Do you have bad credit but still looking for a gas credit card? There are a number of benefits that come with these cards, but you might not think you can get one. Fortunately, there are options available for those who are looking for gas cards for bad credit. Though these options have some considerations, like higher interest rates, they can still be a good choice for people who have a low credit score. Here is some information about them:
What are Gas Cards for Bad Credit?
A gas credit card is a card that people use when they get gas. For example, when you use these cards at the pump, you usually get cash back. Though it might not make sense for the casual user, if you drive a lot, using these cards could make a lot of sense.
There are two main types of gas credit cards. The first is a traditional credit card, which is offered by major credit card companies and banks. This, for instance, might come from Capital One, but the rewards are all gasoline related. The other type of gas credit card comes from the actual gas companies including Exxon, Shell, and BP. This second type of card is usually easier for people with bad credit to get, but there are limitations. For instance, you can only use these cards at particular gas stations. So, if you have a BP card, you can’t use that card at Shell. There are also typically higher interest rates associated with these cards.
How to Choose a Gas Credit Card If You Have Bad Credit
Though gas cards for bad credit are available, there are some things that you have to watch for. The biggest thing to consider is the annual percentage rate, known as the APR. You also have to consider any annual fee.
Here’s a scenario: imagine that you get a gas credit card for bad credit that comes with a 1% cash back reward. This probably sounds great, right? However, the card also has a $99 annual fee, plus a 23.9% APR. To get enough cash back to cover that annual fee, you would have to spend $10,000 in gas during the year. That’s about $190 a week. In addition to that, you couldn’t carry a balance on the card from month to month because you are going to get his with that APR.
Why it Makes Sense to Get a Gas Credit Card for Bad Credit
Regardless of the fees associated with bad credit gas cards, it can still be worth it to get these cards. Why? Because they can greatly improve your credit score. However, to do this, you have to pay the card on time every month and keep a low balance on the card. Now, if you keep a high balance, these cards might end up costing you a lot more than you are spending, so you have to make the decision for yourself.
If you are hesitant to get a gas card, but still could use some extra cash, we offer personal loans for people with bad credit. These online loans are available as quickly as the next business day, and you can borrow enough to keep you on the road.
Identifying the Best Gas Credit Cards For You
As already hinted at above, not all gas credit cards are created equal. And gas cards that are great for one person might not be ideal for someone else.
So how do you sift through the many options and figure out which one is for you? Here are some considerations to take into account:
- How much cash back do you get for gas purchases? 1%, 2%, or 3%?
- Do you get any cash back for groceries (gas and grocery cards are common combos) or for anything else?
- Is there an annual fee and, if so, how high is it?
- Is the the card unsecured or do you need to put down a deposit?
- How high is the APR?
- How big of a credit line can you get?
- Is the card good at any gas station or only at particular brands?
- How fast can you get your APR lowered and your credit line increased by paying on time? (Ask your card company about this.)
As you can see, there are a number of important factors to look at when evaluating gas credit cards. It can obviously be difficult to compare all these factors across a wide range of gas cards. So what do you do?
How Bonsai Finance Helps You Find the Best Gas Cards
At Bonsai Finance, we can help you decide if a gas cards are the right kind of card for you. And if so, we can use our powerful search engines and our in depth knowledge of numerous gas card brands and types to help you find your perfect fit.
We know how to match you with a gas card company that will accept your application regardless of your past credit history. We know which companies run a credit check and which don’t. And as rejected applications and multiple credit checks being run on you in a short space of time can be detrimental to your credit score, it pays to have access to this kind of information upfront.
At Bonsai Finance, we also help you find gas cards that require only basic (and relevant) personal and financial information on an online application form. We connect you with companies that have a streamlined application process that literally takes only minutes. And approval is normally near instantaneous.
It can be bewildering and even dangerous to try to evaluate gas card providers on your own and without access to the most pertinent information. We have deep experience in this market area, and we know how to steer you clear of disreputable card companies and help you find a gas card that meets all of your most important criteria.
Bonsai Finance is here to make it faster, easier, and safer to locate, apply for, and get approved for the best possible gasoline credit card that meets your needs!