Gas Card Rewards Interview with Bloomberg Radio
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Sunday, March 22, 2015, with Gina Cervetti of Bloomberg Radio about the results of the March 2015 Gas Cards Rewards survey. The interview and transcript are below.
Gina Cervetti: Gas cards – should you say fill it up?
Matt Schulz: It’s kind of the dull sedan of the credit card world.
Cervetti: Gas cards aren’t exactly burning a hole in our pockets. Maybe that’s because the cards can come with unattractive terms. Senior Analyst Matt Schulz is with CreditCards.com.
Schulz: Yeah, the interest rate on one of these cards is about 24%, which is a lot higher than your average credit card.
Cervetti: He says a better deal, for example, would be a general purpose card with 5% cash back per quarter, but that doesn’t necessarily mean you should avoid gas cards.
Schulz: If you’re somebody who pays off your balance at the end of each month then the APR doesn’t need to matter and you can get ten cents, twenty cents a gallon discount. And if you’re somebody who drives an awful lot then it can be a pretty good deal.
Cervetti: But consider this: the average driver charging around $150 a month on a gas card can expect a discount of around $6.
Schulz: Which is fine, but it’s not going to change anybody’s life.
Cervetti: Bloomberg Money Watch at 26 and 56 past every hour.