As long as you have good credit, you should expect to get something when you apply for a credit card. Whether it be a cash bonus, a 0% offer, or both… you deserve something!
Well, the Chevron Texaco credit card does give you something. But how much is that something really worth?
They put the “30 cents/gallon” in humongous font. But then you read the fine print that it’s for 60 days, followed by the finer print that you have to “make $1,000 of qualifying non-fuel purchases each month” in order to get the 30 cent per gallon promotion.
Translation? You have to spend $2,000 on other stuff just to get the 30 cents on gas.
Do the math to see how much this sucks. Let’s say you fill your car up 4 times per month with 15 gallons each time. That means during the 60 day promo period, you would have bought 60 gallons.
60 gallons x $0.30 = $18.
Keep in mind that to get that 30 cents, you also had to spend $2,000 on Visa purchases outside of Chevron and Texaco gas stations. Those purchases don’t earn you any additional rewards.
Add that $2,000 to whatever money you spent on the actual gas (let’s say $3.50 x 60 gallons = $210 extra). That means you would have spent $2,210 just to earn a measly $18 in rewards! You earned less than 1%.
As if that wasn’t crappy enough, only the Chevron Texaco Visa card will earn you fuel rewards beyond the first 60 days. Their basic credit card, which they call the “personal” version, won’t earn you anything (and during the first 60 days, it only earns 10 cents/gal. on fuel instead of 30 cents).
This makes the Texaco credit cards perhaps the absolute worst gas cards on the market this year. If you want to save money on gas, they’re not the way to do it. You would be better off with one of these…
Blue Cash Preferred from AmEx – earn 3% on gas at all stand-alone gas stations in the US
Discover it – earn 5% at gas stations for at least one quarter each year
Capital One Cash Rewards – 50% bonus on the cash back you earn every year
Chevron Texaco is also a failure for financing
Not only are the rewards program a joke, but this card’s interest rate is among the highest. The rate on the “personal” version is sadly not that surprising, but for the Visa version, that high of an APR is rare on a major credit card.
Carrying a balance on this card, even if it’s only occasionally, is one of the stupidest things you could do given the 27% APR. And being that we’ve already established the rewards are rubbish, that brings us the logical question… is there any good reason to apply for a Chevron Texaco card?! I’m going to say no!