Planning to take a road trip this summer? Expect to shell out more for gas.
The average cost for a gallon of gas was $2.90 in May, the highest in four years, according to a new report from car shopping website Edmunds. And you can count on those numbers to keep growing, thanks to crude oil prices that are expected to keep climbing.
If you're a road warrior, one way to fight back is by signing up for a credit card that will reward your gas purchases with cash back or points for purchases made at gas stations. Here are the seven best gas rewards credit cards:
APR: 13.40% - 27.40% variable
Military members, veterans, and their eligible family members are eligible to apply for this card, which rewards 5% cash back on all purchases made at gas stations and military bases. You'll also earn 2% back on groceries and 1% back on everything else.
There's no annual fee, and you can earn a $150 statement credit after spending $500 on the card within the first 90 days of opening the account. (Check out other cards for military personnel and veterans here.)
APR: 11.24% to 17.99% depending on credit worthiness.
This no-fee card is a good option for household spending: Users get 5 points per dollar spent on gas purchases paid for at the pump, 3 points per dollar spent at grocery stores, and 1 point per dollar spent on everything else.
You're also rewarded with a $100 statement credit after you spend $1,500 on the card in the first 90 days of opening the account. You must be a member of the Pentagon Federal Credit Union to apply for the card. There are several ways to join, including demonstrating military affiliation or making a small donation to the National Military Family Association.
This offer has expired. For current card details please click on the card name.
Costco shoppers would do well to consider this card, which offers 4% cash back on eligible gas purchases worldwide, including gas at Costco, for the first $7,000 spent on the card per year (1% thereafter). Gas purchased at superstores, supermarkets, convenience stores or other warehouse clubs will only earn 1% back.
Cardholders also earn 3% cash back on restaurant and travel purchases, 2% cash back on purchases from Costco, and 1% cash back on everything else. This is also a good card to take on your trip abroad: No foreign transaction fees.
4. Citi ThankYou® Premier Card
APR: 16.49% to 25.49% (Variable) based on credit worthiness. (Updated on 10/2/18.)
This card is a good option for travelers of all kinds. You earn 3 points per dollar spent on all travel, including purchases made at gas stations, on airfare, hotels, car rentals, public transportation and more. You're also awarded 2 points per dollar spent on dining out and entertainment, and 1 point per dollar spent on everything else.
The card is also offering a generous 50,000 ThankYou® Points after you spend $4,000 in purchases on the card within the first three months of opening the account. If you redeem your points for travel through Citi's ThankYou® Travel Center, you get a 25% redemption bonus—meaning 50,000 points are worth $625 in travel.
5.Blue Cash Preferred® Card from American Express
APR: 14.49% to 25.49% Variable (0% APR intro rate on purchases and balance transfers for the first 12 months).
If you're looking for a card to cover your everyday spending, this is an excellent option. You'll earn a whopping 6% cash back on every dollar spent at U.S. supermarkets (on up to $6,000 a year; after that, the rewards rate drops to 1%), and 3% cash back at U.S. gas stations.
All other purchases earn 1% cash back. The card does come with a $95 annual fee, but new applicants can earn a $250 statement credit after spending $1,000 on the card within the first three months of opening the account.
APR: 14.49% to 25.49% Variable (0% APR intro rate on purchases and balance transfers for the first 15 months).
This card is very similar to the Blue Cash Preferred, but it's designed for those users who want an everyday spending credit card without paying an annual fee.
Cardholders earn 3% cash back on every dollar spent at U.S. supermarkets (on up to $6,000 a year; after that, the rewards rate drops to 1%), 2% cash back at U.S. gas stations and select U.S. department stores, and 1% cash back on everything else. You can also earn a $150 statement credit after spending $1,000 on the card in the first three months.
APR: 14.74% to 24.74% depending on credit worthiness.
This is another solid option for everyday spenders who are looking for a card without an annual fee. Cardholders earn 3% cash back on gas and 2% back at grocery stores and wholesale clubs on up to $2,500 in grocery, wholesale club and gas purchases each quarter. All other purchases earn 1% cash back. Users can also earn a $150 statement credit after spending $500 on the card in the first 90 days of opening the account.
Read more here if you're interested in other travel rewards cards.