What could be improved
The disadvantages of this card will far outweigh the advantages for the majority of people.
You only earn rewards on gas at Texaco or Chevron
The actual usefulness of this card is very limited. For one, the Techron Advantage credit card is closed-loop, meaning you can only use it for gas purchases at Texaco or Chevron. The Visa version, the Techron Advantage® Visa® credit card, can be used anywhere Visa is accepted, but it will not earn rewards at other gas stations. This means that if you fill up at a gas station other than Chevron or Texaco, you will not earn any rewards on the purchase with either card.
The reward rate is extremely low
At the rate of $0.03 per gallon, the rewards you earn are pretty mediocre. A basic cash back card, with no gas bonus, earns 1% on purchases. So if gasoline costs $3 a gallon, that 1% return would net you the same $0.03 a gallon. But, if gas prices go up – say, to $5 a gallon – you’ll earn $0.05 a gallon with the rebate card.
And that’s before you start looking at cards that offer bonus rewards on gas purchases. You can find rewards cards with up to 5% cash back on gas. It could be $0.15 per gallon with a price of $3 per gallon, and up to $0.25 in cash back if you pay $5 per gallon.
Even if you get the Visa version and accumulate Visa Spend fuel credits, you’ll have to put a lot of money on your card to get the rewards rate at a competitive level.
Extremely high APR
A major drawback to watch out for is the exorbitant interest rate of the Techron Advantage Credit Card and the Techron Advantage® Visa® Credit Card. The APR (annual percentage rate) is higher than most regular credit cards. In fact, it’s on par with some of the worst store credit cards. If you carry a balance past the due date, you may incur quite significant interest charges. And those fees can add up quickly, making it hard to catch up if you fall behind.