Some time ago, we discussed the main issues that consumers that want to enjoy the benefits of gas credit cards were facing when choosing the best ones, or choosing the best way to use them. In my first post on this, I talked about the three major issues gas credit card seekers were facing and an analysis of why these problems were relevant to you, if you want to profit or save the most from your credit cards through rewards.
Later, we I wrote two more posts that talked about the first two issues in-depth and the solutions to those problems. Now, we will be looking at the third: low rebate percentages or low rewards in general on your gas credit cards which will lower your savings potential.
In fact, I saved this particular problem for last because it is probably the most difficult one to solve, and involves a lot more thinking than the other two. The simple fact is, an industry-wide lowering of credit card rebate percentages is truly problematic for the individual consumer. Before, we tried things like going around to the competing gas credit cards to see if you could get a better deal. We also learned to circumvent reward limits through simultaneous use of multiple high quality reward cards. This method taught you to apply to many rewards credit cards to maximize gasoline rewards. But clearly, that will not be a way to help us solve the issue of an industry-wide rates reduction.
The core of the issue is that if low rebates and rewards are prevalent throughout the whole industry, then no matter how much you try to select the best gasoline credit cards offering rewards, you simply will not find one.
Then in this case, we do not have much of an option. The only way is to look for a different kind of credit card reward that does not necessarily involve gasoline or direct rebates.
In essence, the point I want to make here is that when you run out of options for good quality credit cards that give the reward that you specifically want, you have to settle for a different reward. Today, there are a huge selection of credit cards, and they are not just offered by big or small banks, or even finance based corporations/companies.
It used to be that the economy only had big banks that offered credit cards to buyers, but now that's starting to change quickly. When I say gasoline credit cards, you might actually be thinking of something different from what I meant originally, which are those credit cards that offer a reward in the form of gas credits for you to use at various partnering gas stations. Now generally, we are talking about the credit cards that offer cashback whenever you specifically purchase gasoline.
But who says that the cashback had to be the only way to be rewarded? There is still more variety out there, besides the simple rebates. You can easily find examples of what I'm talking about here in travel and airmiles rewards, grocery credits, and lots more.
There are companies that are not necessarily banks that offer at most major grocery stores if you sign up with them, or it could be the grocery store itself even. I see these cards being offered at practically every shopping supercentre whenever you make a purchase. The business is profitable, and it is showing.
Even if you cannot get good cashback on your credit card rebates anymore, just look for new types of rewards from the places that you normally shop at.
Still, I know that they do not always measure up, and even then these new types of rewards may themselves have low rebate percentages. But in that case, there is really not much you can do. If companies are not willing to give you rewards anymore, there's nothing you can do about it. No matter if you try to choose cards with certain conditions to try and improve your percentages, you will not be able to get them if companies refuse to do it.
That's a basic law of supply in economics, and for consumers like us, it just means that we'll have to move on. But it's ok, because that's not happening any time soon, and if it does, it'll change again sooner or later because this credit card rewards and cashback industry is just too profitable.
So all you people that want gas credit cards to save, don't fear! We'll continue to be able to use these techniques and save as long as it credit cards in general stay profitable for businesses, and it sure will! So stay tuned for more cashback maximization techniques next time!
Monday, October 4, 2010
Getting Around Gas Credit Cards Rewards that are Low
Posted by Bill at 4:55 PM
Labels: airmiles, credit card cashback, credit card gas rebates, credit card gas rewards, credit rebates, gas credit cards, gas rebates, Gas Rewards, new reward types, reward cashback, save money
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