Millions of Americans are facing pain at the pump with the average cost per gallon of gas at $3.50 at the time of this writing. Many families are finding that a monthly gas bill of over $500 is a reality that must be dealt with.
The question that comes to mind when one notices the application for the Citgo card while standing in front of the pump helplessly watching the fuel pump display approach triple digits is how well does this gas card compare with the gas credit cards offered by the big guys?
There are generally advantages to each side, whether you choose to go with a gas station credit card, or one that offers rewards for purchases at any gas stations. The best way to get an idea of how good a credit card rewards program is, is to simply do a one on one comparison with its main competitors.
Citgo Plus Card vs. Discover Open Road Card
- Gas Rewards - The Citgo credit card will give you 15% cash back (with a limit of only $50) on your Citgo gasoline purchases for the first 90 days, and that's it. The Discover Open Road credit card is offering 5% cash back on gasoline purchases made at any gas station, as well as 1% back on purchases made anywhere else. There is no introductory period, and there is no cap to how much you can accumulate with the Discover card.
- APR - The Citgo credit card is offering a rate of 19.99%, while the Discover Open Road credit card offers a standard purchase APR of 10.99% (after 12 months of 0% interest on balance transfers and 6 months of 0% interest on purchases)
- Fees - Neither of these cards have an annual fee.
This 5% rebate may not seem very lucrative, but if you were to just plan on spending $500 a month on gas, and then withdraw your reward at the end of the year in December, you would a have an extra $300 to spend on holiday gifts.... and I can't think of a person alive that would turn down an extra $300.
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