Declinging prices at the pump are a great thing. However, gas is still more expensive than it was a year ago and saving money at the pump is pretty easy with a gas credit card. While many gas stations offer branded credit cards that you can only use at their stations, the best gas credit cards offer cashback at every gas station and can be used everywhere credit cards are accepted, not just on gas and snacks at the station. |
Cash Back Credit Cards: Gas Rebate Cards Can Save You Money at the Pump
Many people are only familiar with the gas credit cards offered at the gas station, such as those issued by Exxon Mobile, Sunoco, Conoco Phillips, Chevron Texaco or Shell. These credit cards are tied to one specific gas station and often charge very high interest rates. However, individuals looking to save money on gas should look no further than the wide range of low interest gas cash back credit cards currently available online. These credit cards offer the flexibility of choosing which gas station to use, as well as anywhere from 3% to 10% cash back on all gas station purchases.
Currently, the Chase Perfectcard offers a full 6% rebate on all gas purchases made during the first 90 days you have your card, followed by 3% thereafter and 1% cash back on all other purchases. With a gas price of $3.00 per gallon, this card would save you $0.18 per gallon. Over the course of three months, this 6% rebate can add up to substantial savings.
The Discover® Gas Card is another high cash back yielding credit card that offers a full 5% cash back on gas with no time expiration. With savings of around $0.15 per gallon all year long at stations of your choosing, this gas credit card can save heavy commuters hundreds of dollars a year in gas. Additionally, the Discover® Platinum Gas Card offers a 0% intro rate on purchases for up to 1 year, which can ease the cost of charging gas instead of paying for it immediately.
Now, aside from these general gas rewards credit cards, there are gas station specific cash back credit cards that offer even more savings. The BP Visa from Chase offers a full 10% cash back on gas for the first 90 days of card membership, followed by a 5% refund on gas purchases thereafter. With this card's attractive initial 10% cash back rate, consumers can save $0.30 or more per gallon on gas.
Overall, consumers may find that a cash back credit card such as the Discover® Platinum Gas Card may provide the best overall value, as it allows them to save 5% on not only gas, but offers a long term 0% intro rate as well. However, for individuals looking to save the most on gas in the short term, the BP Visa from Chase offers very appealing savings. Lastly, those who want the flexibility of choosing which gas station they use may find the best value with the Chase Perfectcard.
In addition to the cards discussed here, there are a number of other gas rebate credit cards that offer cashback on not only gas, but other purchases as well. |
