We’ve reviewed the top gas credit card offers based on rewards and fees. Based on this review, here are our picks for the best gas credit cards of 2018.
The Best Gas Rewards Credit Cards for 2018
Nine short years ago, the average price of a gallon of gas in the United States was $4.24. Today, with the price of oil continuing to fall, that average price has been halved. Factor in the emergence of electric and hybrid cars, and the allure of a great gas credit card isn’t what it used to be.
Still, credit cards offering cash back and other gas rewards can be a great way to trim your gas bill. Many of the cards listed below will give you a straight percentage back on qualified gas purchases.
Others offer tiered percentage amounts, which can be better in some situations. Of course, don’t forget to consider introductory offers, annual fees, bonus rewards, and rewards for other purchases, too.
Here are some of the best gas credit cards on the market today:
This card tops our list because of its high everyday cash back rate on gas purchases. The Costco Anywhere Visa® Card offers 4% cash back on gas purchases (on a maximum of $7,000 spent annually), 3% cash back at restaurants and on travel, 2% cash back at Costco, and 1% cash back everywhere else.
- Cash Back on Gas: You’ll get 4% cash back on gas purchases, including those made at Costco, for the first $7,000 spent annually. Yes, there’s a limit, but if you’re spending more than $7,000 a year on gasoline at these prices, it’s probably time to trade in the school bus for a more fuel-efficient vehicle.
- 0% Intro Offer: You’ll also get a 0% intro APR on purchases for seven months. After that, the variable APR becomes 16.24%.
- Annual Fee: None
Bottom Line: The recommended credit score for approval on this one is high (720+), but the gas rewards are undeniable. You’ll get 4% cash back on all gas purchases all year round, with a healthy cash back percentage on everything else. There are no annual fee to eat into the rewards, and earning 2% cash back at Costco makes those 1,000-count paper towel roll buys even cheaper.
Like many rewards cards these days, it offers rotating cash back categories. So during at least one quarter of the year, the Chase Freedom Visa offers a 5% cash back bonus on up to $1,500 in gas purchases (other categories include Amazon.com and warehouse store purchases). Plus, the card offers an unlimited 1% cash back elsewhere, all year-round.
- Bonus: A great cash back bonus is available with the Chase Freedom® Visa. New cardholders will receive a $150 cashback bonus after spending just $500 in the first three months.
- Annual Fee: The Chase Freedom® has no annual fee.
Bottom Line: This is a good option if you’ll use the bonus rewards the other three quarters, and want to take advantage of a solid 1% cash back on all purchases throughout the year.
This credit card offers killer cash back rewards on gas purchases–but only if you’re a member of PenFed. Some PenFed members can wrangle up to 3% cash back on gas purchases with other cards but members of the PenFed Platinum Rewards Visa Signature Card will get 5% cash back on gas. That’s a great deal, especially if you travel often. You’ll also earn 3x points per dollar spent at the grocery store!
- Gas Rewards: To qualify for the 5% cash back for gas on this card, you’ll need to have another qualifying product with PenFed Credit Union. Checking accounts, loans, lines of credit, and mortgages all count. But as long as this other product is active, you can take advantage of the great rewards of this card.
- Balance Transfer Offer: 0% intro APR on balance transfers for the first 12 months; 3% BT fee applies
- Bonus: A $100 statement credit is offered after spending $1,500 in the first three months of card ownership.
- Annual Fee: None. No annual fee to own this credit card.
Bottom Line: If you have excellent credit and you’re already searching for a loan or another financial product, check out PenFed. If their other products meet your needs, this credit card could be the icing on the cake.
If you want absolutely the best in cash back rewards for gas purchases, the Blue Cash Preferred® Card from American Express is the card for you. It offers an unlimited 3% cash back on gas pumped anywhere in the U.S.. Besides that, it offers 6% back on up to $6,000 in groceries per year, and an unlimited 3% cash back on U.S. department store purchases.
- Bonus Offer: This card offers $200 in bonus cash back after you spend $1,000 in purchases within the first three months of use.
- Annual Fee: Because of its excellent rewards, this card does come with an annual fee of $95. If you max out the grocery bonuses and spend enough on gas, you’ll well out-earn the fee. However, if you don’t use this card regularly enough, the annual fee could easily eat into your earnings.
- Easy Rewards: With the Blue Cash Preferred® card, you’ll rack up cash back rewards–which you can then use as a statement credit. The rewards aren’t quite as flexible as with some other programs, but they’re great if your main goal is to offset spending.
Bottom Line: If you’ll use this as your primary gas card and max out the grocery rewards, too, you’ll be sitting on $400+ per year in savings–well over enough to offset the $95 annual fee. Plus, the $200 cash back bonus for new signers offsets two years’ worth of annual fees.
This is another quarterly gas card, offering 5% cash back on up to $1,500 in purchases at the pump.
As with the Chase Freedom® above, you’ll get this handsome reward during one or more quarters of the year, and you’ll need to sign up for the category beforehand. The Discover it® CashBack Match™ also offers a 1% cash back reward on all other purchases, and the categories shift every three months.
- Bonus: There is no sign-up bonus being offered on the card currently, but with Cashback Match™, Discover will equally match all rewards earned in your first year with the card. So, $300 in rewards becomes $600. Also, the 18 Month Balance Transfer Offer version comes with the perk of 18 months no interest on transfers for 18 months.
- No Annual Fee: Discover it® has no annual fee.
Bottom Line: This is a good card for everyday spending, especially if the quarterly categories interest you. As far as a stand-alone gas card, it’s not the best. However, the 5% cash back during the one or more quarters that gas is featured will earn you more than any typical card.
This is another quarterly gas card, but not in the way you might think. The Bank of America® Cash Rewards Credit Card offers cardholders a cashback rate of 3/2/1 every quarter.
- 3% cash back on gas
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
Those cashback rates are good on the first $2,500 spent in each category, each quarter. Once you’ve maxed out that rate, the cashback falls to 1% across all categories.
- Bonus: New cardholders will earn a $150 bonus after spending $500 in the first 90 days. Also included is a 0% intro APR on purchases for the first 12 billing cycles. One last bonus to mention, if you’re a BOA member with a checking or savings account, you can earn a 10% bonus every-time you redeem cashback.
- No Annual Fee: The Bank of America® Cash Rewards Credit Card has no annual fee.
Bottom Line: Bank of America has you covered in most of the important everyday categories. Earning an everyday rate of 3% cash back on gas is fantastic and using this card at the wholesale club for an additional 2% back is a nice topper. With no annual fee, it’s a great card to keep in your wallet.
Picking the right gas rewards credit card depends on a lot of factors, including how much you actually spend on gas and how you plan to utilize the rewards. By asking yourself a few simple questions, though, and doing a little math, you’re sure to find the perfect new piece of plastic for your wallet.
Happy Earning!Topics: Credit Cards