With rapid digitization, the use of cards, sometimes called plastic money, is the innovation taking over the world. Like seeing transportation go from horse-driven carriages to motor-driven cars, it is now interesting to see how these two innovations collaborate to create consumer convenience. With plastic money dominating the payment platform, including gas pumps that help run cars, it is essential to know which credit cards will be suitable for you to get the best offers and discounts.
Generally, only credit card companies and banks collaborate to issue gas credit cards. Still, oil companies also issue credit cards to make their gas brand more lucrative, generating more revenue and boosting stock prices. If you are amidst a cash crunch and have bad credit, you might have to search for gas cards for bad credit.
Best Gas Cards for Bad Credit
In times of record inflation and high gas prices, commuting is tough. Here’s where gas cards for bad credit become indispensable. The credit market is lucrative, so every corporation jumps at the opportunity to provide the service and demand a share of the pie. So you are spoilt for choices. However, that makes your job even more difficult. Many credit cards might not be suitable for your credit score or history. Some have fees that you may not know of. It is difficult for any layman to scour the internet for such information and keep them in their head before applying. Thankfully, we have done that work for you. So just sit back and as we lay the information in front of you.
Top Secured Gas Credit Cards
Secured credit cards are credit cards where you must deposit collateral to get approval and access credit. Secured credit cards can act as gas credit cards for bad credit. So, here are a few options.
1. Capital One Platinum Secured Credit Card
Founded on the principle of staying caught up on financial growth, the Capital One Platinum card is one of the greatest credit card issuers and the sixth-largest bank in the world. One of the best gas cards for bad credit, the credit card is renowned for building your credit if judiciously used.
The company’s primary focus was to foster a healthy relationship with money, financial expenditure, and the credit market from the day of its inception. Capital one still maintains that legacy of bringing financial equality among the people shunned by the traditional credit markets through innovations and implementations of state-of-the-art technology. According to its performance report, the company has accelerated the infrastructure of its virtual bank and other financial services after the pandemic.
- The annual percentage rate is 29.74%.
- Prior credit can range from bad to fair when applying.
- A $49 refundable credit deposit is applicable to get a credit line of $200.
- The security deposit is refunded once your credit improves with on-time payments or not surpassing the 30% credit mark.
- Within six months, it’s possible to increase your credit line to as much as twice your initial limit if your credit is sound.
- Capital One has a fraud liability program that protects you from charges incurred through unauthorized transactions or transactions made to malicious elements.
- Earn a guaranteed 5% cash back on rental cars and hotels.
- Cashback and discounts are pretty weak.
- You can get better offers on other gas cards for bad credit.
2. Discover it Secured Credit Card
Discover It is the front-runner in terms of gas cards for bad credit. Spoilt for choices in rewards and cashback, it stands tall for its many features. Discover It helps to build credit, significantly if your credit is damaged or you are new credit. A refundable deposit of $200 is required to open a relatively low account compared to most other gas credit cards with bad credit with an increase in your credit line after you have improved your credit.
Discover it also has a cashback match system. In this system, the company will match your cashback with suitable ways you can spend it. This system is only exclusive to this gas card for bad credit. Discover It also collaborates with Fair Isaac Corporation, the only company that optimizes your credit score and keeps track of them.
Discover It sends your transaction reports to this institution. Discovery It also has a robust discount and cashback system. Earn up to 2% cashback in restaurants and on other consumer goods. Discover It has other facilities like online fraud protection and the flexibility to freeze your account at your convenience.
- No credit requirement.
- Annual charges are completely free; no hidden charges as well.
- The credit line is established per your security deposit.
- Chance to upgrade to an unsecured credit card where your deposit is refunded in 7 months.
- 2% cashback is offered on consumer goods.
- Helps keep your data private from specific websites.
- The rewards are limited to certain brands.
- It doesn’t provide many facilities that unsecured gas cards for bad credit do.
- A minimum of 200 dollars worth of deposit is required.
3. SunTrust Secured Credit Card
SunTrust secured credit card is a brainchild of the Truist. Truist takes its purpose of financial inclusivity seriously, and its products, Sun Trust, follow that legacy. SunTrust secured credit cards are made for people who want to build more credit or are new to credit building. Since it’s a secured credit card, minimum security deposit of $300 has to be deposited to access a credit line. The credit line will be determined by the amount of security deposit you have submitted.
SunTrust also has a sound system of cashback and rewards. This card can benefit someone looking for a gas credit card for bad credit. If anybody is asking, you get 2% cash back on gas purchases and above $6000 on grocery shopping. You can access the FICO credit report through your online banking and track your reports wherever you feel like. Rewards and cashback are rarities for a secured gas card for bad credit. So you must take advantage of this opportunity.
- Cash benefits of 2% on gas and grocery purchases.
