Credit card review: Citi Driver's Edge Platinum Select Card

With gas prices still above $3 a gallon in most places - and sometimes nearly $4 a gallon out here in California - it may be time to think about opening a gas card. Gas cards were to be traditionally used by people who are establishing their credit because they were easy to be approved for.  Since many old fashioned gas cards could only be used at one company's pump, they've gone out of style a bit.

But there's a new breed of gas card in town. These new cards work more like rewards and mileage cards. Today we're going to take a closer look at one of these "new breed" gas cards to see how it stacks up. Let's review the Citi Driver's Edge Platinum Select Card:

• APR - A low 13.99 %. This rate is amazing for a gas card and still really low for a rewards card.
• Other APRs - 0% on balance transfers for 12 months and then the standard 13.99% rate thereafter. 22.99% on cash advance requests.
  
• Default APR - 31.99% is a very high default rate. This is about as high as any standard credit card issuer will go. Most default rates are in the mid 20% range.
  
• Annual Fee - None.
  
• Other Fees - $15 to $39 per late payment depending on balances. $35 over-the-limit fee. 3% cash advance fee for each transaction. $15 to $39 over the limit fee.  3% foreign currency conversion fee for international purchases. It's nice to see this foreign currency fee being disclosed openly, but it would be even better if they didn't charge it.
  
• Universal Default Clause - Citi mentions that they will raise your interest rates if you make a late payment, bounce a check or go over the limit on any of your Citi accounts. It's not quite "universal" but it's still a little dangerous.
  
• Perks - This is where the Citi Driver's Edge Card has an advantage. For a card with a low rate and no annual fee, these are good rewards. You'll earn 6% back for 12 months on supermarket, drugstore and gas purchases. After 12 months this rate drops to 3% plus 1% for all other purchases. You'll also earn $1 rebate for every 100 miles you drive, up to $500 a year. Then, you can put your rebates toward buying a car, repairing a car or as Thank You points.
  
• Negatives - All these different rewards are kind of confusing. You'd have to be pretty sharp to make sure you get them all.
  
• Acceptance Requirements - You need to have a good credit score (at least above 700) to qualify for this card.

Overall, the Citi Driver's Edge Platinum Select Card can help take the sting out of buying gas. If you drive a lot, you can use this card to earn some pretty significant rewards and rebates. Even without these perks, this card is a good choice for its nice low interest rate and no annual fee.

Comments

[Tim MMF]

That's probably a good card to use for the first 12 months. After that though you're better off with a Citi Select Dividend or other rewards card that offers 5% on gas all the time.

[Elana]

Actually, check out the AAA MBNA card. 5% rebates back on the gas pump. Our APR is 10.9% on purchases. It has all the downsides of MBNA but the rebate means we use it for gas and pay off the full balance each month.

[EmilyPeters]

Those both sound like great credit card choices. I have the AAA MBNA card and have never been able to figure out how to redeem my rewards. I'll have to investigate further!

[Elana]

You don't have to do anything to redeem the awards for the AAA card. You simply have to use the card at the pump so it sends the identifier you're getting gas. In states, such as NJ, where there's no self-serve, you have to go to a self-serve station where they swipe it at the pump for you. After the bill closes each month, they credit you a rebate (which will appear on your next bill).

[EmilyPeters]

Thanks for the tips. I must have a different version of this card. I'm looking in to it this weekend!

[Robert Kister]

I run a small business and I drive quite a bit. I want a card that earns rewards/rebates on fuel purchases. I want to redeem those rewards to buy (discount?) fuel cards so I can buy more fuel. You can see the idea. Discover doesn't redeem for fuel (just cash). Chase Visa does redeem for Shell, BP and Exxon (5000 points gets you a $50 card) but not a discount. BP has a card that pays well but only if you shop at BP. Buying fuel at any other vendor pays you zero points. I called Citi as well and they had nothing.

Am I wrong to assume that a fuel card ought to be used to save money on fuel?

[patricia lavelle]

i need a gas card because i do alot of driving an that will help alot.