Fuel expenses can leave a dent in your wallet, especially if you have bad credit. Don't worry; having bad credit doesn't mean you should miss out on the opportunity to earn rewards and save on fuel. Introducing the best gas credit cards for bad credit! In this article, we'll explore the top options, their features, and how you can benefit from them. Get ready to say goodbye to sky-high fuel costs and hello to savings.
Best Gas Credit Cards For Bad Credit Table of Contents
Top Gas Credit Cards for Bad Credit
Having bad credit can make it challenging to secure an excellent credit card with gas rewards. However, several cards cater to people with less-than-perfect credit and still offer exciting rewards. Here's a list of the best gas credit cards for bad credit:
1. Credit One Bank Platinum Visa for Rebuilding Credit
- 1% cashback on eligible gas, groceries, and monthly bills.
- No deposit required.
- Automatic reviews for a credit line increase.
- Annual Fee: $0 - $99 (based on your creditworthiness)
2. Discover it Secured
- 2% cashback on gas and restaurant purchases, up to $1,000 per quarter.
- 1% cashback on all other purchases.
- Matching cashback for the first year.
- No annual fee and security deposit starting at $200.
3. Capital One QuicksilverOne Cash Rewards Credit Card
- 1.5% cashback on all purchases, including gas.
- Access to a higher credit line after six months.
- Annual Fee: $39
4. Milestone Gold Mastercard
- Pre-qualification with no impact on credit score.
- Custom card design for free.
- Annual Fee: $35 - $99 (depending on your creditworthiness)
What to Look For in a Gas Credit Card for Bad Credit
When selecting a gas credit card for bad credit, consider the following factors:
Rewards and Benefits
The primary purpose of getting a gas credit card is to save money on fuel expenses. Look for a card that offers cashback, points, or other rewards on gas purchases. Some cards may also provide additional benefits, such as discounts on retail or dining.
Annual Fee
Some cards charge an annual fee which can offset the rewards you earn. Make sure to weigh the benefits against the annual fee before deciding on a card.
Interest Rates
Credit cards for people with bad credit often have higher interest rates. Be mindful of this and try to pay your balance in full each month to avoid interest charges.
Security Deposit
If you're considering a secured credit card, keep in mind that you'll need to provide a security deposit. This deposit is usually refundable and acts as your credit limit.
Best Gas Credit Cards For Bad Credit Example:
Discover it Secured - A Real-Life Savings Example
Let's assume you spend $200 per month on gas and decide to apply for the Discover it Secured card. Here's how your rewards would look like:
- 2% cashback on gas purchases: $4/month and $48/year
- 1% cashback on all other purchases: varies based on other spending
- First-year cashback match: Additional $48 for gas purchases
In the first year, you would earn $96 cash-back on gas purchases alone, and this doesn't even include other rewards you accrue on non-gas purchases. Considering the Discover it Secured has no annual fee, it's hard to argue against its considerable savings potential.
So there you have it – the best gas credit cards for bad credit that can help you save on fuel costs while rebuilding your credit score. Remember, being responsible with your credit card usage, paying your bills on time, and keeping balances low will contribute to an improved credit score over time. We hope this guide has aided you in finding a suitable card to suit your needs. If you found this article helpful, please share it with friends and family and make sure to check out our other informative articles on Flik Eco for more personal finance and investing tips!
