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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: 23.99% Variable
If you have fair credit or better, the excellent rewards structure of this card is worth considering. While there is a $95 annual fee, you can get 5% back on the first $5,000 in combined spending in several common categories including gas, grocery, cable and internet. You also get 1% back on all other purchases.
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 is not available through Experian. Check issuer's website for current offer details.
APR: 15.24% (Variable)
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.
APR: 15.99% - 23.99% (Variable)
This card from our partner is a good option for travelers of all kinds. You earn 3 points per dollar spent on purchases at gas stations, hotels and on air travel. You're also awarded 3 points per dollar spent at restaurants and supermarkets, and 1 point per dollar spent on everything else. The card is also offering a generous 60,000 intro bonus once you spend $4,000 on the card within the first 3 months of opening the account. There are no foreign transaction fees and the annual fee is $95.
Blue Cash Preferred® Card from American Express
APR: 13.99%-23.99% Variable (0% on purchases for 12 months from date of account opening).
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 and on select transit.
All other purchases earn 1% cash back. This card has a $95 annual fee (after an introductory annual fee of $0 for the first year), but new applicants can earn a $300 statement credit after spending $3,000 on the card within the first 6 months of opening the account. Terms apply to American Express benefits and offers. Find out if you are matched to this card through Experian CreditMatchTM.
Blue Cash Everyday® Card from American Express
APR: 13.99%-23.99% Variable (0% on purchases for 15 months from the date of account opening).
This card is very similar to the Blue Cash Preferred® Card from American Express, 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 earn a $200 statement credit after spending $1,000 on the card in the first 3 months. Terms apply to American Express benefits and offers. Find out if you are matched to this card through Experian CreditMatchTM.
Bank of America® Cash Rewards credit card
APR: 13.99% to 23.99% variable (0% on Purchases for 15 billing cycles).
This is another solid option for everyday spenders who are looking for a card without an annual fee. Cardholders earn 3% cash back on a category of their choice (with gas being one of your possible choices). You can also earn 2% back at grocery stores and wholesale clubs. These increased cash back are on up to $2,500 in combined purchases each quarter. All other purchases earn 1% cash back. Users can also earn a $200 cash reward after spending $1,000 on the card in the first 90 days the account is open.
Read more here if you're interested in other travel rewards cards.
All information about the PenFed Platinum Rewards Visa Signature® Card, Costco Anywhere Visa® Card by Citi and Bank of America® Cash Rewards credit card offers have been collected by Experian and have not been reviewed or provided by the issuer of the card. Offer details may be outdated.