Do you have bad credit but still want to save money on fuel expenses? You're in the right place! Welcome to Flik Eco's guide to fuel credit cards specifically designed for those with less-than-perfect credit scores. Let's dive in and explore your options for saving money at the pump, even if your credit history isn't the strongest.
Fuel Credit Cards For Bad Credit Table of Contents
What Are Fuel Credit Cards?
Fuel credit cards are specialized credit cards that offer rewards and incentives for purchasing gasoline. These cards typically provide cash back, points, or discounts on fuel purchases at specific gas stations. The rewards can be redeemed for statement credits, gift cards, or other merchandise from the card issuer's redemption catalog.
Why You Need a Fuel Credit Card for Bad Credit
- Save money on fuel: With rising gas prices, it's essential to find ways to save on fuel expenses. Fuel credit cards offer rewards that can help you lower your overall costs at the pump.
- Improve your credit score: When you have a bad credit score, access to financial products is limited. However, using a fuel credit card responsibly can help improve your credit score over time by demonstrating a positive payment history and utilization ratio.
- Additional perks: Some fuel credit cards also offer additional benefits, such as car rental insurance, roadside assistance, and discounts on vehicle maintenance services.
Options for Fuel Credit Cards with Bad Credit
While many fuel credit cards require good to excellent credit scores, there are still some options available for individuals with bad credit. Here are three cards to consider:
1. OpenSky® Secured Visa® Credit Card
This secured credit card requires a refundable security deposit but doesn't require a credit check for approval. Along with reasonable annual fees, it also offers cashback rewards on eligible gas station purchases. The OpenSky® Secured Visa® Credit Card reports to all three credit bureaus, helping you build your credit score.
2. Discover it® Secured Credit Card
The Discover it® Secured Credit Card provides 2% cashback on gas station and restaurant purchases (up to $1,000 quarterly), in addition to 1% cashback on all other purchases. The card requires a refundable security deposit and has no annual fee. Plus, your account activity is reported to the three major credit bureaus, helping you improve your credit score over time.
3. Credit One Bank® Platinum Visa® for Building Credit
The Credit One Bank® Platinum Visa® is an unsecured credit card designed for those with bad credit. It offers 1% cashback on eligible gas purchases and has an annual fee based on your creditworthiness. Account activity is reported to the major credit bureaus, assisting in your journey to a better credit score.
Fuel Credit Cards For Bad Credit Example:
Let's say you spend an average of $200 per month on fuel. With the Discover it® Secured Credit Card, you could earn up to $48 per year in cashback rewards from gas station purchases alone - that's a saving of $48 off your total annual fuel expenses. As you consistently make on-time payments and keep your credit utilization low, you may also see improvement in your credit score.
Bad credit shouldn't keep you from saving money on fuel expenses. By choosing a fuel credit card designed for individuals with less-than-perfect credit scores, you can enjoy the benefits of rewards and discounts, while also working towards improving your financial health. Remember to use your fuel credit card responsibly and consistently pay off your balance on time to maximize the benefits.
If you found this guide helpful, be sure to explore our other articles on personal finance and investing, and don't hesitate to share our insights with friends and family who could benefit from these money-saving tips. Flik Eco is here to help you make the most of your financial journey!
