Let’s face it… the days of cheap gas are long gone. That’s why we need to do everything we can to save at the pump. The idea of getting a gas credit card to save money makes sense, but here’s why the Phillips 66 MasterCard and Phillips 66 personal cards aren’t the best way to do that…
For starters, Phillips 66 actually offers 3 different consumer cards – 2 personal card and 1 MasterCard. Here’s a quick review of each.
- Not a major credit card. Can only be used at Phillips 66 and their affiliated stations (Conoco, 76)
- There is no annual fee
- Very high interest rate – 24.99% at the time of this credit card review
- The rewards program is a gimmick! You earn a nickel off per gallon, but only during monthly billing cycles where you buy at least 45 gallons. Buy less than that, and you don't get a single penny in rewards! And you don't get any rewards on purchases exceeding 110 gallons per cycle.
- It is not a major card and can only be used at 76/Conoco/Phillips 66 gas stations.
- The fees are outrageous. $40.00 account setup fee + $10.00 monthly account fee. Combined, that's a total of $170.00 for your first year alone!
- The rebates are ridiculous. Like the Phillips 66 card featured above, you can save up to 5 cents per gallon. But with the fleet program, this is how much you have to spend each month to earn the full (and lousy) rebate:
Verdict? This is a pathetic rebate structure. If you are a business, the Chase Ink gives gas rewards which are higher.
- Since this is a MasterCard it can be used anywhere MasterCard is accepted
- No annual fee
- There are two different APRs – 19.99% or 23.99% at the time of this review. The one you get is “based on your credit worthiness.”
- This card does have a rewards program, see details below
I actually had to turn to the fine print on the Phillips 66 credit card application to see how the rewards work. It has a tiered system which can be quite confusing…
- “Qualifying purchases” at Phillips 66, Conoco, and 76 earn a rebate of 4%. It doesn’t say much about what’s “qualifying” but from what I can gather, the 4% rebate will be given at all affiliated stations except those which sell non-Phillips 66, Conoco, or 76 branded gasoline.
- On all other purchases only a half-percent rebate is given for annual spending up to $5,000.00. Annual spending which exceeds this amount earns 1%. Please note that purchases made at Phillips 66 and their affiliate stations do not count towards these tiers.
- Rebates are capped each billing cycle – a maximum of $50 can be earned
Why limit yourself to higher rebates at only Phillips 66 and their affiliated stations? Instead you can get a universal gas rebate card that gives up to 5% at all gas stations.