Review of Exxonmobil Credit Card



The Exxonmobil Credit Card was last reviewed on : 21st April 2005

Rebate Formula - The Exxonmobil credit card pays a 3% rebate on purchases from Exxon or Mobil stations and 1% rebate for other purchases. Rebates gets automatically credited towards your next purchases and are valid for six billing cycles.

Annual Fee and APR - The Exxonmobil credit card has no annual fee. The apr is prime rate plus 5.99% for the platinum mastercard version and prime rate plus 9.99% for the normal mastercard. The Exxonmobil credit card uses the average daily balance method (including new purchases) to compute balances. There is also a very good introductory balance transfer scheme. You get a 0% introductory apr for balance transfers for six months from the date of the first balance transfer. You are allowed six months to transfer your balances and there is no balance transfer fee during the introductory period.

Summary - The Exxonmobil credit card will appeal to those who use Exxon or Mobil stations frequently. The introductory balance transfer policy is very generous as well. The 3% rebate, while good, falls short of other gas credit cards that pay a higher rebate. Hence, we suggest that those who are interested in this card consider the following alternatives.

Alternatives - The Discover Platinum Gas Card pays you a 5% rebate for the first $1,500 in gasoline expenditure and 3% rebate for the second $1,500 in gas expenditure. There after, you only earn 1% rebate. Hence, the rebate payout declines as your expenditure increases. But the Discover gas card allows you to exchange your cash rebates for DOUBLE the value in gift certificates. Hence you can earn 10% rebate for the first $1,500 in annual gas expenditure and 6% for the second $1,500 in spending. Best of all, unlike most dedicated gas station cards, Discover rebates do not expire.

The Citi Dividend Platinum Select Card is a cash rebate credit card that pays a 5% rebate on purchases from standalone supemarkets, gasoline stations and drugstores. They pay 1% rebate on other purchases. The apr is low and you get a 0% apr on balance transfer (from date of transfer with no balance transfer fee during the introductory period) for twelve months versus six billing cycles for the BP Visa, which makes it a very good card to transfer a balance as well. The other major difference between the two cards is that with the Citi Dividend Platinum Select Card, you choose how to use the rebates, whereas with the Exxonmobil credit card, your rebates automatically credited for your next purcahse at Exxon Mobil stations.

Positives
  • No annual fee
  • Low apr if you get the platinum mastercard version


Negatives
  • 3% rebate, while higher than most reward cards falls short of 5% of the highest rebate from other gas credit cards



ExxonMobil Credit Card
Reward Benefits
Rebate Percentages Earn 3% rebate on any ExxonMobil Purchases
Earn 1% rebate on all other purchases
Rebate Expiration 6 billing cycles
Caps on Rebates Earn unlimited rebates
Travel and Insurance Benefits
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Other Benefits
Zero liability on unauthorized purchases
Free online account management, statements
Cost/Fees/Interest rates
Introductory rate 0% introductory APR on balance transfers for first 6 months
Annual Fees No annual fee
Purchase APR Prime Rate plus 9.99% for Mastercard
Prime Rate plus 5.99% for Platinum Holders
Balance Transfer APR Prime Rate plus 9.99% for Mastercard
Prime Rate plus 5.99% for Platinum Holders
Cash Advance APR Prime Rate plus 14.99%
min is 19.99%
Penalty/Default Rate APR Prime Rate plus 23.99
Min Finance Charge $0.50
Grace Period 20 days
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee 3%, min $5.00, max $75.00 (there is no balance transfer fee during the introductory period)
Cash Advance fee 3% min $5.00
Foreign Currency Conversion fee 3%
Over-the-credit-limit fee $35.00
Late Payment fee $39.00


See our Editor's Choice List for our recommended credit cards.

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