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. But using the best gas rewards credit cards listed below, you 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.

TrueEarnings® Card from Costco and American Express

For those familiar with this brand, the word Costco is synonymous with savings. The consumer version of the Costco TrueEarnings card offers 3% cash back at US gas stations and on gasoline at Costco up to $4,000 per year in purchases, then 1%. Other benefits include 2% cash back at US restaurants and on eligible travel purchases, including Costco, along with 1% cash back on other purchases. Strangely, the 1% rate also includes purchases from Costco, an odd feature in a world where extra rewards are typically awarded for purchases from the co-branded merchant. Another odd fact about this card is that the rewards are issued in the form of a voucher each February. You can use your voucher for purchases at Costco stores, or redeem it for cash at their customer service counter. If your account is closed before February, your forfeit all of your rewards. There is no annual fee for this card with your paid Costco membership.

Here are the latest offer details:

  • 3% cash back at US gas stations and on gasoline at Costco up to $4,000 per year in purchases, then 1%
  • 2% cash back at US restaurants; 2% cash back on eligible travel purchases, including at Costco; 1% cash back on other purchases, including at Costco
  • You will receive your cash back annually in the form of a reward coupon (coupon expires on August 31st of the year issued)
  • The Two-In-One Card: it’s an American Express® Card and Costco membership card, with no annual fee for Costco members
  • Terms and restrictions apply.

Discover it® chrome

credit card

The newest addition to Discover's family, the Discover it® chrome card offers a straightforward 2% cash back on all gas and restaurant purchases (up to $1,000 in combined purchases each quarter), and 1% cash back on all other purchases. You also get the benefit of getting 5-20% cash back if you shop through their online portal which feature over 200 online retailers. Another outstanding feature of this card is the 0% promotional financing on both new purchases and balance transfers for 14 months. Plus, you get a free FICO® Credit Score online and on your monthly statement, and this card looks out for you: each Discover purchase is monitored. If it's unusual, you're alerted by email, phone, or text — and never responsible for unauthorized Discover card purchases. There are no foreign transaction fees, so take this card with you for dining aboard. There is no annual fee.

Click here to apply for Discover it® chrome.

Capital One® Quicksilver® Cash Rewards Credit Card

credit card

While the Capital One Quicksilver Cash Rewards Card doesn't offer a special bonus for gas purchases, all purchases will get you 1.5% cash back. There is no limit to the amount of cash you can earn, and no minimums to redeem the cash back. You can get cash back in the form of an account credit, check, or gift card. There is no annual fee.

There is currently a sign up offer of $100 bonus once you spend $500 on purchases within the first 3 months. There is also a 0% APR on purchases and balance transfers until May 2015 (a 3% fee applies to each balance transferred).

Click here to apply for the Capital One® Quicksilver® Cash Rewards Card

Barclaycard® Rewards MasterCard®

credit card

The Barclaycard® Rewards MasterCard® offers 2x points on groceries, gas, and utilities (and 1 point for all other purchases). Redeem points for flights, shopping, dining, and more. Bonus offer: get 2,500 points after your first use. Also get 0% intro APR for 6 months on balance transfers and purchases. There are blackout dates and no cash back limits. There is no annual fee.

Click here to apply for the Barclaycard® Rewards MasterCard®

Visa Platinum Cashback Rewards Card From PenFed

PenFed is the Pentagon Federal Credit Union. They are one of the largest credit unions in the country, and offer some of the most consumer friendly products on the market. Their Platinum Cash Rewards card offers 3% cash back on all gasoline purchases (5% for those who have another qualifying PenFed product, like an active checking account with direct deposit, mortgage, etc.). PenFed also has a great reputation for low fees. This card has no annual fee, no cash advance fee, no foreign transaction fee, and no over the limit fees. Their APR is pretty low -- 9.99%. To apply for this card, you must be a member of the credit union, which is open to current and former members of the military, many government contractors, their relatives, and household members. Even if you do not qualify on this basis, you can do so by making a one-time, $15 donation to a military charity.

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 card issuer.

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Guest's picture

I'm surprised you didn't the fort knox visa rewards card. It has a 5% cashback gas rebate as well.

Guest's picture
Long

I really like the American Express Blue Card. I use it exclusively for my gas purchases, but have recently debated getting the Costco TrueEarnings card mentioned. I love Costco and go quite often, so it might be more beneficial to me to pay for membership and get the credit card too.

What concerns me lately is that I'm seeing more and more gas stations have two sets of prices. One for cash paying customers and one for credit card/debit card users. I try to only put Chevron gas in my car so it kind of forces me to pay cash or even consider their corporate branded card (they charge the cash price if you use their branded card).

Guest's picture

Decisions, decisions. I'm always ready to switch gears but it starts to make my head spin.

Guest's picture

Wow, thanks for the heads up! We have the Costco card but honestly don't even use it anywhere else. From now on, we'll be using that card any time we get gas off base. We use our Military Star Rewards from Chase on base, since it gives 2% cash back on gas purchases on base; those prices are already lower than typical off-base prices.

Thanks again!

Guest's picture

Has anyone had good luck with a travel rewards card?
Looking for a way to save money on family vacations.
Thanks for the article.
Michelle

Guest's picture

Some other cards worth looking at:

Chase Freedom (5% on cash two quarters per year the last two years, you can also get a 10% bonus if you have a chase checking account open)
Fort knox visa rewards straight 5% cash back on all gas purchases