5 Best Gas Rewards Credit Cards
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Gas prices are again approaching (or exceeding) $4.00 a gallon. It's really cramping our summer road trip plans. Using credit cards with good gas rewards can save a bundle this summer as gas prices climb ever higher.
How to Pick the Best Gas Card
First, you want to consider the savings you will realize from each card. Some products offer a percentage off your total purchase, while others grant a fixed amount of savings per gallon.
Next, think about where you buy gas and which stations in your area have the lowest price. Some cards are specific to a brand, while others allow you to choose most stations except for warehouse stores.
Finally, consider the other benefits of each card. Several of the cards on this list offer excellent rates of cash back for purchases beyond gas, while others do not. This is important if you plan on using this card for more than just fuel purchases.
Our Top 5 Gas Rewards Cards
Here are my top picks for gas rewards credit cards.
BankAmericard Cash Rewards Credit Card
The BankAmericard Cash Rewards™ Credit Card offers 3% cash back on gas, 2% at grocery stores and wholesale clubs, and 1% for other purchases. (Grocery store, wholesale club, and gas bonus rewards apply to the first $2500 in combined purchases each quarter.) Cardholders get a 10% customer bonus when redeeming cash back into a Bank of America® checking or savings account. There is currently an online-exclusive offer to get $100 cash rewards bonus after spending $500 or more in purchases within the first 90 days of account opening. There is no annual fee. See terms.
Citi Double Cash Card - 18 month BT offer
The Citi® Double Cash Card - 18 month BT offer from our partner Citi rewards you twice. You get 1% cash back when you buy, plus 1% cash back when you pay. There are no category restrictions and no caps. It's a simple and straightforward cash back credit card for those who don't want to engage in signing up for rotating categories or carrying different cards for different purchases, making this a good pick to take with you wherever you drive. As a sign up offer, you can get 0% APR on balance transfers for 18 months. There is a balance transfer fee of 3%. This card has no annual fee.
Capital One® Quicksilver® Cash Rewards Card
The Capital One® Quicksilver® Cash Rewards Card will get you unlimited 1.5% cash back on all purchases, including gas purchases. There is no cap on the amount of cash you can earn, and no minimums to redeem the cash back. The cash back doesn't expire, either! You can get cash back in the form of an account credit, check, or gift card. There is currently a one-time bonus of $100 cash after you spend $500 on purchases within the first 3 months, and every 10th Uber ride is free (up to $15) when you use your card to pay through March 31, 2017. There is also a 0% intro APR on purchases and balance transfers for 9 months. (After the promotional period, there is a 13.24%-23.24% variable APR; a 3% fee applies to each balance transferred.) There is no annual fee.
Blue Cash Preferred® Card from American Express
The Blue Cash Preferred® Card from American Express offers a great 3% cash back at U.S. gas stations. Other rewards include 6% back at U.S. supermarkets (up to $6,000 in purchases per year) and 3% at select U.S. department stores. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. It does have an annual fee of $95 ($75 if your application is received by 8/3/16), but the extra generous cash rewards can make up for the cost if you spend a lot at the pump each year. It also comes with $150 back after you spend $1,000 in purchases in your first 3 months. Terms and conditions apply.
Discover it® Cashback Match™
The Discover it® Cashback Match™ offers 5% cash back on select categories of purchases that change each quarter up to $1500 per quarter (you'll need to sign up), plus 1% cash back on all other purchases. With Cashback Match™, all the cash back that a new cardmember earns is automatically matched by Discover at the end of your first year. Another outstanding feature of this card is the 0% promotional financing on both new purchases and balance transfers for 12 months. (After that, a variable purchase APR applies, currently 11.24% - 23.24%. A 3% fee applies to each transferred balance.) There is no annual fee.
Costco Anywhere Visa® Card by Citi
The Costco Anywhere Visa® Card by Citi offers one of the highest cash back opportunities for gas, with 4% back on gas purchases at Costco and other gas stations worldwide (on up to $7,000 per year). Plus, you can earn 3% back on restaurant and eligible travel purchases, 2% back on purchases at Costco and online at Costco.com, and 1% back on all other purchases. There is no annual fee with a paid Costco membership.
The Downsides of Gas Cards
Now that you know about all the great deals out there, pause for a second and consider if one of them is really right for you. As with all reward cards, you are not saving any money unless you are paying each statement in full and on time. To do otherwise ensures that you will owe more in interest that you ever earn in cash back. Also remember that you are not saving much money if you have to pay a higher initial price or drive further to take advantage of credit card rewards. Finally, consider how much money your household can save with one of these cards over the course of the year. That amount has to easily exceed the cost of any annual fees, or the point is moot.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain.