If you’re looking to hit the road this summer, you’re looking for ways to save money at the pump. Gas hasn’t been at its incredible peaks of previous years, but it still can be a significant expense on your next vacation.
Luckily, there are a number of credit cards that can earn you significant savings, cash back, and rewards points—all while filling up your tank. The only problem is which ones should you use?
In this article, we’ll highlight the best credit card gas rewards out there and how Sift can make earning these rewards easy and automatic! First, let’s look at what factors you should consider for each credit card.
What to Look for in a Gas Rewards Credit Card
- Type of Rewards: Credit cards typically feature several rewards programs, which include rewards points earned for each purchase that you make, cash back as a percentage of eligible purchases (in this case, gas), among others.
- Rewards Rates: Typically look for a high introductory rate on gas purchases, like 5% or even 10%. For ongoing rewards rates, 3% tends to be the industry standard for credit cards with gas rewards.
- Spending Caps: Your rewards on spending may be limited by quarterly caps, which then reverts your rewards rate to a lower rate (ex. 3% à5%).
- Exclusions and Restrictions: It’s helpful to dig into the fine print before you spend. Sift can help advise you on which credit cards you can use at retailers to get rewards points. For instance, many credit credits have brand restrictions despite claiming to earn money “at all U.S. gas stations,” excluding big-box retailers like Costco and Sam’s Club.
- Interest Rates: Rewards card usually carry higher interest rates than non-rewards credit cards. Therefore, be careful when carrying a balance from month to month, as interest charge may eat into any rewards you earn from gas purchases.
- Brand Loyalty: If you live near a particular gas station or frequent one for any particular reason, you should know that there are branded gas cards that offer similar rates to non-branded gas cards. However, the catch is that these cards cannot be used at their competitor’s pumps. If you do, you earn no rewards.
Now that you’re familiar with credit card gas rewards, let’s look at some credit cards that can take you further on the next road trip.
- No annual fee
- Rotating rewards categories: all gas purchases are given 5% cash back during the months that they are eligible (typically the first quarter of the year); all other purchases are given 1% cash back.
- Sign-up bonus: Earn a $150 Bonus after you spend $500 on purchases in your first three months from account opening.
- Introductory APR: 0% on purchases and balance transfers for 15 months (ongoing APR of 16.24% – 24.99% Variable APR afterward)
- Balance transfers fee: 5% of the transferred amount (minimum $5 fee)
- 3% foreign transaction fee.
For more info on the Chase Freedom® credit card and how Sift can save you money on your next road trip, click here.
- No annual fee
- Rotating rewards categories: all gas purchases are given 5% cash back during the months that they are eligible (up to $1,500 in spending); all other purchases are given 1% cash back.
- Sign-up bonuses: The Discover it® has two options for a sign-up bonus:
- 18-month 0% introductory APR
- Cash Match: a dollar-for-dollar match of all cash back rewards at the end of the first year as a cardholder.
- Introductory APR: 0% for the first 14 months (w/o signup bonus), ongoing APR of 13.24% – 24.24% Variable APR afterward
- Balance Transfer Fees: 0% for the first 14 months (ongoing APR of 13.24% – 24.24% Variable APR afterward)
- No foreign transaction fees.
For more info on the Discover it® credit card and how Sift can save you money on your next road trip, click here.
Blue Cash Preferred® Card from American Express
- Annual fee: $95 fee per year.
- Sign-up Bonus: Earn $250 cash back when you spend at least $1,000 in the first 3 months of card membership.
- Cash back rewards rate: 3% unlimited cash back at gas stations, 6% at supermarkets, and 1% on all other purchases.
- Introductory APR: 0% on purchases and balance transfer for 12 months, then a variable APR, 14.24% to 25.24%
- Cash advances and balance transfers fees: 3% (minimum fee: $5).
- Foreign transactions fee is 2.7%
Bank of America BankAmericard® Credit Card
- No annual fee
- Rewards rate: 3% cash back at gas stations, 2% at grocery stores and wholesale clubs for up to first $2,500 in combined spending each quarter; 1% thereafter and 1% for general spending. Additionally, rewards that are deposited into a Bank of America checking or savings account are given a 10% increase for cash back.
- Sign-up bonus: $100 cash bonus (as statement credit) after spending $500 in the first 3 months
- 3% foreign transaction fee
With Sift’s latest, major app launch, it now unlocks hundreds of dollars-worth of travel-related credit card rewards and lets you know of insurance that your credit card carries (travel insurance can cost an unnecessary 4-8% of total trip cost) just in time for the summer travel season! Download the app today and start saving: https://sift.app.link/iOSApptwr