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 6% cash back on groceries)
Sometimes, if you want the best, you’ll have to pay for it.
With the Blue Cash Preferred Card from American Express, you’ll earn 6% cash back at U.S. supermarkets (on the first $6,000 per calendar year; 1% thereafter), 6% cash back on select U.S. streaming subscriptions, 3% cash back at stand-alone U.S. gas stations, transit, and 1% cash back on other eligible purchases.
However, there’s a $95 annual fee, waived the first year (see Rates & Fees; terms apply).
- Pros: Plenty of cash back on grocery and commuting costs
- Cons: $95 annual fee, waived the first year
*See Rates & Fees. Terms Apply.
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 categories 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 some others, 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 points per $1 spent at the pump.
That’s quite a generous amount of points 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 point bonus 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.
Once you've fulfilled those requirements, you can start racking up 5x the points for every $1 spent on gas, 3x the points for every $1 spent at the grocery store, and 1 point for all other purchases.
PenFed requires a minimum of 1,000 points before you can start redeeming rewards -- but once you hit it, you can earn great prizes like gift cards, airline tickets, car rental discounts, and more.
If you are able to meet these requirements, the PenFed Platinum Rewards Visa Signature card would make a stellar gas credit card, and all around awesome rewards credit card.
- Pros: No annual fee, earns 5 points per $1 on gas, and no limit on the amount of points you can earn
- Cons: Requires membership; high point balance before you can redeem the best rewards
See the rates & fees for the mentioned American Express cards: Blue Cash Preferred from American Express (Rates & Fees; terms apply).