|by Mr Credit Card|
Summary – The Chevron credit card is specifically designed for those use their gas from Chevron and Texaco stations. You can earn rebates by using this card at their stations. Let’s find out more about this card.
Rebate Formula – The Chevron credit card pays you 10 cents per gallon rebate when you get your gasoline from Chevron and Texaco stations. You will earn 3% rebates on non-fuel purchases at their stations. For other regular purchases on the card, you will earn 1% rebates. You can earn up to $300 in rebates in one calendar year.
Annual Fee and APR – The Chevron credit card has no annual fee. The apr ranges from prime rate plus 7.99% to 14.99%. The card uses the average daily balance method (including new purchases) to compute balances.
Chevron Credit Card Gas Rebate Break Even Analysis
It is actually not easy to compare this card with it’s peers because of it’s rebate formula. Most other cards that pay rebates on gasoline pay between 2% and 5% rebates. But instead, this card pays you 10 cents per gallon. So the rebates vary depending on what the price of gasoline is. So rather than do an extensive comparison, I think it makes more sense to do some break even analysis. We will calculate the break even for 2%, 3% , 4% and 5%.
Break Even for 2% – The break even analysis for a 2% rebate is $5 per gallon. We have not come close to this yet. So it is pretty clear at today’s prices, you are getting more than 3% rebates on this card.
Break Even for 3% – The break even analysis for a 3% rebate is $3.33 per gallon in gasoline.We have certainly been at the threshold.
Break Even for 4% – The break even analysis for a 4% rebate is $2.50 per gallon. Well, it has been a long time since we have even seen gas prices prices that low.
Break Even for 5% – Gas prices need to be at $2.00 for you to earn a 5% rebate equivalent.
Chevron Peer Comparison
Rather than going through a comparison with every card, I thought that it would be best to just highlight the rebate that other cards give. This is because with the way this card is set up, it is impossible to do a real apples to apples comparison as the rebates you will earn depends on gasoline prices.
Among gas station specific cards, the Shell, BP and Marathon pay 5% rebates. The Lukoil pays 4% while the Hess and Gulf pays 3%. Among cash back cards that allow you to earn gas rebates at any station, the The PenFed VISA Platinum Gas / Cash Rewards Card pays the best rebates for gas at 5% and also 2% for groceries. The Costco credit card pays 3% for gas and 2% for travel and dining expenses, while the Blue Cash EveryDay pays 2% rebates on gasoline and department stores and 3% on groceries.
Does the Chevron Card make sense?
Pros – To be honest, I cannot think of any thing great to say about this card.
Cons – Rebate for is a fixed amount based and hence, the rebate percentages varies with gas prices.
Verdict – If you look carefully at the rebates formula of this card, you will realize that this card works out well when gas prices are low. As on now, gas prices remain at a level where at best, you will earn 3% rebates. But is that good enough? Looking at the competition today, probably not. The better gas station cards pay 5% rebates. And even the PenFed VISA Platinum Gas / Cash Rewards Card pays 5% on gas, and that applies to any gas station. Though you may only be filling you gas a Chevron Texaco stations, I suggest you consider getting one of the cards that we have mentioned in this review instead. That way, you will earn a fixed percentage in rebates regardless of where gasoline prices are.
|Chevron Credit Card|
|Rebate Percentages||Earn 10 cents per gallon at Chevron stations
Earn 3% rebate on non-fuel Chevron Purchases
Earn 1% rebate on all other purchases
|Caps on Rebates||$300|
|Annual Fees||No annual fee|
|Purchase APR||Prime Rate plus 7.99% to 14.99%|
|Cash Advance APR||Prime Rate plus 14.99%
min is 19.99%
|Penalty/Default Rate APR||29.49%|
|Min Finance Charge||$1.00|
|Grace Period||20 days|
|Balance Calculation Method||Average Daily Balance (including new purchases)|
|Cash Advance fee||3% min $10.00|
|Foreign Currency Conversion fee||3%|
|Late Payment fee||$0 for a balance up to $14.99;
$15 for a balance of $15.00–$49.99;
$20 for a balance of $50–$99.99;
$29 for a balance of $100–$249.99 and
$39 for a balance of $250 or more.