3 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.
- Pros: Plenty of cash back on supermarkets and travel purchases
- Cons: $95 annual fee
2. Discover it® Chrome
Projected annual cash back on gas: $48.36
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 Discover it® Chrome is just that kind of card -- you get 2% cash back on gas and restaurants on up to a combined $1,000 in spending in these two categorier per quarter. You still get 1% cash back on it after that.
And, you’re also getting the typical 1% cash back on everything else.
The card may not pay as much on gas as the others on the list, but when you factor in the cash back on dining out, you're getting great value on a no-annual-fee cash back 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 cash back at restaurants
- Cons: Cash back rate not as competitive
3. 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