Consolidate Credit Card Debt

If you drive a lot, maybe you have a long daily work commute, you probably use a lot of gas.  Even if gas prices aren’t at their peak, with lots of driving, you spend a lot on gas.  If you use gas credit cards, you can help yourself to save money on your long commutes.

Gas credit cards are named as such because they give cash back when you spend money on gas.  Many also give cash back on car related expenses and a smaller cash back rate on most other expenses as well.  For example, a card might give you 4% cash back on gas and car related expenses and 1% cash back on other purchases.

Let’s say you spend an average of $200 a month on gas.  with a 4% cash back rate, you can get $8 cash back on gas.  In a year, you can get $96 cash back.  If you have multiple vehicles, you could get more cash back.  If you get cash back on other expenses as well, that rate goes up more.

When taking advantage of this type of reward program, make sure you always pay off your balance in full every month.  You should do this anyway.  If you fail to do this, the interest you end up paying will cancel out the cash back rewards.  If you are only using the card for gas and normal expenses that you can afford with cash anyway, you shouldn’t have trouble paying the balance every month.

If you don’t spend a lot on gas, you can always find a card with an overall high cash back rate or a rewards card that pertains to you.  For example, you can get a travel card or a business card for your business.  There are lots to choose from.  If you have good credit and use the card responsibly, you can get a lot of benefit out of it.