Best gas credit cards for bad credit

gas.png_thump

Rewards credit cards can be insanely lucrative, both in terms of their ongoing rewards and the generous sign-up bonuses they offer. Unfortunately, the best credit cards on the market are only available to consumers with very good or excellent credit, which usually means a FICO score of 740 or higher.

But, you can get a rewards credit card if you have bad credit. You just need to adjust your expectations and be willing to consider a broad range of cards. Specifically, you may find that most rewards credit cards for bad credit are ones geared to specific purchases, such as gas.

What is a gas card?

Gas credit cards can help you rack up rewards when you fill up your tank, but you can also use them to build up your credit score so you can qualify for a better rewards credit card later on. Most gas credit cards offer rewards as a percentage of your spending just like any other cash back credit card, although credit cards for bad credit tend to have less lucrative rewards programs and more fees attached.

Keep in mind that, when we’re talking about gas cards for bad credit, there are two main types to consider. There are closed-loop gas cards that are only good for gas and other purchases with specific brands, such as Shell or Chevron. One thing to consider as you compare cards is the fact that closed-loop gas only credit cards tend to come with incredibly high interest rates. Take the ExxonMobil™ Smart Card, for example. This card gives you 25 cents back for each gallon of gas you buy for two months, then 6 cents back per gallon. However, you’ll pay a variable APR of 26.49 percent on purchases if you carry a balance.

There are also traditional credit cards that let consumers earn rewards on gas and other types of purchases. These cards tend to be more useful since you aren’t limited in terms of the gas stations you can fill up at, and since you can use them for all your regular purchases and not just gas.

How do gas cards work?

If you’re wondering how to get a gas card, you should know that the process is a piece of cake. Gas credit cards are easy to apply for online, although credit requirements can vary depending on the type of gas card you’re considering. The best gas credit cards that let you earn rewards are typically geared to consumers with good or excellent credit, while consumers with only fair credit (580 to 669) or poor credit (579 or below) may only be able to qualify for rewards credit cards for bad credit or a store brand gas card.

Some gas cards let you earn points or cash back for each dollar you spend on gas and other purchases, yet closed-loop gas cards that only work with a specific gas brand may offer a discount for each gallon of gas you buy instead…..Read More>>

 

Source:- bankrate