A gas credit card is definitely a viable credit solution, but you’ve got to be able to choose the right card so that your needs can be met. This type of credit card tends to get ignored the most because it doesn’t provide flashy benefits or comprehensive rewards. These cards help consumers by discounting the cost of fuel. Rewards cards like a gas credit card aren’t available to everyone. You typically need to have excellent credit in order to be approved for these cards. If you do have the qualifying credit score and fuel is one of your primary expenses, then it is time to look at what a gas credit card can do for you.
How Much Can You Save with a Gas Credit Card?
If you can match up the right gas credit card with your lifestyle, then you can maximize your rewards. Based on average household expenses, a solid credit card with rewards could save you as much as $250 every year on your fueling needs. The first decision you must make is to determine if you want a credit card that is tied to a specific station or one that allows you to spend flexibly.
The benefit of choosing a station specific gas credit card is that you can build rewards on in-store purchases, not just your fuel. There are usually higher returns associated with these cards as well, so if you tend to fill up your vehicle at the same place every week, then consider one of these gas credit card options to save the most money.
If you tend to travel more than stay at home, you will want to look at flexible spending cards instead of static spending options.
What About a Regular Rewards Credit Card?
If you don’t have brand loyalty in the world of gasoline, then sometimes a regular credit card with a comprehensive rewards program is a better option. You might be able to get more cash back on fuel purchases and this could provide you with the savings that you’re looking for. Be careful about rotating categories and tiered rewards if you take this route. If you have to spend a certain amount before you’ll start receiving rewards, a station specific gas credit card may still be a better option.
If you are interested in a gas credit card, then there are lots of options for you to consider today. You must be able to make a choice that balances your lifestyle and the savings that you’re looking to find. These credit cards typically aren’t the sole spending line of credit for the average consumer. It is a supplementary credit card that is only taken out when gasoline is needed for the vehicle.
When gas prices are high, the savings that a good gas credit card can provide can help your budget survive another day.
Gas Rewards Credit Cards
The #1 ongoing expense for car ownership is almost always fuel. Although the prices of gasoline have retreated from their record high levels in North America over the past couple of years, it is still a major budget expense that every driver must pay.
Without fuel, after all, it may be difficult to commute to work, take a road trip vacation, or run to the store to buy some groceries.Most gas stations today offer a specific credit card program that will allow you to earn cash back on every gallon of fuel you purchase.
There are also credit cards that offer increased rewards on fuel purchases to help you save more money. Here are the best credit cards in this category right now.
#1. Chase Freedom
The Chase Freedom Visa credit card offers a rotating selection of bonus categories which earn 5% cash back to a maximum of $1500 of spending. One of these categories does include fuel. You’ll also receive unlimited cash back of 1% on all other types of purchases. New account holders may qualify for a $150 bonus after spending $500 on purchases. Just remember to activate your bonus category every month.
#2. American Express Blue Cash Preferred
This credit card does have an annual fee of $95, but in return you’ll receive an unlimited 3% cash back on your fuel purchases. You’ll also receive 6% cash back on any grocery purchases you make with this credit card, with a spending cap of $6,000 on that reward.
All other purchases qualify for 1% cash back. New accounts may qualify for an introductory 0% APR on purchases and balance transfers for 12 months. You may also qualify for a $150 bonus in statement credits on the first $1,000 you spend within the first 3 months of the account opening.
#3. Discover IT
This version of the Discover card puts the 5% cash back into rotating bonus categories each quarter as well. The cap for spending in each category is $1,500 and this credit card also provides 1% cash back on every other purchase. New account holders may also qualify for a 0% introductory APR for up to 6 months on purchases and up to 18 months on balance transfers. As an extra bonus, there are currently no foreign transaction fees associated with this card.
View Discover IT Credit Card.
#4. PenFed Platinum Cash
This credit card is issued by a credit union, so your household must either be a member of the US armed forces or you can opt to join non-profits like Voices for America’s Troops or the NMFA [National Military Families Association] with a one-time fee to qualify for membership. If you enroll with an account, then this credit card can qualify to help you earn an unlimited 5% cash back on all of your fuel purchases.
When you own a vehicle, you’ve got to pay for fuel. With the right credit card giving you rewards for these purchases, you can get a little help with your car ownership costs.