CreditCardGuru

The Phillips 66 credit card is a gas card designed to provide the user with rebates at their stations. While is may look great on the surface, many experts agree that it is not such a great credit card, after all.

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The rebate is 4%, which is a decent amount, until you read the fine print and see that this is only awarded at their select gas stations. There is also a limit to how much of this rebate can be accumulated, and it stands at $50 per billing cycle. Worst of all, these benefits may not credited immediately. In fact, the gas rebate reportedly may be credited to the user’s account up to 6 billing cycles later - that's waiting half a year just to get it! This fact along with the possible low credit limits makes this credit card from Phillips 66 highly unattractive, but the rewards are the biggest pitfall.

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The Fine Print
The rebate expires in 6 billing cycles as opposed to the usual one year or more with most other cards. This does not work out well for the customer. In fact, we know of no other card on the market that has such rapid expiration schedule for rewards. The interest rates that are levied are on the higher side and if the bills are not paid on time, they attract a hefty fine. This is a major inconvenience to the user, especially in these difficult times. The Phillips 66 card is not a superior credit card in any manner as the features are not very attractive. It seems like there's a good chance this card will just end up costing more money than it earns, due to the billing practices used.

High Interest Rates
It also has an interest rate which is on the higher side. The customer needs to be very alert while handling this card. The other disadvantage of the Phillips 66 gas card is that the maximum rebate offered on purchases outside their stations is 1%. There are a number of cards that provide variable rebates for different options such as for food, travel etc. The customer can thus make an informed decision as to which option is most suitable for his needs.

Risks
The Philips 66 gas card is not an attractive option in the current scenario. There are various features that actually seem to go against the usability of the card (i.e. the unfavorable APRs). The card seems like it would be very problematic to use and the features do make it look like a bad deal. The MasterCard option on the card does not offer any outstanding features either. Along with this, the interest rates and the penalties are on the higher side.

A lot of customers are switching to more flexible and attractive options instead. For example our affiliate advertising partner, Discover, has a card that gives up up to a 5% cashback bonus at every gas station: Discover More Card