Gas prices are far from their peak we experienced in the summer of 2008, but on a historical basis, they are still well above average. In turn, people are resorting to creative measures to save money at the pump – from hybrid cars to credit card deals with rebates. We all know a fuel efficient car makes sense, but are these credit cards truly worth the hassle? Let’s take a closer look…

Gas Station Cards
These are charge cards affiliated with a specific station; such as Shell, BP, Chevron, etc. Their fuel rebate is only offered at the station which issues the card.

Are they worth it? Well, if you only buy gas at that particular station, then some of them may be worth considering. For example, the Shell credit card offers a 5% gas rebate at Shell stations. That’s a pretty generous discount, but the main drawback is that it only applies to purchases at their stations. What happens if you’re out of town and there is no Shell in sight? Another negative is that this is considered a brand name station, so often their price per gallon is pretty high. Is it worth saving 5% if you are paying 15 cents more per gallon? Last but not least, the interest rate on these (including the Shell credit card) tends to be astronomical. So although you may be earning a rebate, if you every carry a balance, the 20%+ APR will quick cancel out any rewards you’ve earned.

Regular Credit Card Deals
Alternately, a number of banks (including Discover, American Express, and Chase) offer cards which give a high rebate on gas, regardless of where you’re buying it. For most people, this is probably the best option. That way you don’t have to restrict yourself to buying from a specific company. Instead, you can fill up your tank anywhere you want and still earn an above average discount. The drawback is that these banks are constantly changing the reward structures of these cards, so you will probably have to sort through all the credit card deals to find the best offer currently available.

Ever Carry a Balance?
Whether you go with a gas station issued card or one from a bank, the bottom line is that the interest rates on reward cards generally tends to be rather high. So if you are someone that ever carries a balance, then these so called credit card deals may end up hurting more than they help.