Play Your Cards for Gas Rebates

As prices hit $4 a gallon, a credit card that refunds a percentage of your gas purchases becomes more enticing. But don't be seduced into thinking that a rebate will lessen your pain in a major way. Many cards cap rebates, and some rebates are tiered so that you earn the top amount only for a portion of what you spend.

And even though interest rates have fallen like stones, rates on gas-card debt remain notoriously high -- up to 21 percent. So as summer kicks off, prepare to make the most of your credit cards at the pump.

Look for an introductory rate that you can milk this summer. The Chase PerfectCard gives you 6 percent on gas at any station for 90 days, with a maximum rebate of $30. The BP Visa offers 10 percent at BP stations only but throws in 4 percent on travel and dining expenses, including car rental and hotel stays; the introductory period lasts 60 days.

Chase caps its gas rebate at $15 per month after the first 90 days; BP's card has no cap. With either card, when the introductory period runs out, you will probably be able to find better credit card deals elsewhere.

One of the most generous credit cards for gas purchases is the Pentagon Federal Credit Union Platinum Gas Cash Rewards Visa. (If you're not connected to the military, you can become a credit union member by joining the National Military Family Association for $20 at http://www.nmfa.org.) The card rewards users with 5 percent on gas purchases, 2 percent on groceries and 1.25 percent on everything else.

The Discover Open Road card rebates 5 percent on gas and routine auto maintenance up to $1,200 a year.