- Make sure the rebate applies at every station. When a gas card is affiliated with a specific station, you will be forced to buy that brand of gas to get the rebate. Why confine yourself to just one station? The best gas credit cards are the ones that you can use everywhere. This gives you the flexibility to choose the cheapest stations and still get a high rebate.
- Pay attention to spending caps and tiers. With gas hovering around $4 its not surprising that most cards have caps on the amount of fuel rewards you can earn. Keep this in mind when choosing your card.
This card lets you earn 5% at gas stations at least one quarter per year. But guess what? They just announced the rewards calendar for 2014 and gas stations will be included for both Q1 and Q3... when combined that's half the year! This makes it one of the best card cards for 2014. No annual fee.
- Earn 5% cash back on up to $1,500 spent in bonus categories each quarter when you enroll.
- Between Jan 1st and March 31st 2014 you can earn 5% at gas stations, Starbucks®, and movie theaters on up to $1,500 spent.
- Gas stations will also be included in the 5% categories during the 3rd quarter (between July 1st and Sept 30, 2014).
- Unlimited 1% cash back on all other purchases.
- For a limited-time get a $100 bonus after you make $500 in purchases in your first 3 months from account opening.
- 0% Intro APR for 15 months on purchases AND balance transfers! After that, it is a variable APR of 13.99%-22.99%.
BankAmericard Cash Rewards™ Credit Card
This card lets you earn 3% cash back on gas and 2% at grocery stores for the first $1,500 in combined gas and grocery store purchases each quarter. Think about it... if you were to use the card exclusively at gas stations (and not at grocery stores) it would mean you could spend up to $500 each month on gas and earn 3% on all of it! All your other purchases earn a full 1% cash back.
And if you already have a Bank of America® checking or savings account, then this card is a must-have. Why? Because you get a 10% customer bonus when you redeem your cash back into one of these accounts - that can be like earning 3.3% on gas!
Now is the time to apply because you get a $100 cash rewards bonus after you spend at least $500 on purchases within the first 90 days of opening your account. In addition, there is a 0% Introductory APR for 12 billing cycles on purchases and any balance transfers made in the first 60 days, then, the regular APR applies which is 12.99% - 22.99% Variable*. There's no annual fee.
Blue Cash Preferred® Card from American Express
Not only is this a great gas card, but it also gives high cash back on other categories, too. Your cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. For example, 100 Reward dollars can be redeemed for a $100 statement credit. This card has a $75 annual fee.
- 3% cash back at US gas stations. If you do the math, that's like a 12 cent rebate per gallon when the price is $4.00/gallon!
3% cash back at select US department stores.
6% cash back on up to $6,000 per year in purchases at US supermarkets. After that, it's 1%.
1% cash back on other purchases.
Terms and limitations apply.
- Earn 100 Reward Dollars, plus one year of Amazon Prime. You get the 100 Reward Dollars After you use your new Card to make $1,000 in purchases within the first 3 months.You also get one year of Amazon Prime after you sign up for a new membership with your card and meet the spending requirement in the same time period.
- 0% intro APR on purchases and balance transfers for 15 months, then a variable rate, currently 12.99% to 21.99%, based on your creditworthiness and other factors.
- Terms and Restrictions apply.
If you've overlooked Discover in the past, it's time to take another look. They are now accepted at over 90% of US merchants who accept Visa/MasterCard. Add in the fact that they have 100% U.S. based customer support and a killer rewards program makes them a must-have for every wallet. At least one quarter per year this card gives you a full 5% cash back on gas, up to the quarterly maximum.
- $150 bonus (limited time). Just launched in December, with the link below you can get a $150 bonus after spending $750 in the first 3 months. The last time I saw them offer a bonus was over 2 years ago so don't miss it.
- 5% cash back categories. Each quarter you have the opportunity to sign up for and earn 5% in different categories. At least one quarter per year gas is included.
- Full 1% on all other purchases.
