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Have A Question About Credit Cards?
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Guide to Gas Credit Cards
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Much has changed in the world of gas credit cards. Since gasoline prices went up dramatically not too long ago, credit card issuers started putting caps on the amount of rebates that you can earn on gasoline spending. There are still some very good cards out there and we recommend a few of them and provide a guide on how to choose the best gas credit card for yourself.
Editor's Choice - Best Gas Credit Cards Recommendations
There are really only a handful of cards I would recommend for earning rebates on gas. I would steer clearly of specific gas station cards because many have moved to paying you a few cents per gallon rather than a fixed percentage. And credits like Shell have even cancelled lots of accounts. The Blue Cash from American Express® pays the highest rebates in gas at the moment. You do not to reach a spending threshold to earn maximum rebates. But this is perhaps one of the best cash back credit cards for gas in the market right now.
The TrueEarnings(R) Business Card from Costco and American Express is another card especially if you are a Costco member. It pays good rebates for gasoline purchases, restaurants and travel (see chart below). The great thing about this card is that there are no tiers in the rebate formula. (Note - You do not need a business to apply for a business card. If you use your name and SSN, you will be treated as a sole proprietor.
How to Choose a Gas Credit Card?
To get the best gas credit card for yourself, you first have to understand the different types of cash back credit cards that are available in the market. They each have their strengths and weaknesses and you need to look at your own gasoline spending habits to decide which is the right card for you.
Station Specific Gas Credit Card - The first type of gas rewards credit card are cards that are issued by a particular brand of gas stations. For example, Exxon Mobil, Conocco Philips, Hess, BP, Lukoil, Shell all have their own gas credit cards. These cards allow you to earn cash rebates when you use your card at their gas stations. In the past, they use to pay a good 5% rebates when you bought your gasoline from their stations. Recently, however, there has been a change in how they give their rebates. With the rising price of oil in 2008, most gas cards now pay 15 cents rebates for every gallon of gasoline that you fill.
Advantages - The advantages of the gas card is that they allow you to earn rebates at a particular gas station. This will suit you if you only use a particular brand of gas station.
Disadvantages - You can only earn rebates at that particular gas station.
Gas Credit Cards that can be used at any station - While station specific gas cards lets you earn extra rebates only at their gas stations, there are gas credit cards that allow you to earn rebates when you purchase gasoline at any gas station. This is actually a much better proposition for most consumers.
Cash Back Credit Cards - You can also get cash back credit cards to earn cash rebates. The better cash back credit cards pay anywhere from 3% to 5% not just on gasoline, but also on other items like supermarket and drugstore expenditure. In this sense, a good cash back credit card is better than a dedicated gas credit card. An example of a good cash back credit card is the Blue Cash from American Express®, which pays you 5% rebates on gasoline, supermarket and drugstore expenses once your annual spending exceeds $6,500.
How do you get your rebates?
Different gas credit cards allow you to earn your rebates differently. Most station specific gas cards simply credits your rebates to your next statement bill. Some cards require that you request a check once you have earn a certain amount in rebates.
Caps rebates?
Because of skyrocketing gas prices the past year, many credit cards have capped the amount of rebates you can earn on gasoline spending. Though some put a monthly or yearly cap on the amount of spending that earns you rebates, the better gas credit cards allow you to earn unlimited rebates. An example of a card that allow you to earn unlimited rebates on gasoline spending are the Blue Cash from American Express®.
List of Gas Station Credit Cards
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Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.
Disclaimer 2: Though we may be affiliated with some credit card issuers, our credit cards reviews and the content on this site is written solely by us and are not influenced in any shape or form by any credit card issuers. In fact, any content here is copyrighted and cannot be reproduced elsewhere without permission. Though we make every attempt to make sure that our content is up to date. But please always check the terms and conditions for the most updated information since things like APR change fairly often.
*See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. *See the online application for details.
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