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Verdict: Gas prices are rising, with economic experts predicting that the days of $4-a-gallon gasoline aren’t too far off. It makes sense, then, to apply for a credit card that provides you with high cash-back bonuses every time you use it at the pump. If you find yourself frequently stopping at Gulf gas stations across the country, the Gulf Platinum MasterCard might be the right credit card for you.
Overview: This card provides you with a cash-back bonus with every purchase that you make. It rewards you with more cash back, though, if you use the card to purchase fuel at the Gulf gas stations dotting the country.
How This Card Works: You’ll receive a portion of every dollar that you charge with this card as cash. Eventually, this cash will be refunded to you, usually as a credit to your Gulf Platinum MasterCard account.
Travel and Shopping Benefits: Every time you use this card to fill up your vehicle at your local Gulf gas station, you’ll receive a cash-back bonus of 3 percent. You’ll earn 1 percent cash back with all other purchases that you make with this card. The only drawback? You won’t receive your 3 percent cash-back bonus if you fill up your car at non-Gulf-branded gas stations. So before you sign up for this card, make sure that you live close to enough Gulf stations to make it worth your while.
Fees: The card comes with an introductory interest rate of 0 percent on all balance transfers for the first six billing cycles after you open your account. After this period, both balance transfers and new purchases come with an interest rate of either 13.74 percent or 17.74 percent, depending on your creditworthiness. Be sure to make your payments on time each month; the penalty rate assessed on those who don’t can hit as high as 30.24 percent, a staggering amount. Cash advances cost $10 or 3 percent of the advance amount, whichever is high. Returned-payment and late-payment fees can both run as high as $35. On the positive side, there is no annual fee with this card.
- Extra cash back when you use this card to fill up at Gulf gas stations.
- No annual fee.
- Cash back with every purchase.
- Penalty interest rate over 30 percent.
- Can only earn extra cash back at Gulf stations.
- Purchase interest rate can be high, depending on your creditworthiness.