- Earn an additional 5-20% cash back for online shopping thru ShopDiscover. To earn it, simply login to your Discover account and click thru to the merchant of your choice (there are nearly 200 of them). A few examples are 5% at Walmart.com, 10% at 1800Contacts.com, 15% at GNC.com. 5% at the Apple Store and iTunes websites, and 5% at Target.com.
- Free FICO® Score every month. Your real FICO is shown for free on your monthly statement.
- No annual fee, no foreign transaction fees, no pay-by-phone fee, and no APR hikes for paying late.
*Click "Apply" to see rates, rewards, and free FICO® Credit Score terms and other info.
Barclaycard® Rewards MasterCard®
Barclays is largely known as a British bank, but lately they've stepped up their presence in the US market with this rewards MasterCard. It's one of the top gas credit cards of 2014 since you get the equivalent of 2% cash back on fuel. Plus, you get 2% at grocery stores and on utility purchases.
- Earn 2 points per $1 on gas, grocery, and utility purchases.
- Earn 1 point per $1 everywhere else.
- Use the points you earn like cash to pay for almost any purchases you've made.
- No blackout date, no redemption fees, no limit on the points you can earn and no complicated set up.
- Complimentary FICO® Scores as a benefit to active cardmembers. Opt-in to have instant and convenient access to FICO® Scores from your Barclaycard online account.
- 0% Introductory APR for 18 months on balance transfers and purchases; then a regular APR of 14.99% on 19.99% Variable.
The above offer requires excellent credit. Not you? They have an alternate version for those with fair/average/limited credit. Try this version if you have fair or limited credit history.
GM Card from Capital One®
The GM Card has recently been re-introduced by Capital One and like the newly emerged GM, the latest generation GM Card is indeed a powerhouse. You'll earn an incredible 5% on all spending (including gasoline) on the first $5,000 of spending each year. After that you'll get a full and unlimited 2% on all spending. Earnings never expire and can be applied without limit toward the purchase of any GM vehicle. If there's a new GM car in your future then you should get this card.
- 0% intro APR on purchases for 12 months, then 11.9% - 19.9% variable APR on purchases
- No foreign transaction fees
- No annual fee
- 5% Earnings on your first $5,000 in purchases every year
- 2% unlimited Earnings on purchases after that
- Redeem Earnings toward a new Chevrolet, Buick, GMC or Cadillac vehicle
Ink Cash® Business Card
As the title suggests, this is a business credit card. However, even if you don't have a corporation/LLC, you can apply as an individual in business (sole proprietor) using your Social Security for the tax ID field and your own name as the legal name of your business. Entrepreneurs and small business people across the country have signed up for this card and tell us they absolutely love it. It has a great permanent reward structure - especially in the gas category:
- 2% cash back on the first $25,000 spent annually at gas stations and restaurants
- 5% on the first $25,000 spent annually at office supply stores, and on cellular phone, landline, internet, and cable TV services
- No annual fee
- Use the link below to earn a $200 cash back bonus after you spend $3k in the first 3 months
American Express® Premier Rewards Gold Card
The AmEx Premier Gold is often overlooked for the gas rewards card category, but here's why you should consider it: you get 2x points at US gas stations and these are Membership Rewards® points.
- 3x points for flights booked with airlines, 2x at US gas stations, 2x at US supermarkets, 1x on all other purchases. Unlike many other cards on this page, there are no reward caps on these categories. Terms and limitations apply.
- Earn 25,000 bonus points when you spend $2k within the first 3 months.
- Recurring annual spend bonus: Earn 15,000 bonus points each calendar year you spend at least $30k in purchases.
- Convert points to miles on over a dozen frequent flyer programs, usually on a 1 for 1 basis. Since some airlines offer roundtrips starting at 25,000 miles, your points have the potential to be worth far more than the typical $0.01 each. (Example: Redeeming 25k miles for a ticket that would have normally cost $500 out-of-pocket. In that situation the 2x points you were earning on gas would have been the equivalent of a 4% rebate!).
