Petrol credit cards may seem to be a little too specialised for many of us, and it may be that you think you have enough cards already, but if you use a credit card for purchases often enough then it is worth looking into the petrol cards available to see what they can offer. Many people have reward systems in place on their credit cards that they do not take full advantage of, whereas there are not many of us who wouldn’t benefit from cheaper fuel, or rewards when buying fuel. Petrol is for most of us a very regular and relatively predictable purchase, unlike many other items, so any reward system on a petrol credit card is likely to be used to its fullest extent.
Petrol Credit Cards Comparison
| Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest Free Days | |||
|---|---|---|---|---|---|---|---|
|
Earn 5% cash-back on your purchases for the first $600 worth of purchases you make on your card. |
20.89% p.a. | 21.39% p.a. | 0% p.a. for 6 months | $89 | 55 |   |
|
Earn 2 Membership Rewards points for every $1 spent at major petrol stations and see your points add up quickly |
0% p.a. for 6 (reverts back to 20.74% p.a.) | $149 | 55 | |
Escalating Fuel Costs
Some cards, such as the Coles Group Source MasterCard, offer a discount on fuel if you spend certain amounts in one go on groceries at certain stores, while others such as the Woolworths Everyday Money Card give you points each time you buy fuel, which can be used to offset future fuel costs or other purchases. BP offers several different petrol credit cards in collaboration with several card providers, which offer discount fuel or cash-back deals based on certain terms and conditions.
Many credit card companies have small clauses dealing with fuel purchases in their contracts, but the benefits achieved with a good petrol credit card may be considerably greater, and it is worth considering having one in your wallet. Fuel costs are escalating and will keep doing so for the foreseeable future meaning that if you use your card often enough to justify any annual fees, then specialising your cards should be a good idea.
RFID Technology
Many petrol pumps are now being fitted with PayPass RFID technology scanners, saving you from having to go to the window to pay for petrol, and this technology is becoming more widely available every day. There are also many fuel stations that are beginning to offer discounts in conjunction with some of the petrol credit cards providers, so keep an eye out for these in your usual haunts and it may become a great way to save money on your driving requirements.
Fuel Accounting
An added benefit to using a credit card specifically for fuel purchases is that you can keep track of how much you spend on fuel much more easily. This can simplify certain tax deductions, expense claims, budgeting and the like, and even can give you a better idea when your car needs a service if fuel consumption goes up unexpectedly.
