If it seems like gas prices are creeping up higher and higher every time you go to fuel up, you’re not alone. According to AAA’s Fuel Gauge Report, the average national gas price is over a dollar more per gallon than it was just a year ago. While there's not much you can do to change the price of gas, you can help keep little bit more cash in your pocket by having a good gas rewards card.
One to consider is the Discover Open Road card. This card gives you an automatic 2% cash back bonus at gas stations and restaurants. For example, for every $20 you spend in gas, you’ll get 40 cents back. While that might not seem like a lot, it can add over the long term. Additionally, you'll also get an extra $10 cash back bonus on each of your first five fill-ups of $25 or more made in the first 90 days (up to $50, total). The $50 bonus offer is in addition to the regular 2% cashback bonus that you'll be earning. Essentially, the first $125 you spend in gas can only cost you $72.50 once you add up the bonuses. You also don’t have to worry about interest rates for the first year as well, since card offers a 0% intro and balance transfer APR for the first 12 months. All balance transfers must post to your account before July 10, 2011 to be eligible for the 0% APR.
But, perhaps, the most important feature of this card is that it has no annual fee. You should always look for a gas rewards card that has no annual fee, since the annual fee could quickly eat up any gas savings the card provides. However, even though the card offers a 0% APR for the first 12 months, you should also make sure that you can pay off the entire balance by the end of the first year, when the intro APR rate ends. Otherwise, you'll be paying an 11.99% - 19.99% variable purchase APR. That APR will negate your cashback 2% bonus, so you should always aim to pay off your balance in full every month, if possible.
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