4 Best Gas Credit Cards to Help You Save at the Pump
To the drivers out there, you know what I mean when I say, “It doesn’t matter if gas prices are high or low -- gas is way too expensive.” Most Americans would agree, as seen by the average annual gas spending of $2,418 by U.S. households, according to the Labor Department. That’s more than $200 per month!
Imagine getting some of that money back whenever you visit the pump, almost like getting a discount every time that you fill up the tank. With a gas credit card, you’ll do just that -- earn cash back on gas, something you’re going to pay for anyway. Now, you may think that a gas-branded credit card would be the way to go. But, many cash back credit cards out there actually make the some of the best gas credit cards.
After reviewing the many gas credit cards available, here are MyBankTracker’s top recommendations for the best gas credit cards that you should choose from (projected cash back based on national average gas spending of $2,418 per year):
1.Blue Cash Preferred® Card from American Express
Projected annual cash back on gas: $145.08 (plus 3% cash back on groceries)
Sometimes, if you want the best, you’ll have to pay for it. With the Blue Cash Preferred® Card fromAmerican Express, you’ll earn 3% cash back at U.S. supermarkets (on the first $6,000 per year; 1% thereafter), 3% cash back at stand-alone U.S. gas stations and select department stores, and 1% cash back on everything else. However, there’s a $95 annual fee.
There is also a special offer on this card which can earn you 5% cash back on eligible travel purchases in the first six months, up to $200.
- Pros: Plenty of cash back on supermarkets and travel purchases
- Cons: $95 annual fee
2. BankAmericard Cash Rewards™
Projected annual cash back on gas: $72.54 (more if you have BofA checking/savings)
Like the Blue Cash Preferred® Card fromAmerican Express, the BankAmericard Cash Rewards™ card offers 3% cash back at gas stations -- without the annual fee. The card also lets you earn 2% cash back at grocery stores and 1% cash back on everything else. (Watch out for the $2,500 quarterly spending limit for 3% cash back on gas and groceries combined; 1% thereafter.)
Every year, there’s the potential for up to $180 in bonus cash back on gas per year. Don't forget the extra cash back you can get also when purchasing groceries.
It gets even better if you redeem your cash back into a Bank of America checking or savings account -- you’ll get an extra 10% cash back on the amount redeemed (e.g., redeem $180, get another $18).
- Pros: No annual fee and potential for 10% cash back bonus
- Cons: Quarterly limits on bonus cash back on gas; You must be a Bank of America customer to qualify for 10% cash back
3. Barclaycard Rewards MasterCard®
Projected annual cash back on gas: $48.36 (plus the bonus points on utilities)
Since gas makes up just one part of your everyday spending, why not get a credit card that gives you great rewards on other common expenses? The Barclaycard Rewards MasterCard® is just that kind of card -- you get 2 points per dollar on gas, groceries, and utilities with no limits.
And, you’re also getting the typical 1 point per dollar on everything else.
Since every point is worth 1 cent in statement credits (credits that are used towards paying off your card balance), you’re essentially getting unlimited 2% cash back on gas, groceries, and utilities.
Few rewards credit cards out there will offer bonus rewards on utility payments, so the Barclaycard Rewards MasterCard® is great for paying the bills in addition to your gas purchases. The card may not pay as much on gas as the others on the list, but when you factor in the rewards on utilities, you're getting great value on a no-annual-fee rewards card.
One final perk: free monthly FICO credit scores -- to help to track and improve your credit. Normally, a FICO credit score costs about $20 each.
- Pros: No annual fee and earn bonus rewards on other common purchases
- Cons: High regular APR of 25.24%
4. PenFed Platinum Rewards Visa Signature® Card
Projected annual cash back on gas: $120.90
I was amazed too, when I learned that PenFed Credit Union offered a credit card that had no annual fee and paid 5% cash back on gas purchases at the pump. That’s quite a generous amount of cash back for a card that also has no annual fee.
But, you probably guessed it, there are some hurdles to jump through before you can get that wild 5% cash back on gas.
First, PenFed Credit Union membership eligibility mostly includes U.S. government workers and military personnel. But, luckily, you can make a one-time $15 donation to an association that makes you eligible to join. Then, to earn the 5% cash back on gas, you must also have a PenFed checking account, money market account, or qualifying loan or line of credit.
Otherwise, the card only earns 3% cash back at the pump and there’s a $25 annual fee. If you are able to meet these requirements, the PenFed Platinum Rewards Visa Signature® card would make a stellar gas credit card. But, I’m not to sure that many people would.
- Pros: No annual fee and earns 5% cash back on gas
- Cons: Requires membership and another linked PenFed account