Are you thinking of getting a BP, Shell or Chevron credit card just so you can save on fuel purchases? Hold that off. While brand-specific cards give you rebates when you use their pump, I strongly recommend that you get gas credit cards that do not limit your fuel purchase to a certain petrol company; and not only give you rewards when you buy fuel, but also give you rebates when you use your card for other everyday purchases.
When looking through the best rated gas credit cards in the US, you will see that many do not charge an annual fee, and some offer 0% introductory APR on purchases and balance transfers as well.
Many gas credit cards offer a 2-5% rebate at gas stations and 1% back on other purchases, thus reducing the cost of your fuel. Gas rebates are usually given out in the form of an account credit, check or gift card. Keep in mind that with some card issuers, you need to request for your rebate in advance and that some cards impose a cap on the amount of rebates you can get in a year.
What Is A Gas Credit Card?
If there is one thing that almost everybody spends money on, its gas. Unless you are the type who doesn't mind taking a 5 hour coffee break while your electric car charges, you will need gas if you want to get anywhere by car.
A gas credit card let's you earn rewards like points or cash back when you fill up your tank. Some gas cards reward you for all purchases that you make at gas stations, and some only let you earn rewards when you pay at the pump. Depending on your spending habits, you may get better value out of one or the other.
If you make a lot of extra purchases at gas stations (food, drinks, convenience purchases), then you will probably earn more by using a card that rewards you for all gas station purchases. If most of your spending at gas stations is for gas, then a card that rewards you when you pay at the pump might work just as well.
How Much Can I Save On Gas?
Some gas credit cards put limits on the amount of cash back or points you can earn each month, quarter or year. Other cards let you earn unlimited rewards on gas purchases.
What Credit Do I Need To Apply For A Gas Card?
You can apply for certain gas credit cards even if you have bad credit or no credit. Credit One Bank® Unsecured Visa® with Cash Back Rewards lets you earn unlimited 1% cash back on gas and groceries, and you can get it even if you have bad credit. But you will pay the 17.99% to 23.99% variable APR right from the posting date, so if you use this card to fill up your tank, make sure to do it just before your billing date and make your payment in full each month, or the APR will bite.
Are There Other Credit Cards For Gas Savings?
If you don't want to be limited to earning rewards in set categories, you could use a more general credit card to save on gas.
If your budget is very irregular and your expenses change month by month, then a flexible cash back card might be a better choice, compared to getting a dedicated gas credit card.
How We Rate Gas Credit Cards
Gas credit cards are rated by GET.com based on the gas rewards and other rewards you can earn (cash back, points, discounts) in relation to the annual fee. Other fees are also taken into account including the APR, grace period, penalty fees, and foreign transaction fees.
We also look at flexibility in how you earn gas rewards, where you earn gas rewards, and how you can redeem your gas rewards. Benefits like travel insurance, purchase protection and price protection are also taken into account.