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:
1. Costco Anywhere Visa® Card
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 7 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.
2. Chase Freedom® Visa
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® 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.
3. PenFed Platinum Cash Rewards Visa®
This credit card offers killer cash back rewards on gas purchases — but only if you’re a member of PenFed. Regular users get 3% cash back on gas purchases, but Plus users of the PenFed Platinum Cash Rewards Visa® will get 5% cash back on gas. That’s a great deal, especially if you travel often.
- Qualify for Plus: 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.
- Annual Fee: Standard users will pay $0 the first year, and $25 per year after that. Plus users will pay $0 per year in annual fees.
Bottom Line: If you have excellent credit and you’re already searching for a loan or another financial product, check out FedPen. If their other products meet your needs, this credit card could be the icing on the cake.
4. Blue Cash Preferred® Card from American Express
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 $150 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 $75. 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 $75 annual fee. Plus, the $150 cash back bonus for new signers offsets two years’ worth of annual fees.
5. Barclaycard Arrival Plus™ World Elite MasterCard®
This one offers 2X the miles on all purchases — so 2 miles for every $1 spent on anything. It’s not specifically geared towards gas savings, but it’s a great rewards program.
Your miles don’t expire as long as your account is active and in good standing. Plus, you’ll get a 40,000 mile bonus when you spend $3,000 on the Barclaycard Arrival Plus™ World Elite MasterCard® in the first 90 days of ownership. That’s enough for a $400 travel statement credit!
- Miles for Everything: The 2X miles offer counts for any purchase made with this card, including buying gas and even paying bills.
- Extra Miles: Besides the 40,000 bonus miles deal, this card also offers 5% miles back to use towards your next redemption. The credit is applied when you redeem miles for travel statement credits.
- Chip Card: These new cards are the wave of the future. The chip gives the card extra security, and makes it easier to pay both abroad and at home.
- No Foreign Transaction Fees: The true travelers’ credit card, this one offers no transaction fees. So while you’re enjoying your vacation travel (paid for in rewards, we hope), you can rack up rewards for the next trip, too.
- FICO® Score: Like the above-listed Barclaycard®, this one offers a free FICO® credit score with each bill or unlimited access to your updated FICO® through your online account.
Bottom Line: If you want to combine great rewards for gas purchases, as well as travel rewards, this is an excellent option — as long as you’ve got excellent credit.
6. Discover it® CashBack Match™
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.
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.