(*****Last updated 3/25/2015)
So gas prices are continuing to rise, and it’s not even summer yet. Many experts see gas prices per gallon shooting up to over $4.00 which is nothing short of scary.
It’s really getting to the point where we can’t ignore the excessive price of gasoline. Before you could turn and cringe, and try to repress the fact that you were dropping $60-$70 at the pump each time you visited a gas station.
But now it’s getting to the point where you stand and watch the dollar meter climb and climb as the gallon meter slowly, almost carelessly takes its’ sweet time to rise as your tank is filled.
As the “gas crisis” presses on, activists have proposed outlandish gas boycotts and alternative means of transportation as a solution. But if you have to drive, you have to drive, and a lot of times there isn’t a viable way around it.
Thankfully some of the credit card issuers have caught on to the problem and offered a bit of a solution with cash back rewards on everyday purchases like gasoline.
Let’s take a look at some of hottest credit card offers with gas rewards:
This credit card reserved for seniors offers 3% cash back on gas all year round. The caveat is that you need to be 50 and a member of AARP to get the card.
It also offers 3% cash back at restaurants, whihc is another perk if you enjoy eating out. And you can earn a $100 cash back bonus when you spend $500 within the first three months of account opening.
The BankAmericard Cash Rewards credit card offers a full 3% rebate on gas up to $1,500 per quarter. Just keep in mind that gas and grocery rewards are capped together at $1,500 per quarter. It only offers 2% cash back on groceries, so it might be best to use just for gas anyway.
A touch limited but if you use the credit card for gas only, you should be able to realize a 3% rebate for the majority of your gasoline purchases for the year. It’s not a bad credit card aside from the rewards aspect. It comes with no annual fee and 0% APR for the first twelve months, as well as cash back on everyday purchases and a $100 bonus when you spend $500 in the first 90 days..
This isn’t an outright gas rewards credit card, but the Chase Freedom does typically offer 5% cash back on gas during one quarter of the year up to $1,500 in total purchases.
The maximum rebate you can earn for gas purchases during a quarter is $75. It’s certainly worth using when that quarter comes along, as it’s difficult to beat 5% cash back on gas.
This card offers the most cash back on gas of them all…a whopping 10%. However, it’s only offered at that rate on the first $1,000 in gas purchases made within a 90-day window from account opening. After that you can earn unlimited 5% cash back on gas for additional gas purchases made within that same 90 days, then it drops to just 1% cash back. So call this one a limited-time offer, but a potentially very lucrative one during that short period.
Similarly, the Discover it card offers rotating 5% cash back categories, with gas often offered not just one quarter per year, but two. So you can use this card half of the year and earn 5% cash back on all your gas purchases,with the same $1,500 spending limit.
It also offers other handy 5% cash back categories, making it a worthwhile addition to your credit card stash.
One final credit card to consider is the Blue Cash Everyday Card from American Express, which offers 3% cash back on groceries, 2% cash back on gas, 2% at department stores, and 1% cash back everywhere else.
This card has no annual fee, a 0% introductory rate for up to 12 months, and is considered by many the “best cash-rebate card.”
*Even better is the old version of the card that comes with 5% cash back on gas once you spend $6,500 during your reward year. This is my card of choice.