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Are you thinking about getting a gas credit card? Here is what you should know

Are you considering getting a credit card from your favorite gas station? It's probably not worth it, according to a new report.

The average interest rate for a gas station credit card is 23.61%, nearly seven percentage points higher than the national average of all credit cards from credit card website CreditCards.com, according to a new analysis.

High interest rates can lead to endless debt Contributing to consumers who can not pay their bills.

But even if you pay your entire credit card bill on time and never have to pay interest, a gas-branded credit card may not be a good deal, as the analysis shows.

Some gas station tickets offer discounts on the pump, but the average price break is just 5 cents a gallon. The national average price for a gallon of regular gas is now $ 2.66, which means that these cards yield less than 2%.

There are general purpose credit cards that offer a 2% or more reward, Credit Cards (1

9659002). Some of these cards include the Capital One Venture Rewards

COF, -0.48%

Card – which also grants new cardholders a $ 500 bonus on travel when they spend $ 3,000 within three months of opening their account – and Citi's Double Cash Card,

C, -0.88%

which is not associated with a bonus. American Express Blue Cash every day

AXP, -0.66%

card also returns 2% on gas, with a $ 200 signup bonus.

Nearly a fifth of consumers have phased out their credit card rewards, according to a study by TD Bank. That's another reason why a general rewards card can be more helpful – the more consumers redeem rewards, the more likely they are to do so, said Matt Schulz, senior industry analyst at CreditCards.com, previously MarketWatch.

About 12 of the 28 gas cards analyzed by CreditCards.com include an introductory offer that offers more than the typical discount per gallon. But these are often offered for a limited time.

So it might make sense to sign up for a gas card before a big car trip, Schulz said. But outside of this scenario, a gas card makes no sense.

"With a general cash back card you'd probably still be better off," he said.

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