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.
USAA Cashback Rewards Plus American Express®
The USAA Cashback Rewards Plus American Express® Card offers 5% cash back for gas and military base purchases (up to $3,000 in purchases per year), and 1% back for all other purchases. Rebates are received annually in January, for cash back earned the prior year. Military personnel also receive benefits such as a lower APR during active duty. There is no annual fee.
BankAmericard Cash Rewards™ Credit Card
The BankAmericard Cash Rewards™ credit card offers 3% cash back on gas, 2% at grocery stores, and 1% for other purchases. (Grocery store and gas bonus rewards apply to the first $1500 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.
Blue Cash Preferred® Card from American Express
The Blue Cash Preferred® Card offers a great 3% cash back at US gas stations. Other rewards include 6% back at US supermarkets (up to $6,000 in purchases per year) and 3% at select US 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 $75, 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 in the form of a statement credit after you spend $1,000 in purchases on your new Card in your first 3 months. Terms and limitations apply.
Citi® ThankYou® Premier Card
The Citi® ThankYou® Premier Card from our partner Citi offers 3 points for every dollar spent on travel purchases, and that includes purchases on gas, airfare, hotels and more. It also offers 2 points for every dollar spent on dining and entertainment purchases, along with 1 point for every dollar spent on all other purchases. There's no limit to the number of points you can earn, and you're points will never expire. Additionally, you can also receive a 25% bonus on your points if you redeem them for airfare, hotels, and car rentals through the ThankYou® Travel Center. Currently, new applicants can earn 50,000 bonus ThankYou® Points after spending $3,000 on purchases within the first 3 months of account opening. This card comes with no foreign transaction fees, and there's an annual fee of $95 that's waived for the first year.
Blue Cash Everyday® Card from American Express
If you don't want to fork out for an annual fee, or your gas and grocery consumption isn't enough to justify it, try the Blue Cash Everyday® Card, which gets you 2% cash back at US gas stations, 3% at US supermarkets (up to $6,000 per year in purchases), and 2% at select US department stores. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. This card also comes with $100 back in the form of a statement credit after you spend $1,000 in purchases on your new Card in your first 3 months. Terms and restrictions apply.
Discover it® chrome - New! Double Cash Back your first year
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, no sign-ups needed), and 1% cash back on all other purchases. As an exclusive offer for new cardmembers, all the cash back you've earned is automatically doubled 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 10.99% - 22.99%. A 3% fee applies to each transferred balance.) Plus, you get your recent FICO® Credit Scores for free in an easy-to-read chart on your monthly statements and online. And if you need to freeze or unfreeze your account quickly, the new Freeze ItSM on/off switch allows you to do so via Discover's website or mobile app. There are no foreign transaction fees, so take this card with you for dining aboard. There is no annual fee.
U.S. Bank Perks+ Visa Signature® Card
Earn 2x points on gas and grocery net purchases (purchases minus credits and returns) with the U.S. Bank Perks+ Visa Signature® Card, and 1 point for every dollar spent on everything else. You can redeem points for gift cards, cash back, or airline tickets. There is a 0% Intro APR on purchases and balance transfers for the first 12 billing cycles. There is no annual fee.
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.