GE backed Chevron/Texaco card

[Duncanrr]

Just got pre qualified offer for card in mail. Why do these cards have such high APR, 26.99%?

I'm glad I got the offer but it doesn't seem like its worth the HP.

[LS2982]

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@Duncanrr wrote:
Just got pre qualified offer for card in mail. Why do these cards have such high APR, 26.99%?

I'm glad I got the offer but it doesn't seem like its worth the HP.

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Make sure you have chevron/texaco stations in your area, I got screwed on that.

If you plan to PIF its not a bad gas card.

[Duncanrr]

If they send u offer for card is that for store version or visa version?

[youngandcreditwrthy]

I have this card with a $1500 limit. Not bad if you just use it for the 20 or 30 cents off a gallon and pif! Plus you can call uw for a cli! ;-)

[Duncanrr]

I agree its not a bad card and had I been a little earlier in my rebuild I would had jumped at it.  I just think there are other cards out there that I'm eligible for and that I could get that would be better.  Maybe I'll apply for this at the end of my app spree in June after Refi.

[youngandcreditwrthy]

Yeah... It's def an easy card to get, more of a card to rebuild.
I drapped for it LOL

I wanna close it as I have no benefit of using it atm, but I may call GECRB and get a cli. Haha to $2 or 3k. LOL

[trumpet-205]

We know that this card gives 10 cents per gallon discount if you meet $300 on other spending threshold and 20 cents for $1,000.

$300 minimum monthly spending means at least $3 of reward per month is lost. $10 per month for $1,000 threshold.

Then there is $300 max fuel credit in a calendar year, which means maximum 1500 gallons of gas (if you meet $1,000 threshold) or 3000 gallons of gas (for $300 threshold).

So $300 - $120 = $180 of actual reward or $300 - $36 = $264. Assuming that gas price is $4 per gallon actual "cashback" on this card is either,

1.00% ($6,000 gas + $12,000 other spending) or 

1.69% ($12,000 gas + $3,600 other spending)

Potential earnings on other gas credit card are

$60/$120/$180/$300 (1-2-3-5% for 1,500 gallons)

$120/$240/$360/$480 (1-2-3-5% for 3,000 gallons)

From this we know that,

* Cards like Penfed that gives 5% cashback on gas beats this card.

* This card is no better than 2% gas reward card like Chase Amazon.

[Duncanrr]

I have Chase Amazon card and I drive a Honda Civic. It's unusual for me to spend more than $200/month on gas.

[trumpet-205]

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@Duncanrr wrote:
I have Chase Amazon card and I drive a Honda Civic. It's unusual for me to spend more than $200/month on gas.

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Stick with it. Your Chase Amazon will always beat Chevron card.

[beb86]

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@LS2982 wrote:

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@Duncanrr wrote:
Just got pre qualified offer for card in mail. Why do these cards have such high APR, 26.99%?

I'm glad I got the offer but it doesn't seem like its worth the HP.

---

Make sure you have chevron/texaco stations in your area, I got screwed on that.

If you plan to PIF its not a bad gas card.

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BAHAHAHA I signed up for this stupid card and right after I got it EVERY CHEVERON turned into a marathon or bp where I live, around where I live and even where my wifes family lives, I was like you got to be kidding me. I look on the website and I dont think there is one within 100 miles of me now.... but hey its a TL that will always have a $0 balance haha