As crude oil nears $50 a barrel, potentially driving gas prices well above $2 per gallon, credit cards offering gas discounts are looking better each day. This month, Citibank mailed out a high octane offer, enticing consumers for its “Shell MasterCard” with $50 in Shell gift cards just for applying and making a balance transfer. Cardholders also receive an ongoing 5% cash rebate on Shell purchases and a 1% rebate on all other purchases. In the direct mail piece captured by CardWatch® (cardwatch.com), Citibank is offering two $25 Shell gift cards to applicants who apply by August 31st. The first $25 gift card is activated within three days of applying over the phone. The second $25 gift is activated if you request to make a $1,000 balance transfer during the application call. The cards can be used for any type of purchase at Shell stations including food. The “Shell MasterCard” carries a 10.49% variable interest rate, and a $20 annual fee. The annual fee is waived for the first year and is waived in subsequent years if the cardholder makes at least nine Shell transactions per year. For a complete rundown on credit cards offering rebates on gasoline purchases “Click here to read the Card Commentary for July”:http://www.cardweb.com/cardtrak/pastissues/july2004.html.