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Exxon Mobil MasterCard Long Term Road Test
By Kenneth Long on December 29, 2010

UPDATE: Citi ExxonMobil MasterCard discontinued effective October 31, 2012; ExxonMobil Smart Card a Dumb Replacement for Cancelled Rewards [September 4, 2012]
I normally do not promote one product over another so that I may focus more on the game rather than the players. However, I do periodically find it necessary to provide feedback on my experiences with certain financial products. We could call this my long term road test of the Exxon Mobil Mastercard.

First off, I opened this account due to a change in terms of my Citi Dividend Mastercard. That card reduced its rewards from 5% to 1% on all gasoline purchases. Since I routinely spend $200-300 a month for gas purchases, it makes sense to be able to cut costs whereever possible. I therefore opened my Exxon Mobil Mastercard account to replace the old card. This account just so happens to also be issued by Citi.

The card itself has no annual fee. Since I pay the card off in full each month, I pay no interest. The APR is higher than most credit cards and on par with most gas cards. At press time, the rate was 23.99% APR.

The real benefit to me is that rebates are applied toward my balance at a rate of 15 cents per gallon purchased at Exxon or Mobil gas stations. When I see $3.03 on the pump, I know in my head that I am only paying $2.88.

A cash rebate of 15 cents per gallon works out to about 5% when gas is 3 bucks a gallon. It is especially generous when gas is less than $3. Still, I find the rebates are pretty sweet when gas prices climb to uncomfortable levels. Rebates are applied to my balance in $10 chunks, thereby reducing my monthly payoff by $10 or $20. I prefer cash rebate credits to points which are hard to quantify and often require additional spending to redeem.

It is true that Exxon Mobil is more expensive than some discount gasoline chains. However, I have the piece of mind knowing that my gasoline will not look like maple syrup or cause engine problems down the road. I also utilize AAA's free TripTik iPhone app to find the cheapest priced gasoline at a participating station. It works better for me than the Gas Buddy app. Exxon Mobil also offers an app which provides information on their locations.

A SpeedPass fob can be linked to your account at no charge. I find that the SpeedPass fob is no faster than swiping the credit card. Also, many stations that offer SpeedPass routinely experience problems on one or all of their pumps. While I have and do use the SpeedPass fob, I keep the card on hand just in case the fob fails to authorize.
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Another consideration is that Exxon is currently the closest gas station to my home. Driving out of the way to save a few cents is counterproductive once you understand the true cost of ownership of a car on a per mile basis. Therefore, you should probably avoid it if you do not routinely pass an Exxon or Mobil station.

If you are considering the Exxon Mobil MasterCard, it could be for you if you normally purchase gasoline from their stations and their locations are convenient for you. This product is not for you if you do not pay off the balance each month or if you pay substantially cheaper prices for gasoline at local competitors. The card works well for me, and there are other gas cards that have pretty good benefits as well.
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