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:
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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.
This one is a good “part time” gas card.
Like many rewards cards these days, it offers rotating cash back categories. So during at least one quarter of the year, the Chase Freedom offers a 5% cash back bonus on up to $1,500 in gas purchases for Q1 of 2019. 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. 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 at gas stations.
Plus, they’ve also added a few new bonus categories; 6% cash back on select US streaming services (like Netflix, Hulu and others) and 3% cash back on ground transportation.
- Bonus Offer: This card offers $250 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 from American Express, 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 $250 cash back bonus for new applicants offsets two years’ worth of annual fees.
The Kroger REWARDS Prepaid Visa® Card, as the name implies, is a prepaid debit card and not a credit card. But if you’re a regular Kroger shopper, it’s an excellent card to have for gas purchases as well.
- Gas Rewards: If you also purchase your gas at Kroger, the Kroger REWARDS Prepaid Visa® Card will get you a five cents per gallon discount on gasoline purchased at Kroger stores that have Kroger gas stations. And almost as important, you can use the card without having it subject to the hold that’s frequently placed on cards by gas stations.
- Points Rewards: Earn 3X points for each dollar spent buying Kroger products at a Kroger store, plus 2X points for each dollar spent on non-Kroger products at a Kroger store. You’ll also earn 1X points on purchases made outside Kroger.
- Bonus: You’ll get $10 the first time you load the card.
- Annual Fee: None, but there is a monthly fee of $4.95. That works out to be $59.40 on an annual basis.
Bottom Line: It’s a prepaid card. You’ll have to transfer money into the card to use it and once the money is there, you’ll have to spend it. There’s no way to transfer it back to your bank account. However, if you regularly shop at Kroger, this shouldn’t be an issue. At five cents off per gallon at Kroger gas stations, this is a card you’ll want to look into.
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.