Best credit cards for cash back on gas
The days of paying upwards of $4.50 for a tank of gas are over (for now), and in the past few years, drivers have enjoyed lower prices each time they fill up their tank. Even though the price per gallon is significantly less than we once had to pony up, there's no reason you can't get more on the gas purchases you're making. Thankfully, there are a few credit cards that offer great cash back rates each time you use them at the pump.
Best Credit Cards for Gas Purchases
If you're looking to earn some rewards at the pump, the Blue Cash Preferred Card from American Express (a NextAdvisor advertiser) offers some hefty opportunities for cash back at the gas station. This card earns you an unlimited 3% cash back on gas and select department stores, which is impressive on its own, but it doesn't stop there, as it also gets you a whopping 6% cash back at U.S. supermarkets on up to $6,000 in purchases annually (then it's 1%). In addition, you'll receive 1% cash back on all other purchases, which may not seem like much in comparison, but is still a positive aspect to consider. If all of these rewards aren't convincing enough, you'll also receive a $150 bonus after spending $1,000 within the first 3 months of card membership and get a 12-month 0% intro APR on purchases and balance transfers (with a 3% balance transfer fee). It should be noted that the Blue Cash Preferred Card from American Express has a $95 annual fee (if you apply by 08/03/16, it's only $75). If you'd prefer a fee-less card with comparable rewards, you'll want to check out the Blue Cash Everyday Card from American Express, which will earn you 2% at the gas pump.
Although somewhat new to the game, the Costco Anywhere Visa Card by Citi (a NextAdvisor advertiser) has been very well received since it made its debut in June. For those who are Costco members, this card is an outstanding choice for getting some cash back as well as impressive rewards. Although this card does require a Costco membership, the rewards you earn may be worth the yearly price of a membership. Cardholders will earn a whopping 4% cash back on gas (including gas purchased at Costco) for the first $7,000/year in purchases (then it's 1%), making this card one of the top contenders for those trying to pinch pennies while fueling up. In addition, the Costco Anywhere Visa Card by Citi earns you 3% cash back on restaurants and eligible travel purchases, 2% on Costco and Costco.com purchases and 1% cash back on all other purchases. This card offers a 0% intro APR on purchases for 7 months and has no annual fee. For those who are loyal Costco shoppers and find themselves doling out most of their dollars at the gas station, this card might just do the trick.
The BankAmericard Cash Rewards Credit Card is great for those looking to get some serious cash back on gas and groceries. The potential rewards for this card are quite generous, including 3% cash back on gas, 2% back at wholesale clubs (Costco members, that means you!) and grocery stores for up to $2,500 in combined gas/wholesale clubs/grocery purchases each quarter (then it's 1%), as well as 1% back on all other purchases. Cardholders will also enjoy a 0% intro APR for the first 12 billing cycles as well as for any balance transfers made in the first 60 days as well as no annual fee. And when you spend $500 on purchases in the first 90 days of account opening, you'll get a $100 online cash rewards bonus. Bank of America banking customers will also appreciate an ongoing 10% customer bonus when they redeem their cash back rewards directly into their Bank of America checking or savings account.
If you find yourself spending a lot on gas and dining out, the Discover it chrome card might be the one for you. This card offers great rewards on those purchases, plus, it comes with no annual fee. With the Discover it chrome card, you'll automatically earn 2% cash back on gas and restaurant purchases on up to $1,000 in combined purchases every quarter (then it's 1%) and 1% cash back on all other purchases. Another added bonus is that Discover will double the cash back you've earned at the end of your first year, which is not only a rare perk, but is something you're unlikely to find outside of Discover cards. This means if you're essentially earning 4% cash back on gas for the first year, which is a pretty good deal if you ask us. Visit our cash back credit card reviews to learn more about the cards detailed in this post. Also, check out our free Cash Back Calculator to see which card is best for your spending habits -- click on the yellow and blue calculator to customize the results.
Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.