- Unlimited cashback of 1% is offered on everything else.
- Cash discounts regarding Sun Trust Loyalty bonuses.
- There are restrictions to your access to your account in some states.
- The bonus loyalty rewards work differently for different people.
- Because it’s a secured credit card, there’s a minimum security deposit of $400.
4. Aeromexico Visa Secured Card
Although not in the top-tier credit card, Aeromexico is a decent credit card if you can use it judicially. The annual maintenance fee is waived for the initial few years, which can be lucrative. However, the fee becomes applicable after a few months of usage growing to $45. The card has an annual percentage rate upwards of 22%. This feature makes it a challenging card to maintain.
Aeromexico Visa secured card is one of the gas cards for bad credit, which has a cash reward system. The card is mainly used for air travel that gives you miles. You can convert these miles into cashback or discounts for other purchases, especially trips to Mexico.
- The cash reward system is available.
- Annual maintenance is waived for the first year.
- Internet banking is free.
- Protection against fraud liability.
- They have automated damage renewal.
- An expensive $45 is applicable after a year.
- High APR of 22%.
5. Bank of America Cash Rewards Secured
Bank of America Cash rewards credit card does justice to its name. The cash benefits and other rewards system that this secured credit card has far outweighs the repercussions of being secured credit. The card demands a security deposit of a minimum of $200. This will determine your credit line. The card has a variable APR and doesn’t charge an annual fee.
The card reward system happens in three categories. It provides 3% cash back on gas, electricity, and other essential products, 2% cashback on consumer goods like shoes, smartphones, and other stuff, and 1% on beauty. Rewards don’t expire as well.
- A healthy reward system is available.
- No annual fee is charged.
- Rewards don’t expire.
- A security deposit of $200 needs to be deposited.
- APR is variable.
- Transaction fees of 3%
Top Unsecured Gas Cards for Bad Credit
Is secured gas cards for bad credit too expensive for you? Don’t deposit security collateral? This article have you covered. Unsecured credit cards are credit cards where you don’t have to submit security deposits. Here are some of the best options.
1. Aspire Unsecured Credit Card
For an unsecured credit card, Aspire has quite a lot of reputation going for itself. Inclusivity, and it is loaded with rewards and discounts. This credit card’s most significant selling point is that it provides a credit line that can go up to $1000.
On top of that, it provides a cashback of 3% on daily purchases and essential items such as gas and groceries. So, this is an appropriate gas credit card for bad credit. The credit also provides a 1% cash back on purchases of other consumer items.
The Aspire credit card is a part of the Mastercard network system, which makes it universally accepted. The annual fee for the first year is high. The annual percentage rate has a range of 29.99% to 36%. The price tag of $49 to $125 drops to $45, and for users is completely waived after that.
- Credit score available after 60 days you open your account.
- Cashback of up to 3% on essential goods. 1% cash back is offered on the rest of the purchases.
- A card with a $1000 credit limit.
- No deposits or security collateral is required.
- The annual maintenance fee is waived after a year.
- High APR of 29.99% to 36%.
- The initial price tag of the fee can range from $49 to $125.
2. Milestone Mastercard
Anyone with a keen interest in building credit needs a starting point. For credit builders who need help understanding credit card usage, Milestone Mastercard can be a good place to start. A person with bad credit can improve their credit with Milestone by using it judiciously, paying on time, and using less than 30% of the credit limit allotted. Because it is an unsecured credit card, it doesn’t need a security deposit. The qualification depends on your banking history. You apply for pre-qualifications without affecting your credit score. The credit card also reports to all three credit bureaus and updates your credit score.
However, the annual maintenance fee could go up to $99. The high APR of 24.90% makes it a distraction for building credit. Milestone also lacks any reward system or cash-back bonuses to help you save money.
- No need for any good or prior credit.
- Pre-qualifications are available without affecting your credit score.
- The credit card reports all three credit bureaus.
- High annual maintenance fee of $99.
- No reward systems are available.
- High APR of 24.9%.
3. Fortiva Mastercard
Fortiva is made for those who the traditional credit market has overlooked. Many people require cash during times of urgency. Fortiva builds trust and attracts customers through diligence by providing easy access to credit with no prior credit check, a swift application process, and a pre-qualification procedure that doesn’t affect your credit score.
Fortiva reports to all reliable credit bureaus and makes your credit score available after 60 days of usage. It will be visible in your account then. Fortiva gives you transaction alerts and helps you make financial decisions.
- A 3% cashback reward is offered.
- A feature of contactless payments is available.
- The company reports regularly to credit bureaus.
- There are high membership fees.
- A high APR is charged.
- A foreign transaction charge is also implemented.
What are Gas Credit Cards?
