Sunday, July 15, 2007

Replacing the 5% Gas Rebate Card

I finally found a replacement for my Citi Dividends Reward Card. To review, this card used to provide 5% cash rebate on gas, grocery stores, drugstores, and 1% rebate on everything else capped at $300/year. About 1 year ago, Citibank changed the policy to 2% on the gas/groceries/drugstore leaving thousands of card users in the lurch. As gas prices went up, card users were utilizing more of the gas rebate and Citibank likely realized this card was not as profitable as before.

So for about 6 months, I scoured the internet for a replacement card. Finally..! I found the American Express Costco True Earnings Small Business Card. This now also provides 5% rebates on gas (however, no more supermarkets or drugstores), 3% on eating out, 2% on travel-related expenses, and 1% on everything else. It also doubles as a Costco card and if you are reading this blog, you probably already do a lot of shopping at Costco. The added bonus is, you can also use this gas card to fill up your tank at Costco. Costco gas stations tend to be 5% cheaper than neighboring gas stations (this is their stated strategy)... so if you use this card to fill your tank at costco, you will be saving nearly 10% per gallon on gas. So let's say your price/gallon is $3.00 at your local gas station... Costco will tend to be around $2.85/gallon and if you use your Amex credit card, you are effectively paying $2.71/gallon!!!!

I've already racked up quite a bit of rebate ... and it's unlimited. Note, you don't actually have to be a small business owner to apply for one.

Something to consider... now, if only there was a card that would give you the 5% rebate at supermarkets!!

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