Best Gas Credit Cards
Last update: Jul 15, 2013
From over 1,000 credit card offers, Card Hub identified the following as being the Best Gas Credit Cards given their ability to help people save as gas prices continue to rise. The current national average of $3.78 per gallon is nearly 14 percent higher than it was at the beginning of the year, and prices have already crossed the $4.20 mark in states like California and Hawaii.
Many Americans simply feel helpless watching the numbers on the pump climb higher and higher as their cars gorge on gas and their bank accounts shrink before their eyes. The costs you incur could also continue to rise moving forward, as peak driving season is not until the summer.
All in all, the U.S. Energy Information Administration expects the price of regular gas to average $3.57/gallon for the rest of 2013, which is slightly higher than the $3.55/gallon average in 2012 – the most costly year for gas ever.
Luckily, there are a few steps consumers can take to minimize the financial impact of gas without taking drastic or unfeasible measures such as not driving or buying a more fuel-efficient car. These money-savings tricks begin with one's credit card. There are two types of credit cards that offer gas rewards: gas station-affiliated credit cards and generic gas credit cards. Which type consumers get depends on their geographic location and spending habits, but before we get to that let's take a look at the best cards in each category.
Generic Gas Credit CardThis Pentagon Federal Credit Union credit card offers the points equivalent of 5% cash back on gas purchases at any station (as long as they're paid at the pump) in addition to 3% on supermarket purchases and 1% on all other purchases. You will have to join PenFed, but anyone can do so for $15. It's also interesting to note that the PenFed Platinum Rewards Card offers 4.99% interest on balance transfers for the life of your balance and a 9.99% regular rate thereafter.
Generic Gas Credit CardProvides 3% cash back at gas stations and select department stores, 6% at supermarkets, and 1% everywhere else. It charges a $75 annual fee, but the $150 initial bonus you get for spending $1,000 in the first three months will cover that for two years.
Generic Gas Credit CardGives you 3% cash back on all gas purchases up to $4,000 (1% thereafter), 2% at restaurants, 2% on travel, and 1% on everything else. This card does not have an initial bonus, and Costco members do not have to pay an annual fee.
Station-Affiliated Credit CardOffers a 50-cent rebate (~15.8%) for each gallon of Marathon gas purchased during months a cardholder charges at least $1,000 on this card, $0.30/gal. (~8.3%) for spending $500 and $999.99, and $0.10 (~2.8%) for spending less than $500. This card does not have an annual fee or an initial bonus.
Station-Affiliated Credit CardProvides a $0.30/gallon discount (~8.3%) on Chevron and Texaco gas for the first 60 days after account opening. Thereafter, you get $0.20/gal. off (~5.5%) during months that you spend more than $1,000 on qualifying purchases and $0.10/gal. (~2.8%) off when you spend $300-$1,000. Qualifying purchases include most charges made with your card, excluding those at Chevron and Texaco branded merchants (i.e. gas station shops) and competing gas station chains. You can earn and redeem a maximum of $300 in discounts each calendar year.