To find out about gas credit cards for bad credit, we need to figure out what gas cards are. Gas credit cards are typical credit cards used at gas stations to withdraw fuel on credit. Some companies offer prepaid gas cards, mainly issued by gas companies at specific gas stations. Gas credit card companies offer benefits to customers. Gas cards for bad credit are beneficial now that record inflation is rocking the market.
There are two types of gas cards available. They are categorized as Open Loop Gas Cards and Closed Loop Gas Cards. Open Loop Credit Cards are accepted by all the merchants that accept a particular credit card company.
Open-loop credit cards are far more common and give far better bonuses, cashback benefits, and other discounts. Gas cards generally belong to this category.
Gas credit cards for bad credit are very beneficial to build if you have a credit score that is not ideal or if you are new to building credit. Closed-loop credit cards are rare and are issued by gas companies to be used exclusively at their gas stations.
Open-loop credit cards are far more selective and stringent in their criteria because they are riskier for the company that issues them. On the other hand, a closed-loop card is low-risk, as people use it at certain retail stores. This mitigates the risk, and the approval process is swifter.
How a Gas Credit Card Works?
Gas cards for bad credit are like standard credit cards if they are open-loop credit cards used for universal purposes. You fill the car with gas and give your gas credit card for payment. The credit card pays you on your behalf on credit that you must return before the deadline. Gas credit cards for bad credit are used like a general credit card to build credit or repair it if necessary. They are also helpful for accessing discounts and cashback.
For instance, the Exxon Mobile Smart card offers 6 cents cashback for every gallon of fuel from the gas station to your vehicle and one Plenti point.
Gas credit cards have better approval chances but have high annual percentage rates of 25% and above. So you must use it judiciously. Otherwise, it can become a burden.
Choosing a Gas Card with Bad Credit
Choosing a gas card for poor credit can be tricky with many different options. The cards can be suitable for one but unsuitable for others. This article tries its best to compile all the best secured and unsecured gas cards with bad credit and secured ones which will give discounts on your gas bill and simultaneously build credit for you. Here are a few criteria you should see before you select your card:
- Select cards with little to no annual maintenance fee. Keep an eye out for those cards that waive off or decrease the annual fees after some time.
- Keep an eye out for credit card annual percentages or interest rates. Adopting a high APR card can take time and effort.
- Check the credit score criteria for credit cards. Some do credit checks, while others offer a gas card with bad credit as well. Make sure the pre-qualifications do not alter your credit score.
- Go for cards that have a rewards system. Many cards provide heavy cashback on essential items such as gas.
- Check whether the cards send your report to reliable credit bureaus. The reporting will help build and maintain a credit score.
Building Credit with Gas Cards
According to many financial experts, gas cards are regular credit cards that the user uses at a gas station to make payments. In that case, gas credit cards help build credit if someone is new to credit or needs to repair damaged ones. Secured credit cards like Discover It have no requirement to check prior credit scores. It also reports to different credit bureaus. So, if you’re new to credit, you must try Discover It.
The more popular gas credit card with bad credit, the Capital One credit card, offers opportunities for people with fair to bad credit to apply. Capital One also has a robust reward system that can save you money. But these credit cards require a hefty deposit to access a credit line.
In such cases, the Milestone credit cards can come in handy. According to credit karma, the milestone credit card can build your credit from a bad 570 to 750 within a few years. You just have to use the credit judiciously.
Are Credit Cards Only for Gas?
Gas cards are credit cards that one can universally use anywhere and everywhere. But the merchant must accept the card from that company. There are, however, cards that you can use to purchase items from a single company. The former cards are open-loop cards, and the latter are closed-loop cards.
There are gas cards for bad credit that you can use at gas stations and gain discounts, but building credit from that can be tricky. Sometimes you can use closed-loop credit cards for a single product of a single company, restricting credit usage. Exxon Mobile smart gas card is one such example. According to its website, this gas credit card for bad credit gives a 30c cashback for every gallon bought from the gas station. You cannot use it to purchase items other than gas and fuel. The merchant generally has a partnership deal with the corporation to make this point-of-sale happen.
Q1. Is there a universal gas credit card?
Numerous credit cards used for buying gas are universal, and open-loop credit cards they c can be used to buy other stuff and access discounts.
Q2. Can I get a gas card with no credit?
Discover It has no credit requirements for you to apply. The credit card is inclusive enough to allow users to apply for their credit card with no credit.
Q3. Will a gas card improve my credit?
Gas credit cards are proven to improve credit to a massive degree. People with bad credit get upgraded to good and excellent credit scores. One example is Milestone Credit Cards which allow such features to function.
Gas cards with bad credit are used for other purposes than just buying gas. You can use them for building credit for those who are new and repairing those who have poor credit. A gas card with poor credit can also help you save on gas and other essential items. But caution must be taken, and you should use credit cards judiciously; otherwise, it can become burdensome.