5% Cash Back on Gas Credit Cards Starting to Disappear?
One small comfort with $3.00/gallon gas has been the raft of 5% cash back cards that gave back 15 cents to cut your bill to $2.85. However, it seems that those cards are headed for the history books. Chase pulled their 5% card off the website, but folks have still been able to apply over the phone or through certain links found on "deal" websites. Now Citibank is ending the party for all it's 5% card holders. As witnessed by this letter, starting in October gasoline purchases will only earn a 2% cashback award. Since Citibank was one of the major players, how long before other card companies follow Citi's lead? Besides the aforementioned Chase card, Advanta, HSBC and Discover still offer 5% back at gasoline stations. If you stick to one brand such as Shell you can pick up a co-branded card that offers 5% cash back. It's interesting to note that Shell gas stations used to be some of the most expensive on the block, but lately most Shell in the Bay Area have been quite reasonable when compared to the likes of Chevron, etc.
Well, the party couldn't last forever. Here's hoping that some of these cards stick around, but with the competitive pressure easing off I see little chance of that happening.
Saturday, August 26, 2006
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2 comments:
I do not know where you have read that information. Citibank still ofers 5% cash back on gasoline credit cards. Although there is July 27, 2007 today :)
did you see the pdf linked in the story? that's one source.
i will say this, however, there has been a new run of 5% gas cards since this story was written. i think these cards are largely funded by skyrocketing interchange fees.
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