2013 ExxonMobil Gas Card Worth Keeping?

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2013 ExxonMobil Gas Card Worth Keeping?

Postby Michael » Thu Oct 03, 2013 11:53 am

I have had this gas-only card since 2008, with a $1200 limit.

It pays 6 cents per gallon IF you charge 45-100 gallons monthly.

It is my fourth oldest card, behind AMEX (2001), Chase Freedom (2002), and Discover

Is this worth keeping open for the credit history, even though it is not a "major" credit card?

If so, how often do I need to use it?


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Postby Terry » Thu Oct 03, 2013 11:57 am

Since that card has no annual fee, it might be worth keeping it since the account age is five years. Consider using it for a small charge every few months to keep the creditor from closing the account due to inactivity.
AMEX Green Card - NPSL [Member Since 1995] ;)
AMEX Everyday Card ($25,000) 6/14 Backdated to 1995 - For 20% Extra Points Benefit
Chase Freedom Visa Signature ($17,000) - For 5% rotating categories
Citi ThankYou Preferred Visa Signature ($16,000) - 2% dining
Discover IT Humane Society Design ($16,500) - For 5% rotating categories
Firestone ($2,600) - For 0% financing
Home Depot ($10,000) - For 0% financing
JCPenney Credit Card ($7,000) - For special discounts
Sam's Club MasterCard - ($20,000) - 5% off gas at any fuel pump
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 767 EX, 778 EQ, 790 TU [02/2015]

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Postby Midori » Thu Oct 03, 2013 12:28 pm

I filled up yesterday. I paid about $3.12 for about 22 gallons of gas, for a total of around $68.64.

If ExxonMobil had that price, and I used your card to save six cents per gallon, I would have paid $67.32 to fill my tank, for a savings of $1.32. (.06 x 22). Using it to buy the 45 gallon minimum, and pretending the cost of gas stays stable, I'd save $2.70 after buying $140 worth of gas.

I would keep it, for its age, for its $1200, but I would not particularly use it for any gas savings. I might buy the occasional map or drink. Chase Freedom and Discover it just came off a 5% gas quarter, which would have given me 700 rewards points for that same $140, and that would be more valuable to me, personally, even if I didn't have any intentions of cashing in those rewards points in the near future.

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Postby Ikarus » Thu Oct 03, 2013 12:29 pm

Terry, nice portfolio! It's similar to what I have growing (minus the huge CL's).

I just got AMEX BCE and already have Chase Freedom and Discover it for 5% rotating categories.

Does it make sense to get US Bank Cash+ on top of these two cards?
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)

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Postby takeshi » Fri Oct 04, 2013 8:17 am

Michael wrote:Is this worth keeping open for the credit history, even though it is not a "major" credit card?

That's really your call as worth is always a highly subjective matter. Even if you close it AAoA won't be impacted until it falls off your reports -- which is a long time though I don't recall the exact number of years.

I had a Shell card that was one of my newer cards and probably had about the same age at the time I closed it. I had switched to the BCP for gas purchases and it wasn't worth it to me to keep the Shell card open.

Major versus store card really doesn't matter. It doesn't factor into scoring.

Michael wrote:It pays 6 cents per gallon IF you charge 45-100 gallons monthly.

Have you looked at the gas card page on this site?

Using Midori's example, $1.32 is the savings with the ExxonMobil card. My PenFed cash rewards at 5% (probably not worth it for new applicants though) would save $3.43 on that purchase with no minimum requirement or cap on savings. Even a 3% card would save $2.06 on that purchase.

Granted, 5% seems to be mostly offered on rotating category cards these days. Additionally, most gas rewards seem to be subject to caps as well.

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