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The deal
Usually when things happen in American they often find their way across the Atlantic to the shores of the UK, and whilst it has been a slow crossing, the "gas rebate" credit card has finally arrived.
What do I get?
Money back on your petrol / diesel fuel spend as a cash back reward or credited to your account to spend on future purchases of fuel.
Rebates earned will be as a percentage of your total spend, and while the percentages offered vary across the fuel rebate credit cards, you can expect to be earning around 1% - 3% back.
The percentages offered are generally higher than most standard cash back credit cards, and with fuel spending ranking alongside supermarket shopping as one of our highest everyday outlays, there are great savings on offer.
Depending upon your fuel-rebate card of choice, you can also expect to enjoy either rebates on supermarket spending too - or higher rebates on fuel alongside other motoring savings on insurance and breakdown cover.
A very attractive added bonus of these fuel rebate credit cards is the ability to still earn rebates or cash back on all other spending too, albeit at a slightly lower rate.
You may also get an introductory-bonus rate during the first few months of account opening - these joining incentives often allow you to double your rebate earnings.
How do I use it?
Simply use the fuel rebate credit card for any purchases of fuel you make - remembering to fill up on the forecourt that will earn you the highest rebate.
If the rebate or cash back credit card also offers a higher rate on supermarket spending, make sure to pay for your groceries with the same card too.
Unless you also carry a high-rate general spend cash back credit card for all other purchases, remember that most fuel rebate credit cards will also earn you a rebate on other spending too - so keep the credit card in an easy to reach slot in your wallet or purse.
Repay your spending in full and on time each month - eliminating any fees or charges the credit card company can impose on your account will keep your earnings free and increase the money-saving benefits of using a reward credit card.
Look out for any other money saving offers that come with the card. The Citi Shell credit card for example, also offers savings on car insurance and breakdown cover. While the Barclaycard Platinum Cash Back credit card offers savings with select travel companies and retailers.
Anything to be aware of?
Choose your weapon of choice carefully, while the more dedicated fuel rebate credit cards - such as the Citi Shell credit card - do offer higher percentages of your spending back – they may be restricted to just one petrol station company, in this case Shell.
Check for any reward earning limits, while the Citi Shell credit card rebates system is unlimited, cash back earned through petrol and supermarket shopping on the Barclaycard Platinum Cash Back is limited to a maximum earning of £15 per month (which equates to spending £1,500) – with a second limit of £15 per month on cash back earned on other purchases (a £3,000 spend).
Interest charged on outstanding balances when you don’t repay your balance in full each month would outweigh the money-saving benefits of any reward-based credit card.
The golden rule of thumb to maximising on credit card rewards is to always keep your spending repaid in full and on time – doing this keeps reward earnings free and sees you actually making money back from the credit card companies!
Top fuel rebate credit cards...
1. Citi Shell credit card (3% rebate on Shell fuel, 1% on all other spending – double rebates for 2 months)
2. Barclaycard Platinum Cashback credit card (1% cash back on supermarket and petrol spend - up to an earning of £15 per month, 0.5% cash back everywhere else - up to £15 per month)
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