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Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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GE backed Chevron/Texaco card

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.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: GE backed Chevron/Texaco card


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. Smiley Embarassed

 

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

 




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Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: GE backed Chevron/Texaco card

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


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Senior Contributor
Posts: 6,276
Registered: ‎08-16-2012
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Re: GE backed Chevron/Texaco card

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! ;-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: GE backed Chevron/Texaco card

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.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Senior Contributor
Posts: 6,276
Registered: ‎08-16-2012
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Re: GE backed Chevron/Texaco card

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
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
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Registered: ‎11-11-2010
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Re: GE backed Chevron/Texaco card

[ Edited ]

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.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: GE backed Chevron/Texaco card

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


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Valued Contributor
Posts: 2,505
Registered: ‎11-11-2010
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Re: GE backed Chevron/Texaco card


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.

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

 

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: GE backed Chevron/Texaco card


LS2982 wrote:

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. Smiley Embarassed

 

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

 


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

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