The best credit cards for getting maximum points or cash back on your gas purchasesOctober 7, 2020
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The best credit cards for gas purchases:
- 3x points with no annual fee: Wells Fargo Propel American Express® card
- Best for frequent Costco shoppers: Costco Anywhere Visa® Card by Citi
- Best for earning Chase points: Chase Freedom Unlimited®
- Best Amex cash-back card for gas: Blue Cash Preferred® Card from American Express
- Best for earning Amex points: Amex EveryDay® Preferred Credit Card from American Express
- Best for earning Citi points: Citi Premier℠ Card
- Best if you're willing to join a credit union: PenFed Platinum Rewards Visa Signature® Card
- Earn up to 3% back on gas: Bank of America® Cash Rewards credit card
There are many great rewards credit cards to choose from, but when you're looking for a credit card that will give you the best benefit on your gas purchases, you'll need to narrow your focus. Luckily, many of the top cards offer bonus rewards at the pump.
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
3x points on gas with no annual fee:
Wells Fargo Propel American Express® card
The Wells Fargo Propel American Express® card offers a bonus of 20,000 points if you spend $1,000 on purchases within the first three months of opening the card.
The best option if you shop at Costco:
Costco Anywhere Visa® Card by Citi
13.99% – 23.99% variable
0% for 15 billing cycles
- No annual fee
- Broad 2% and 3% cash-back categories
- 2% and 3% cash-back categories capped at $2,500 in combined purchases each quarter
The BoFa Cash Rewards card gives you a choice of 3% cash back from a list of six categories including gas, so you can use this card to maximize your cash back on gas purchases. The card earns 2% back at grocery stores and wholesale clubs as well, but note that your 2% and 3% earnings only apply to the first $2,500 in combined purchases each quarter. So if you spend even more than that on gas, you'd want to switch cards once you hit that mark.
You can earn a $200 cash bonus for spending $1,000 within the first 90 days of opening the card.
Choosing the right credit card for your gas purchases
Since gas is a static expense, meaning you'll have to continue purchasing it again and again throughout your life, it's important that you choose a card that will give you the maximum cash back or points for your spending.
Some cards come with an annual fee, while others don't. The best way to choose is the weigh out the pros and cons for each card. Sometimes the cards with annual fees have benefits or earning rates that far outweigh the annual fee. However, if you're just getting started with credit cards, you may want to start with one that doesn't incur an annual fee to try it out without any additional cost to you.
You can choose a card that earns cash back or travel points for your gas purchases. One is no better than the other — just choose based on which rewards are more valuable to you.
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