If you have solid major rewards credit cards, like AMEX, Chase, Bank One, etc., does having a gas card (any gas card) make any sense??
I have NEVER seen a gas station in the past 10 years or so that only takes that "GAS CARD" and not VISA/MC/AMEX/DISCOVER
I use AMEX DELTA and BANK ONE/UAL VISA at every station I have been to...NEVER been denied the sale...
I have never had a gas card and there is really never a need since all stations take every card imaginable visa amex mc discover
Some posters say there is evidence that one gas card helps your mix and therefore your score. I keep my gas cards simply because it makes some of my bills due on different dates. I started really using gas cards when I was having financial troubles. I made it a point to pay off the gas cards every month so I never paid interest on gas. If you carry a balance on your cards but would pay off your gas cards, this is a reason to keep them open.
Re: Re: Gasoline Credit Cards BUT is also true that GAS CARDS make insurance rate go up??? BUT VISA/MC/AMEX/DISCOVER DON'T???
Re: Re: Gasoline Credit Cards I thought if you didn't have at least one gas card you were a risk for insurance.
Re: Re: Re: Gasoline Credit Cards This is true. State Farm has determined that drivers with a gas card are less likely to make a claim than drivers with out a gas card. I think what is really reflects is teenagers (no gas cards) get it to more wrecks then people over 30 (that have gas cards). But anything they can use to lower there risk or raise your rates they will use. I have a Texaco card I use about once a month.
I think the argument would be that absence of a gas card correlates with a higher risk of insurance claims, not that it guarantees them. In any high-risk group, there will always be exceptional individuals (such as GEORGE) who defy the odds against them.
Re: Re: Re: Re: Gasoline Credit Cards I have a Sunoco for my teenage son to use because I wont let him have a AMEX or Visa .. at least not yet. Guess State Farm would not be happy ruining there score model...lol Funny thing is because it's a pay off every month card it gets lumped in my FICO as other accounts. For 10 years they never reported then all of a sudden they did. Did not seem to reflect in my score either way
I wouldn't believe ANY INSURANCE COMPANY PAID STUDY!!! You would have to have a DOOR TO DOOR STUDY or add it to the CENSUS... NO INSURANCE COMPANY OR CRA MAY PARTICIPATE IN COLLECTING THE INFORMATION!!! #1 what is your credit like... EXCELLENT VERY GOOD GOOD POOR #2 have you ever had a... CLAIM ACCIDENT TICKET #3 do you have a gas card... YES NO #4 if you knew that having a gas card would prevent ACCIDENTS, CLAIMS, and TICKETS...would you apply for one??? #5 if you knew that your POOR CREDIT was causing your ACCIDENTS, CLAIMS and TICKETS...would you try to correct your credit reports and start paying 100% of your bills on time???
