Best Gas Credit Cards

I am a big fan of finding the best credit cards available in order to use them to your own financial advantage. So many people misuse these services and end up in severe credit card debt. If you practice sound personal money management by budgeting your expenses and paying off the balance each month, you can generate a nice little income stream by using gift credit cards. My family typically brings in around $300 in extra income per year just by accumulating points that are redeemed for various gift cards.

Recently, we added a gas credit card to our portfolio of passive income streams. This was the Discover Open Road card that earns 5% cash back on gas purchases up to $100 per month. That means if you spend a little over $100 on gas per month using the card, you can earn around $60 per year just for making purchases on gas. Not a bad return on a recurring expense!

Once you earn your rewards from this card, Discover gives you several options to redeem your cash back. These options include the following possibilities to redeem your cash back rewards.

• Credit Account – One option available is to transfer your cash rewards back to your account as a credit, thus reducing your next months bill.
• Electronic Deposit – Another option is to setup an electronic transfer that would apply your rewards to a savings or checking account.
• Donate to Charity – There are also several charities that you can donate your cash rewards to which is really a nice option to have if you would like to send money to a good cause.
• Gift Cards – Finally, they offer cardholders the ability to purchase a wide range of gift cards for even further savings. Obviously this is my favorite option!

If you decide to choose the gift card option for your redemption, then you can increase your savings and stretch your money further. I absolutely love when these opportunities become available to me! For example, if you enjoy renting movies, you can purchase a $40 Hollywood Video gift card for only $20 or purchase a $30 Blockbuster gift card for $20! That is a really nice opportunity to stretch your money further and make it work for you. Even one of my favorite places to shop has a gift card available. You can purchase a $45 gift card from CVS for $40. While it is not as good of savings as the video store gift cards, it is still a nice deal. Using the CVS gift card along with shopping the great deals can really make your money go a long way!

What types of cash back cards do you use?

Tagged as: Credit Cards