gasoline and groceries, as well as monthly mobile, Internet, cable and satellite TV services charged to your card. Note that an annual fee of up to $ 99 may apply, depending on your creditworthiness. However, you may have a chance to increase your credit limit after being used responsibly enough, and this card even allows you to choose a date for your credit card payment.
Shell | Fuel Rewards® Card: Best for Easier Matching
If you are looking for a simple gas approval card, you should consider Shell | Fuel Rewards® card. This gas store credit card allows you to earn up to 10 cents per gallon of gas, including the rebate on your gas card and the rebate you get with Auto Gold through the Shell Fuel Rewards program (up to 20 gallons). With shell | Fuel Rewards® card, you can also claim 10 percent Shell discount on your first $ 1,200 in Shell non-fuel purchases made each year using your card at Shell offices throughout the US. apply online.
Chevron / Texaco Techron Benefit Map: Best for Big Gasoline Discounts
The Chevron / Texaco Techron Advantage Card is another simple gas approval card that can work well for consumers looking for a Chevron gas card for bad credit. This gas-only credit card allows you to earn 30 cents per gallon in fuel credits at Chevron and Texaco stations for the first 90 days of opening an account. You will also earn 3 cents a gallon for every fill throughout the year (on regular or diesel), 5 cents a gallon on Plus fuel, or 7 cents a gallon on Supreme / Premium fuel. (Higher Fuel Plus and Supreme rates end on September 30, 2021.) You can get this credit card without having to pay an annual fee or any hidden fees.
Are gas cards worth it?
Consumers looking for a way to get a loan should definitely look out for gas credit cards, whether secured or unsecured. Gas cards can help you earn credit while you learn positive credit habits, and you can even get some rewards or fuel discounts along the way.
Just make sure you compare gas cards with bad credit in terms of their commissions and rewards, and that you only apply for a store-branded gas card if you top up frequently. Hopefully you can get a gas card permit and use it to rebuild your credit from scratch. With the passage of time and many timely credit card payments under your belt, you will be able to upgrade to a better credit card in no time.
Still worried about getting approved for the card? Try entering basic information, including your name, address, and the last four digits of your Social Security number, into CardMatch ™, Bankrate prequalification tool. This will not affect your credit rating and you will be matched with cards that match your credit profile. This is not a guarantee that you will be approved to receive the card, but it is the best way to find out which cards you are likely eligible for.
ExxonMobil Smart Card, Chevron / Texaco Techron Advantage Card and Shell Card Information | Fuel Rewards® has been independently compiled by Bankrate.com. Card details have not been verified or approved by the card issuer.