Rising gas prices are affecting everyone across the country. Even if you don’t drive very often, high fuel costs are causing price increases for food and other commodities. Even though gas prices are affecting many aspects of our economy, anyone can save money on gas if they shop smartly. One of the best ways to do that is with a gas or cash rewards credit card.
Several of these cards will earn you 3-5% cash back on gas purchases. With gas prices approaching $4 per gallon in much of the US, that equals a savings of $0.12-0.20 per gallon, or a couple dollars per fill up. Most of these cards also offer additional cash back on other purchases as well, including grocery stores, restaurants, travel, and more. Using these gas rewards cards can easily save people several hundred dollars per year.
Best Gas Credit Cards
Blue Cash EverydaySM from American Express. American Express just made a good thing better. The previous version of this card offered 5% cash back on gas stations spending a total of $6,500 in a year. This version makes it easier for low to moderate spenders to enjoy solid rewards. This card offers 3% cash back at supermarkets, 2% cash back at gas stations and department stores, and 1% cash back on all other purchases. There is no minimum spending requirement, no enrollment or annual fees, and no rotating rewards categories like you find with some other cards. For a limited time, you can also earn a $100 cash bonus when you spend $1,000 within your first 3 months of card ownership. You can also get a $25 referral for each friend or family member who is approved for the card.
PenFed VISA Platinum Gas / Cash Rewards Card. This card is probably one of the best credit cards you’ve never heard of, offering 5% cash back on gas purchases and 1% on everything else. Cash rewards are paid out each month and there are no special restrictions on rewards. There is only thing holding this back from the top spot: to obtain this card, you need to be a member of the Pentagon Federal Credit Union, which is open to US government employees, US military members, employees and volunteers of the American Rd Cross, or a member of the National Military Family Association. That said, anyone can become a member by making a small $20 donation.
Chase Freedom® Visa – $200 Bonus Cash Back. Earn a full 1% on purchases with no limits or expiration dates, and 5% cash back offers in popular categories like grocery stores, restaurants and even airlines. For a limited time you can also receive $200 cash back after making $500 in purchases during the first three months, making this a great gas rewards credit card with an up-front bonus. There is no annual fee on the Chase Freedom® Visa – $200 Bonus Cash Back.
TrueEarnings® Card from Costco and American Express. The top gas credit card is the TrueEarnings® Card from Costco and American Express, which offers 3% cash back for gas purchases up to $3,000, then 1% cash back thereafter, 2% for restaurants, 2% for travel purchases, and 1% everything else, including Costco. There is no annual fee if you are a Costco member and The TrueEarnings® Card Serves as Both Your American Express Credit Card and Your Costco Membership Card. You save quite a bit when you add the 3% cash back to Costco’s already low gas prices.
Discover® Open Road Card - $150 Restaurant.com Gift Certificate. This card currently offers a Free $150 Restaurant.com Gift Certificate with your first purchase, and up to 20% Cashback Bonus at popular retailers when you shop through Discover.com. Purchases made at gas stations and restaurants automatically earn 2% year round. Additionally, there is a 0% intro APR for purchases and balance transfers for 12 months, then a variable APR of 10.99% – 20.99%*. There are no expiration dates on rewards, and there is no an annual fee. *Click apply to view rates, fees, rewards, limitations and other important information.
Capital One® No Hassle Cash Rewards. This card is a solid all-around cash rewards card, offering 2% cash back on gas and groceries and 1% cash back on everything else. There is no limit to the amount of cash you can earn, and there is no fee for this card if you have excellent credit.
Discover® More® Card. This card offers 5% Cashback Bonus® in categories that change like gas, restaurants, department stores and more. Limitations apply*. There is also a good rewards program on all other purchases. You can also earn up to 20% Cashback Bonus at popular retailers when you shop online through Discover.com. There are no annual fees or redemption fees with this card.
Store brand cards and credit unions. There are dozens of store brand cards available that offer cash back or discounts, but I didn’t list those here. Some of them only offer $.05 off per gallon which is just over 1%, and very few of them can be used at locations other than gas stations, and usually don’t offer cash back if they can be used elsewhere. you may also be able to find a great deal with your credit union if you belong to one. Be sure to shop around.
Credit cards are great tools when used correctly. I pay my credit card bill monthly and I enjoy the cash back rewards programs credit cards companies have to offer. Use your cards responsibly, and reap the benefits.
Do you know of any better deals?
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{ 9 comments… read them below or add one }
I Have a Chase AAA Visa which gives 5% back on all gas purchases and renewals with AAA. Love it
Brian,
I haven’t seen that card, but it sounds like it’s a great card to have! Thanks for sharing.
Blue Cash has been a great CC for gas purchases. I use it at Cotsco for everything, including gas. If you’ve got to use credit, the blue card is wonderful. You can also use it at the post office and earn cash back on shipping and stamps.
Scott, I think the Blue Cash card is probably the best overall cash back card for those who spend well over the $6,500 threshold every year. If you spend less than that, I would recommend the Chase Freedom(SM). I’ve been very pleased with it so far!
Boy you have done a great job in researching the most effective cash back rewards to combat rising gas prices! I didn’t know there so many options out there. Every little bit we can do to save will add up in the long run. I have to be very careful with credit cards, though!
Todd,
We all have to be careful with credit cards! But if used properly (paid off every month), there are some very nice rewards to be had.
no mention of the Pentagon Federal Credit Union Rewards Visa? statement credit of 5% on gas, 2% on groceries, 1.25% on everything else. have to join NMFA for $20 to get the card if you don’t qualify any other way to join PenFed but well worth the cost
Adam: As I noted near the end of the article, I left credit unions out of my search because there are too many credit unions to search all of them. Some have limited membership requirements, while others, like PenFed, are easy to join. Thanks for sharing the info, and I hope people take advantage of it!
If you’re ONLY after gas rewards, you’re always going to get more rewarding offers with credit cards that have partnered directly with the gas station (such as a Shell gas card from BofA, or anything along those lines). Out of the list above, the Costco partnership with American Express will allow for exceptional savings on gas considering Costco already offers some of the lowest prices…and the rewards combined with AE add to these savings in a pretty significant way. Just be sure you live next to or have easy access to a Costco..they’re not on every corner!!