Are All Gas Cash Back Rewards Created Equal?
Posted in Finance on July 25th, 2010 by admin – Be the first to commentThere are many gas cash back rewards programs available.
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Turn a 5% Cash Back Rewards Credit Card Into a 30% Rebate Card
Posted in Finance on July 21st, 2010 by admin – Be the first to commentThere are many cash back rebate credit cards out there that pay you 5% back (at least for a while) on your gas purchases. There is a way you can turn that 5% card into a 30 percent card by using a simple strategy.
First step is to get a cash back rebate gas card. There are many that you can find. Some are issued by the gas station companies themselves and others are by the big bands. You can find them easily by searching for gas rebate credit card or cash back gas credit card in Google.
As I mentioned you will find two types, those issued by gas companies like Shell or Exxon and those issued by banks or financial companies like Chase or Discover. Usually you will find that the gas company cards will have higher rebate amounts for longer periods than the cards issued by banks.
When you have your cash back or rebate card then it is time to implement the other part of the strategy. The strategy consists of combining two different rebate offers to create a larger one. To do this we will use a customer loyalty rebate.
A customer loyalty rebate, is a rebate program that pays you for staying a regular customer of the gas company that you designate. For example, if you pick Exxon, then you will be rewarded for doing all your gas shopping at Exxon.
You will have to pick one brand or one gas company so you want to use the same gas company you have a rebate card from if you have a gas company issued card. If you have an Exxon credit card, then you want to use Exxon for the customer loyalty rebate.
The customer loyalty rebate works like this. You register with the rebate company and tell them the gas company you will be using. Then you save your gas purchase receipts each month. When you accumulate $100 in receipts you will send them into the rebate company. Soon you will get back a $25 prepaid Visa Card.
You spend $100 on gas and get back $25 from the rebate company. That is a 25 percent rebate. Now, if you paid for the gas purchases with your rebate gas credit card, you will be getting your 5 percent rebate for that.
You are getting a 25 percent rebate from the customer loyalty rebate program and you are getting a 5 percent rebate from the credit card. That means that you are effectively giving yourself a 30 percent cash back rebate by combining the two programs. That is how you turn a 5 percent rebate program into a 30 percent rebate program.
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