The 7 Best Gas Credit Cards, According to Personal Finance Experts
Updated: Sep. 01, 2023
Looking for ways to manage rising gas prices? These gas credit cards help you earn rewards, get bonuses, and save money.
The war in Ukraine and U.S. sanctions on Russian oil imports have sent gas prices rising and forced drivers to find ways to save money on gas. Strategies include seeking out cheap gas nearby—more often than not, that means filling up with Costco gas—using the best gas apps, learning to get better gas mileage, and using gas credit cards with a plethora of perks.
Personal finance website WalletHub just released its picks for 2022’s best gas credit cards, which help drivers save at the pump. “Gas credit cards can save you money by offering rewards in points or cash back,” says WalletHub analyst Jill Gonzalez. “The best gas credit cards can provide between 3 and 5 percent in savings with each gas purchase. Some of them also offer initial bonuses when you spend a certain amount, usually in the first three months after opening the account.”
Before you sign up, keep one major point in mind: “To take advantage of all these benefits without paying any interest, you must pay your credit card bill in full every month,” Gonzalez says. Otherwise, your card could end up costing you more than buying gas with cash. If you can commit to that, you’re ready to shop. These seven cards beat out more than 1,500 others to top WalletHub’s list.
USAA Cashback Rewards Plus American Express Card
The USAA Cashback Rewards Plus American Express Card is a great choice for people with solid credit to earn bonus rewards. The card offers 5 percent cash back on up to $3,000 spent per year on gas, plus 2 percent back on the first $3,000 spent at supermarkets annually, and 1 percent back on all other purchases. So swipe this card then go ahead and pump a full tank of gas. (Speaking of: Here’s how the pump knows when your tank is full.)
Pros:
- No annual fee
- No foreign transaction fee
- Special 4 percent military APR
Cons:
- Need an excellent credit score to be eligible
- High regular APR
PenFed Platinum Rewards Visa Signature Card
The PenFed Platinum Rewards Visa Signature Card rewards cardholders for everyday purchases at gas stations and supermarkets, so no need to see how far you can get on empty; fill up your tank to reap the rewards. You can also earn points on other purchases, and their current promotion offers 15,000 points when you spend $1,500 during the first three months.
Pros:
- No annual fee
- No foreign transaction fee
- No cash advance fee
- Gives cardholders five points for every $1 in fuel spent at the gas station
Cons:
- Need an excellent credit score to qualify
- After 12 months, the APR for the unpaid balance and any new balance transfers will increase to 17.99 percent.
Speedy Rewards Mastercard
Speedway’s Speedy Rewards Mastercard benefits high-mileage drivers who frequent Speedway gas stations. Perks include earning 50 points per $1 spent at Speedway on fuel and in the store, and that’s on top of the points you earn as a Speedy Rewards Member. And if you spend at least $500 in the first three months you’ll earn 25,000 bonus points. Just don’t forget to touch your car before pumping gas!
Pros:
- No annual fee
- Earn great rewards on gas and purchases at Speedway stations.
Cons:
- High APR
- Limited to Speedway stations and Mastercard merchants
Citi Premier Card
Citi Premier Card rewards cardholders with a whole host of benefits, including a hefty initial bonus and exceptional travel and everyday rewards. If you have good credit and plan to spend $4,000 in the first three months, you can earn points that translate to travel rewards or a $600 gift card. Next time you travel by car, be sure you calculate gas costs for your trip before you head out.
Pros:
- Generous initial bonus
- Great travel and everyday rewards, including airfare, gas, hotels, restaurants, and supermarkets
- Annual hotel savings
Cons:
- $95 annual fee
- High APR
Upgrade Triple Cash Rewards Visa Signature Card
When it comes to gas credit cards, the Upgrade Triple Cash Rewards Visa is a flexible option for people with fair credit. It allows them to simultaneously build credit while using the card, working more like a personal line of credit than a traditional credit card.
Pros:
- No annual fee
- No activation or maintenance fees
- Allows you to build credit
Cons:
- Balance transfers prohibited
- Nontraditional billing and payment method may not benefit all cardholders, especially those with good credit.
U.S. Bank Business Triple Cash Rewards World Elite Mastercard
The U.S. Bank Business Triple Cash Rewards World Elite Mastercard is a good choice for small business owners who want to get 3 percent cash back on purchases at gas stations, restaurants, and office supply stores as well as on cell phone service. They can also earn 1 percent back on all other purchases. While you’re at the pump, be sure to avoid these gas station mistakes.
Pros:
- No annual fee
- Hefty initial bonus
- No limits on cash back earned
- Rewards don’t expire.
Cons:
- Foreign transaction fee
- High APR
Bank of America Customized Cash Rewards Secured Credit Card
Bank of America’s Customized Cash Rewards Secured Credit Card is a good option for people with bad or limited credit. A minimum security deposit of $300 is required for the credit line, and you get 1 to 3 percent cash back on your purchases.
Pros:
- No annual or monthly fees
- Automatic rewards that don’t expire
Cons:
- High cash advance APR
- Foreign transaction fee
Is it worth having a gas credit card?
According to Gonzalez, that depends on how much you generally spend on gas. If you drive a lot and find yourself at the gas station often, using a credit card is totally worth it and can help you save money at the pump. As an added bonus, most gas credit cards will offer rewards for other types of purchases as well.
The downside? You’re at risk for gas station scams if you swipe your card at the pump. But that doesn’t mean you need to use cash. You could pay via credit card inside (for additional security) and still reap the rewards points.
Is there a credit card for gas only?
There is no credit card that will allow you to buy only gas. But there are gas station credit cards, such as those from Speedway, Shell, and ExxonMobil, that limit your rewards to station-specific purchases. You can still use them anywhere, though. Well, almost anywhere; there are times when you shouldn’t use any credit card.
The bottom line: Gas credit cards are meant for shopping everywhere, like all other credit cards. They simply offer higher rewards for gas purchases.
Does a gas card build credit?
Yes, because it’s a credit card, your gas credit card will be reported to the credit bureaus. This will help you build credit—provided you use it responsibly, Gonzalez warns. This means following some credit card rules: Pay your bill in full and on time every month, and keep your credit utilization ratio (the ratio of credit to debt) as low as possible, ideally below 30 percent.
How do I get a gas card?
You’ll need to apply and go through the same approval process you’d go through for any other credit card. Before applying, make sure you know what your credit score is, and only apply for gas credit cards that are meant for your credit rating. This will ensure higher approval odds.
Source:
- Jill Gonzalez, WalletHub analyst
Originally Published: March 21, 2022
