Credit cards for fuel are uniquely designed cards that are frequently co-branded with stores, like the HWY Fuel card. These cards are perfect for people who commute a lot by automobile since they may help them save a lot on petrol. These cards provide special discounts when car owners fill up at partner gas stations or pumps. In India, the majority of fuel cards work on a rewards system, allowing customers to collect points each time they fill up and then use those points to get a certain quantity of fuel for free.
There are some pointers to keep in mind while spending on the best credit card for fuel rewards card:
- Read the list of gas stations
If you already have a co-branded gasoline credit card, you could only be eligible for rewards if you use it at particular gas stations. Therefore, you should examine the list of gas stations where you may earn rewards, receive surcharge exemptions, or use reward points before enrolling for the fuel card.
HWY Fuel card is available with some fuel cards. However, there is a minimum transaction threshold that must be met to qualify for this waiver.
2. Think about the actual prices and compare
If you want to purchase a fuel card specifically to save money on petrol, you need also to take into account other costs, such as the card’s total price, annual charge, and joining fee. Typically, yearly fees are removed when a credit card company’s specified annual expenditure requirements are met. But if you don’t use that much of it, you’ll have to pay this fee, which will reduce the overall savings you’d expect from using these cards.
3. Finance expenses
Finance charges, which normally vary between 23 percent and 49 percent yearly, can apply if credit card bills are not fully paid by the due date, depending on the card and its issuer. Even while paying your credit card payments in full and on time is generally a good idea, it’s always vital to research and compare the financing costs that apply to gasoline credit cards since you never know when you could be slammed with them because of a financial emergency or plain negligence.
4. Annual/renewal and joining costs
Choose a credit card with joining/annual fees that are well outweighed by the welcome perks, renewal benefits, savings, cash backs, reward points, and other card advantages.
These credit card variations occasionally also have set spending goals that, if reached, can eliminate membership fees. Since your card privileges are free as long as you pay your bills in full and on time, you should also see whether you can reach those goals to avoid paying yearly fees. The HWY Fuel card has very low yearly and renewal membership costs.
5. Spending preferences
Fuel discount cards’ earned reward points can often be used to offset fuel purchases made at partner establishments. However, some card issuers additionally permit the use of earned reward points for gift cards or at certain online partners.