Just two years ago, gas prices of more than $4 per gallon were commonplace and consumers were wondering just how high they would go. Then, as the economy began to take a tumble, so too did the price of oil, dropping gasoline prices to well under $3 a gallon. As things have stabilized just a touch, gas prices have leveled out and over time, we should probably expect them to creep higher each and every year.
Gas credit cards are an excellent way to lessen the blow of spending for gasoline each and every week. Depending on your situation, there may be a few options that suit your gas purchasing needs and after careful review, one gas rebate credit card stands out amongst the rest.
Editor’s Choice
True Earnings® Card from Costco and American Express – The True Earnings® Card from Costco and American Express is the only credit card on the market today that offers a lat 3% cash back on all gasoline purchases (up to $3,000 in purchases per year). No tiers need to be met and no spending amount needs to be made in order to receive this cash back offer. And if you are a member of the Costco Warehouse Club, the card does not have an annual fee.
Added benefits of the True Earnings® Card from Costco and American Express is 3% cash back on all restaurant purchases, 2% cash back on travel and 1% cash back on everything else, including purchases made at Costco. With a 0% intro APR on purchases for six months AND a $25 statement credit after you make your first purchase, the True Earnings® Card from Costco and American Express is without a doubt, the best gas credit card.
Pen Fed VISA Platinum Gas / Cash Rewards Card – The only reason the Pen Fed VISA Platinum Gas / Cash Rewards Card isn’t at the top of our list is because of it’s small restriction. The card offers 5% cash back on ALL gasoline purchases with no tiers or spending levels of any kind. Cardholders will also earn 2% cash back on supermarket purchases and 1% cash back on everything else. The catch, is that you have to be a member of the Pen Fed Credit Union. That means you must be a United States Government employee, member of the United States Military and Uniformed Services, employee or volunteer of the American Red Cross, member of the National Military Family Association, or a family member/housemate of a current PenFed member. I have learned that you can become a member by making a small donation, so the one restriction holding you back is only a $20 donation away!
Blue Cash® from American Express – If you spend a lot of money each year on your credit card, the Blue Cash® from American Express is the card for you. Initially, cardholders will earn 1% cash back on all everyday purchases like gas and groceries and 0.5% cash back on everything else. Once you’ve reached your $6,500 annual spending plateau, those cash back percentages increase to 5% and 1.25% respectively. This means that all of your gas AND grocery purchases (in addition to a few other everyday spending purchases) will earn 5% cash back. There is a 0% APR intro offer on purchases for six months and the Blue Cash® from American Express does not have an annual fee, something rare for an American Express Card.
Discover® Open Road Card -The Discover® Open Road Card offers 2% cash back on all gas and restaurant purchases, up to $250 per billing period. This means that if you spend $300 on gas and restaurants during a billing cycle, only $250 will qualify for the 2% cash back. The other $50 is grouped with all other purchases in which you’ll receive 1% cash back (0.25% cash back until you’ve spent $3,000 annually with your card). The Discover® Open Road Card does not carry an annual fee and comes with a 0% intro APR on balance transfers for 12 months and on purchases for six months.
Capital One® No Hassle Cash℠ Rewards – The Capital One® No Hassle Cash℠ Rewards is a straightforward cash back card that earns 2% cash back on gas and groceries and 1% cash back on everything else. The card comes with a 0% APR intro offer on purchases until July and there is no limit to the amount of cash that can be earned. There is no annual fee on the Capital One® No Hassle Cash℠ Rewards Card and because it is a Capital One card, any purchases you make internationally will NOT be charged a foreign exchange fee. Excellent credit is require to obtain this card, however good credit can acquire you the same card, minus an intro offer until April of 2011 and a $39 annual fee.
Chase Freedom® Visa – The Chase Freedom® Visa is one of four credit cards on our list that offers a 5% cash back opportunity on gas purchases. With rotating 5% cash back categories throughout the year, gas purchases can receive 5% cash back for three months of the year. During the other nine months of the year, gasoline purchases will receive a standard 1% cash back. The Chase Freedom® Visa card does not carry an annual fee and comes with an intro offer of 0% APR on balance transfers for 12 months and on purchases for six months. Good credit is required to obtain the Chase Freedom® Visa.
And now for a limited time, Chase has launched the Chase Freedom® Visa – $100 Bonus Cash Back
Citi® Dividend Platinum Select® MasterCard® – Similar to the Chase Freedom® Visa, the Citi® Dividend Platinum Select® MasterCard® also has a 5% cash back opportunity. Rotating categories each quarter allow cardholders to earn 5% cash back on qualifying purchases and 1% cash back on everything else. This means your gas purchases will earn 5% cash back for three months and 1% cash back for the other nine. With no intro APR on purchases, the Citi® Dividend Platinum Select® MasterCard® does have an intro APR of 0% on balance transfers for 15 months! No annual fee is charged to cardmembers and an additional 5% cash back can be earned through the Citi Bonus Cash Center®.
Discover® More Card – Wrapping up our gas credit cards that offer 5% cash back for three months a year, the Discover® More Card follows the suit of the Chase Freedom® Visa and Citi® Dividend Platinum Select® MasterCard®. Cardholders can earn 5% cash back on rotating categories throughout the year, meaning gas purchases qualify for three months. After you make $3,000 in annual purchases, all other transactions will earn 1% cash back (otherwise 0.25% cash back). The Discover® More Card offers an intro APR of 0% on balance transfers for 15 months and on purchases for six months and does not carry an annual fee.
And now for a limited time, the Discover® More® Card has launched a $75 cash back offer.
Citi® Diamond Preferred® Rewards Card – The Citi® Diamond Preferred® Rewards Card offers cardholders 5 ThankYou points for every dollar they spend at gas stations, supermarkets and drugstores for the first 12 months of card ownership. If you’re redeeming ThankYou® points for cash, every 500 points is worth $3 so you can consider this card a 3% cash back card on gas, groceries and drugstores for the first 12 months. After that, you’ll earn 1 ThankYou® point on every purchase and the Citi Diamond Preferred Rewards card comes with a 0% intro APR on purchases and balance transfers for 12 months. No annual fee is charge to Citi® Diamond Preferred® Rewards Card members.
“Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.”
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