A card with a 20% rebate is bound to attract some attention. Before you rush out and get one, though, you should be aware of the details. According to CardTrak, CITGO and CitiBank are teaming up to offer a new gas rebate card that is launching on August 1st. During the first 60 days, you’ll receive a 20% rebate on CITGO purchases; after the introductory period is over, you’ll receive a 4% rebate. The fine print includes:

The 20% rebate offer is part of the 90-day launch period which ends October 31st. Once the launch promotion ends, cardholders earn 4% on CITGO purchases and up to 1% on other qualified purchases. Cardholders may earn up to $50 in rebates each month. All rebates are automatically credited on the cardholder’s statement against future CITGO purchases made with the card.

The limitation of $50 in monthly rebates obviously limits the maximum reward you can earn during the introductory period to $100, so you can think of this as a signup bonus of something less than $100. After the introductory period, there are better paying gas rebate alternatives.

I didn’t see anything on either CITGO’s or Citi’s web site about this card yet, but I would expect that to change as the launch date of August 1 nears.