Philips 66 credit card is only one name for the several credit cards branded for the Phillips and Conoco companies, underwritten by Citibank. Among those cards are the Phillips 66® - Conoco® - 76™ Personal Credit Card, the 76™ Personal Card, the Phillips 66-Conoco-76 Commercial Card, and the Phillips 66®-Conoco®-76™ MasterCard.

All of the cards provide pretty much same service and benefits, including the ability to pay your account online, no annual fee, $0 liability on unauthorized charges, and the ability to use the credit card after hours customer service.

I’d say that these cards are pretty regular cards that you see a lot on the market. The only one that may be of interest to us is the Phillips 66-Conoco-76 MasterCard.

The main benefit of the card is that it allows you to earn 4% rebates on Phillips 66, Conoco, and 76 station purchases. Of course to get those rebates you have to buy Phillips, Conoco, and 76 branded gasolines only. You won’t be able to redeem your rebates to get cash, but instead all your rebates will be automatically credited to your future Phillips 66, Conoco, and 76 purchases.

Keep in mind that your total monthly rebate amount can’t be more than $50, which greatly restricts your ability to save.

Another benefit of the card is a 0% APR balance transfer for 6 months from the date of the first balance transfer.

The other options of the card are not impressive at all. In terms of APR for purchases there are two options available. They are 11.99% variable APR for Platinum, and 15.99% variable for the regular Phillips 66 card.  Cash advance and default APRs are 19.99% and 27.99% respectfully.

There is also a late fee of $39 and an over limit fee of $35 applicable to the account.

How would I approach the question of whether or not I should get this card?
First, I’d determine how crucial it is for me to have a 4% gas discount and what actual dollar amount I would save, as well as if there are nearby gas stations that sell Phillips – Conoco brands. If this was a positive answer, I’d get the card and use it purely for my Phillips 66, Conoco, and 76 brand purchases.

I’d never carry a balance on the card. Why? The answer is obvious. If I carried a balance, the APR I’d have to pay would effectively eliminate most of my gas savings on the card. And of course I’d avoid being late with my payment by any means, because if I was late, I’d be purchasing even more expensive gas than I would have without the card.

The point I am trying to make is this: you should carefully read the terms and conditions of the card, clearly understand your financial goals, and calculate what benefits this particular card can bring to you. As soon as you see the clear picture, you will be ready to make an educated decision on the card and be effective in using it to your benefit.