From CNN Money:
“The APRs on gas cards are even higher than store credit cards, which are already really high,” said Matt Schulz, CreditCards.com’s senior industry analyst. “And when you look at the rewards you can get, compared with other cards, it looks like a pretty bad deal.”
The average annual interest rate on a gas station branded credit card is 24%, compared with 15% for “general-purpose” credit cards.
While gas cards offer discounts when you fill up the tank, those discounts become less valuable as gasoline prices go up.
Check out the NGPF Lesson on Selecting A Credit Card