- Benefits include Roadside Assistance (up to 4x per year), Travel Accident Insurance, Extended Warranty on up to a year on eligible purchases, Purchase Protection, and many other perks. Consult issuer for Terms & Conditions.
- $0 introductory annual fee for the first year, then $175.
- Terms and Restrictions apply.
TrueEarnings® Card from Costco and American Express
Are you a Costco member? If you are (or if you're willing to pay the $55 annual membership fee to become a Costco Gold Star member) then this is another great choice for a gas rebate credit card. The 3% cash back at US gas stations is capped, but fortunately the cap is high enough for most people.
- 3% cash back at US gas stations and on gasoline at Costco up to $4,000 per year in purchases, then 1%.
- 2% cash back at US restaurants; 2% cash back on eligible travel purchases, including at Costco; 1% cash back on all other purchases, including at Costco.
- Terms and limitations apply; You will receive your cash back in the form of an annual reward coupon (only once per year).
- You must be a Costco member to get this card. If you are not a member and would like to join, you can easily join for an annual membership fee of $55 during the credit card application process. Since the credit card itself has no annual fee, paying only $55 for a Costco Gold Star membership to earn these high credit card rewards is actually a good deal when you think about.
- Terms and restrictions apply.
For the gasoline reward credit cards that provide cash back, you can typically redeem earned cash back in the form of a check or statement credit. Most require a minimum cash back threshold to be reached before redemption is allowed. Often times this amount is relatively low, such as $20 or $50 worth. With some gas cards, you will also have an additional option of converting your cash back to gift cards. For example, with the Discover it card you can actually increase your cash back when you do this – i.e. convert $20 of rewards into a $25 Foot Locker gift card.
Why oil company gas cards continue to be a bad deal in 2014
Many people ask “Why not just get one from a gas station?” There are many reasons why that's a bad idea...
- Most reward programs have been discontinued. In the not so distant past, there used to be a few stations that had half-way decent reward programs like Conoco MasterCard which gave 4%, Shell MasterCard gave 5%, the BP Visa gave 5%, Chevron MasterCard gave 3%, and the Sunoco MasterCard gave 2%. But guess what? All of those reward programs have been discontinued.
- The ones that still give rewards are a joke. While the Shell MasterCard was canceled, they do have a replacement call the “Drive For Five” card. It only gives 5 cents (cents, not percent) per gallon and in order to even get that, you need to buy at least 45 gallons per month. Do the math to see how lousy of a deal this is… 5 cents off $4.00/gallon equals only a 1.25% rebate.
- They restrict you to a single brand of gas. For example if you had the Chevron card, you can only use it at their stations. That limits your ability to seek out the best price per gallon. Because as we all know, the cheapest station can vary day by day. Don't you want the ability to choose from all of them, instead of only one?
- The interest rates are obscene. All of us already know carrying a balance is bad so I'm not going to lecture on that. Rather, I'm just going to tell you the facts: most gas station cards charge interest rates of around 25-27%.
- They are not general use major credit cards. Almost all of the cards which garnished the Visa/MasterCard logo were discontinued. Now they're gas-only cards. You're probably asking then, why on earth would anyone fill out an application when they give no rewards and can only be used at one place? Well, the answer is that anyone with half-way decent credit avoids them like the plague. Mainly the only people who apply for them are those with bad credit who can't qualify for anything better.
As you are all too aware, fuel prices are still not exactly cheap in 2014. That, combined with last year's payroll tax hike (or tax break expiration, to be more precise), leaves all of us with less money to spend this year. Unfortunately, it's not possible to control the price at the pump but using a reward credit card that provides extra cash back for gasoline purchases will allow you to save a bit of money every time you fill up. It's one of the easiest ways to trim the cost of driving, without having to sacrifice your lifestyle.