Phillips 66 Conoco 76 Mastercard Credit Card Review - 4% Gas Rebate
Phillips 66 Conoco 76 Mastercard Review
Summary - The Phillips 66 Conoco 76 MasterCard pays a 4% rebate on purchases made at Phillips 66 and Conoco 76 stations. But they do have a cap on how much rebates you can earn a month and there is a tier formula to their non-gas purchase rebate system. Is this a good card to get? Let's find out.
Rebate Formula - The Phillips 66 Conoco 76 MasterCard allows you to earn a 4% rebate on any Phillips Conoco purchase and 1% rebate for other purchases. Rebates are valid for six billing cycles. They are automatically credited towards next months purchase. You can earn up to $50 in rebates each month.
The rebate for regular purchases becomes a little trickier. For spending less than $5,000, you will earn 0.5% rebates. For spending above $5,000, you earn 1% rebates.
Caps on rebates - That means that you can spend up to $1,000 in gasoline expenses a monthly and earn those 4% rebates.
Annual fee and APR - The Phillips 66 Conoco 76 MasterCard has no annual fee. The APR is prime rate plus 7.99% for the platinum version and prime rate plus 11.99% for the regular version. The Phillips 66 Conoco 76 MasterCard uses the average daily balance method (including new purchases) to calculate monthly balances. New cardholders will get a 0% APR introductory rate on balance transfers for 6 months.
Phillips 66 Conoco 76 MasterCard Peer Comparison
4% rebates is actually not bad for a gas card. The lower range is 3% while the upper range is 5%. Gas cards that pay 5% rebates include the Shell, BP and Marathon. 4% cards include the Lukoil and Speedway SuperAmerica. Hess and Gulf pay 3% rebates. So based on these observations, it puts the Phillips Conoco MasterCard in the middle of the pack.
The downside of this card is that for other regular purchases, you need to spend over $5,000 before you earn even 1% rebates (which is actually the standard on most other cards.
Phillips Conoco Verus Costco Credit Card - The Phillips Conoco beats the Costco credit card in terms of gas rebates (4% versus 3% for Costco). But in addition to gasoline, Costco pays 2% on restaurants and dining. So I would say that the comparisons between these two cards are quite even. However, the Costco business card beats Phillips Conoco becaues it pays 4% rebates on gas (which matches Phillips Conoco) and also 3% on dining and 2% on travel. But bear in mind that 4% applies to all gas stations and the additional travel and dining categories is a plus as well.
Phillips Conocco Versus Amex Blue Cash EveryDay - The Phillips beats the Blue Cash EveryDay in gas rebates (4% versus 2%). But the Blue Cash Everyday pay 3% rebates on groceries and 2% on department stores, which Phillips Conoco does not. Another good thing about the Blue Cash is that you can earn unlimited rebates and you get 1% on all regular purchases.
Phillips Conoco Versus Discover OPEN Road Card - The Discover OPEN Road Card offers 2% rebates on gasoline and restaurant purchases and hence, loses out to the Phillips Conoco card at 4%. Ironically, Discover also has a tiered system on the card where you only earn 1% rebates after $3,000 in annual spend. It does have an online shopping portal which allows you to earn 5% to 20% rebates with their online merchant partners. But overall, I think the Discover card loses out to this card.
Phillips Conoco Verus PenFed Gas Rebate Card - The PenFed VISA Platinum Gas / Cash Rewards Card is the card that clearly beats this card (and in fact most other gas cards). 5% rebate on gasoline at any station is better than 4% at just Phillips or Conoco stations. Furthermore, 2% on groceries (which this card does not have) and 1% on every thing else (no tiers) suggest that PenFed is the card to get instead.
Phillips Conoco MasterCard - How Good Is This Card?
Pros - 4% rebates on gasoline (while not the best) is a very good rebate number.
Cons - The problem with this card is that the rebates is capped a month at $40. Furthermore, there is a tier system on their rebate for regular purchases. Unlike most cards which simply pay 1% rebates for non-gas purchases, this card requires you to spend $5,000 before you can earn 1%. Prior to that, you earn only 0.5%.
Verdict - The Phillips 66 Conoco 76 MasterCard will appeal to those who use Philips Conoco gasoline stations frequently. However, the fact that you need to spend above $5,000 to earn just 1% on regular purchase is a real black mark for this card. And this is especially so since many cash back card offer more than one category of expenses where you can earn more than 1% cash rebates. We suggest that you consider the TrueEarnings® Business Card from Costco and American Express, as it pays 4% on ANY gasoline purchase, 3% on restaurants and 2% on travel. It has no annual fee. Note : though it is a business card, you can apply as a sole proprietor. You also need to be a Costco member.
Another card that we suggest is the PenFed VISA Platinum Gas / Cash Rewards Card where you can earn 5% rebates on gasoline and 2% on groceries.
|Phillips 66-Conoco-76 Mastercard|
Earn 4% rebate on any Phillips 66 Conoco76 purchases
Earn 1% rebate on all other purchases
|Rebate Expiration||6 months if inactive|
|Travel and Insurance Benefits|
|Up to $500,000 Automatic Travel Accident Insurance|
|Introductory rate||0% APR on balance transfers for 6 months|
|Annual Fee||No annual fee|
|Purchase APR||Prime Rate plus 7.99% or 14.99%|
|Balance Transfer APR||Prime Rate plus 7.99% or 14.99%|
|Cash Advance APR||
Prime Rate plus 14.99%
min is 19.99%
|Penalty/Default Rate APR||Prime Rate plus 23.99%|
|Min Finance Charge||$0.50|
|Grace Period||20 days|
|Balance Calculation Method||Average Daily Balance (including new purchases)|
|Balance Transfer Fee||3% of the amount of each balance transfer, $5 minimum, $75 maximum. However, there is no fee with the 0.00% APR balance transfer offer described above|
|Cash Advance fee||3% min $5.00|
|Late Payment fee||$39.00|