Interest in rewards credit cards rising

Your Money

October 02, 2005|By KNIGHT RIDDER/TRIBUNE

Consumers who have felt the pinch of high gas prices are turning to gas-reward credit cards to save at the pump.

Credit card companies are seeing increased interest in their reward programs, particularly those for fuel reimbursement.

Reward cards are credit cards where you earn either rebates or points for purchases. Reward programs are offered by major credit card companies and can be used anywhere.

Potential rewards include airline tickets, merchandise or fuel reimbursement, car rebates, cash back, investments or even contributions to a college-savings plan.

However, reward cards typically have an annual percentage interest rate about 4 percentage points higher than other cards - about 14 to 16 percent.

Visit creditcards.com, credit reviews.com or creditcare center.com to search for and compare available credit cards.

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