We're all feeling the pain at the pump these days, but savvy consumers like Ira Stoller are saving big.

"I get a five percent rebate every time I gas up. I save about $300 a year,"

said Stoller.


How? He's one of millions of people who now use gas rebate cards. They are credit cards where the incentive isn't airline mileage or bonus points, but money back on gas.


Consumer advocate Edgar Dworsky says while some cards may promise big rebates, you need to read the fine print.

"There may be a high annual percentage rate for example on the card. If you default on a certain card, the rate goes up to over 31% interest, can you imagine that?"

said Dworsky.
That's one reason why you should always be on the lookout for a better deal.

"If the card is only good for a year, get your 5% back on the card, if you find a competing card, you may have to apply for that or call back the first credit card company and say I'm thinking about dropping the card because you've dropped the benefit, and they may actually reinstate it for you,”

says Dworsky.


You also need to know how to claim your rebate. Some cards mail you a check, others credit your account and some wait for you to ask.

Consumer advocate Linda Sherry says,

"A key thing to worry about on these cards is the expiration date. It can expire if you don't ask for it on some of the cards. So that can be within even as short a time as six months."

And be sure to skip station specific cards because with gas prices these days, you'll want to be able to buy gas wherever it's the cheapest.
The bottom line is these cards will save you money if you pay off your balance in full every month.

We should also point out that many of these cards offer rebates on groceries and drug store purchases as well.


Source: CBS Boston