Review: CITGO Credit Card

Gasoline station retailer CITGO, in partnership with Synchrony Financial institution, offers a credit card with a easy rewards method — you get 5 cents off each gallon of CITGO gasoline if you buy with the cardboard. That’s not dangerous, however you might be able to do even higher. See our overview / overview beneath to see what we imply:

The very first thing we are going to direct your consideration to about this card is that it’s a CITGO bank card solely — it isn’t accepted anyplace else. We’re all the time cautious of bank cards tied to a single retailer, since you open up a brand new credit score line that would harm your credit score rating and you’ll’t use it broadly. In case your credit score historical past is shaky, that is particularly a priority.

Nonetheless, these playing cards may be price it for the appropriate rewards. As we talked about, the CITGO bank card provides you 5 cents off per gallon of CITGO gasoline you purchase. It’s a simple reward, and a reasonably beneficiant one. However we expect you are able to do higher.

Right here’s why: Whereas the worth of gasoline varies, the 5 cents off you get per gallon with this card is never if ever going to be greater than a 2% low cost. For instance, if the worth of gasoline is low at $2.50 per gallon, the 5 cents off equals a 2% low cost. However, if gasoline is extra like $3.25 per gallon, the 5 cents off turns into only a bit greater than a 1.5% low cost. That mentioned, there are different bank cards in the marketplace that give you 2% or 3% rebates on gasoline purchases, and you should buy from any gasoline station you need, not only a single retailer. See our Gas Credit Cards web page to match the CITGO rewards with different playing cards within the class.

As well as, the CITGO bank card has a really excessive rate of interest: 27.49%!!! When you EVER carry a steadiness on this card, it’s extremely seemingly that you’ll pay extra in curiosity than you obtain in rewards. And when you have a look at the opposite playing cards we talked about that supply the identical or higher gasoline rewards, their rates of interest are nearly all decrease than this card.

Whereas the CITGO card gives a good reward, we will’t advocate it as soon as it’s in comparison with the competitors. Nonetheless, when you nonetheless need it, you’ll be able to apply by way of the online application here.