CALL TO BOOK 1-866-436-3514
RESERVATIONS@IMAGINELIFESTYLES.COM
CALL TO BOOK 1-866-436-3514 RESERVATIONS@IMAGINELIFESTYLES.COM

Blog

Fuming Over Gas Prices? Here are 4 of the Best Gas Credit Cards on the US Market

Posted on Monday July 16, 2018

Long gone are the days of the $2 gallon of gasoline. Since 2015, the US has seen a steady increase in gas prices nationwide, with this summer being forecasted to have the highest gas prices seen in years.  As of writing, a gallon costs $3.106 in New York City and $3.025 in Philadelphia. However, there are ways to take advantage of this situation. Numerous credit cards on the US market have rewards that specifically cater to gas purchases, giving you cash back or points every time you’re at the gas pump. These rewards are either a cash percentage of your overall purchase or a specific number of points for every dollar you spend on gas. This means that as gas prices increase, so do the rewards. With a variety of gas credit cards on the market, choosing the right gas credit card can become a headache. Luckily for you, we have chosen four of the best gas credit cards on the market for your consideration.

AARP Visa Signature Card by Chase

 

Who’s this card for?

 

Someone who wants decent rewards and benefits without an annual credit card fee. Someone who drives often and eats out frequently.

 

AARP Visa Signature: The Facts

 

  • 3% cash back at gas stations

  • 3% cash back at restaurants

  • 1% cash back everywhere else

  • $200 cash back signup bonus for spending $500 in the first 3 months

  • No annual fee

  • Requires good credit (approximately a 670+ FICO Score 8) or better

 

AARP Visa Signature: The Summary

 

At first glance, the AARP Visa Signature may seem a bit modest in its rewards. Yet, this gas card is not one to underestimate. Many cards have a 2% and a 3% cash back category. However, the AARP Visa Signature offers 3% unlimited cash back for both gas stations and restaurants. The signup bonus also offers a good deal in comparison to other rewards cards. Most $200 dollar signup bonuses require at least $1000 of expenditure, like the American Express Blue Cash Preferred.

 

The AARP Visa Signature has no annual fee and you do not need to be a member of the AARP to apply. If you pay off your balance in full and on time, the AARP Card is completely free to use. That means 3% unlimited cash back on both gas and dining at no cost.

 

The AARP card is available at two different levels, Visa Platinum and Visa Signature. You need to qualify with a credit limit of at least $5000 to be eligible for the Visa Signature. These two different levels will affect the protections that come with the card.

 

The Visa Platinum comes with basic shopping and traveling protections including:

  • Purchase protections against damage and theft,

  • Return Protection to help you return items more easily, and

  • Extended manufacturers’ warranties on eligible products.

 

The Visa Signature Card comes with additional protections and benefits including:

  • A personal concierge that assists with a number of tasks such as making reservations and getting travel information,

  • Access to the Visa Signature Luxury Hotel Collection, providing discounts and complementary services while traveling, and

  • A range of shopping discounts at select retailers.

 

Overall, the AARP Visa Signature is a great gas card and more. It boasts decent gas and dining cash back, no annual fees, a great signup bonus, and the Visa Signature suite of benefits. This is definitely a gas credit card worth your consideration.

PenFed Platinum Rewards Visa Signature Card

 

Who is this card for?

Someone who is looking for insanely good gas rewards with no annual fee. Someone who does not mind a potentially awkward rewards redemption program.

 

PenFed Platinum Rewards: The Facts

 

  • 5x points per dollar at gas stations

  • 3x points per dollar at grocery stores

  • 1x point per dollar everywhere else

  • $100 signup bonus for spending $1500 in the first 90 days

  • No annual fee, but you need to be a PenFed Credit Union Member

  • Requires fair credit (approximately a 580+ FICO Score 8) or better

PenFed Platinum Rewards: The Summary

 

The PenFed Platinum Rewards Visa Signature Card does not require an annual fee. It does require you to be a PenFed Credit Union member, however. Becoming a member is not a large task. It requires you to deposit $5 in a savings or Share Account with PenFed. This card has a number of interesting rewards so don’t let the membership turn you away.

 

As opposed to receiving cash back, the PenFed card gives its user points. Every point can be worth a maximum of one cent. This means you’ll earn 5% cash back on gas (limited to road vehicle fuel) and 3% cash back on groceries. Therefore, the PenFed card offers one of the best gas credit card deals on the market.

 

The signup bonus is subpar, especially in comparison to other gas cards. A $100 signup bonus is far from great, especially when you are required to spend $1500 in 90 days to get it. As a comparison, the AARP card signup bonus is $200 when you spend $500 in the first 3 months.

 

Since the PenFed card is also a Visa, it has the same additional benefits as the AARP card. The Visa Platinum level offers basic shopping and travel protections. The Visa Signature level offers valuable travel-related discounts and services. For example, exclusive shopping discounts at select retailers and a personal concierge service.

 

Prior to applying for this card, there are a couple issues that should be considered. Firstly, redemption options are limited with this card. Unlike other cards in this list, you cannot redeem your points as a statement of credit. Your redemption options are:

 

  • Retail cards and certificates

  • Flights with participating airlines

  • Merchandise at participating retailers

  • Hotel bookings

  • Car rentals

  • Other travel expense, for example, vacation packages

 

Keep note that your points also expire after 5 years.

 

A second issue is that you are charged $1 for every mailed paper statement you get with this card. However, this is easily avoided by using electronic statements.

 

There are some clear issues with the PenFed card. However, the fact you effectively earn 5% cash back on gas makes it a gas card worth considering. You just need to determine if the rewards scheme would be the right fit for you.

Discover it Chrome

 

Who’s this card for?

 

For people who drive and eat out frequently, who want no annual fee, but spend less than $4000 on gas a year.

 

Discover it Chrome: The Facts

 

  • 2% cash back at gas stations and restaurants, on up to $1000 in combined purchases each quarter

  • 1% cash back everywhere else

  • Cashback Match: the rewards you earn in your first year will be doubled automatically (only for new members)

  • Requires good credit (approximately 670+ FICO Score 8) or better

 

Discover it Chrome: The Summary

 

For new cardmembers, the Discover it Chrome offers an amazing cash back match signup deal. New Discover it Chrome card members receive a cash back match in their first year, effectively doubling all rewards earned. This means 4% cash back on both gas and dining, and 2% cash back everywhere else for a year. However, do take note that there is a quarterly limit of $1000 for combined gas and dining purchases. This means there is a cap of earning $160 cash back in your first year. If you spend a large amount on gas a year, a card without a cash back limit may be a better choice.

 

The Discover it Chrome also offers 0% APR for 14 months for both purchases and balance transfers. If you have a large balance on another account that’s accruing interest, you can transfer said balance to this card and pay it off with no interest.

 

In terms of benefits, the Discover it Chrome has the usual shopping and travel protections. However, it has one additional noteworthy perk: it allows cardholders to check their FICO 8 Credit Scores from their TransUnion credit report.

 

Overall, the Discover it Chrome is a great gas card for new applicants, offering an insanely high 4% cash back on gas. However, prior to your application consider the amount you generally spend on gas each year. If your gas expenses are high ($4000+), a gas card without a cash back limit may bring you more value for your time on the road. It should be noted that both gas and dining purchases chip into the same cash back limit. If you are someone who spends a lot on both, this limit will hinder your cash back rewards.

American Express Blue Cash Preferred Card

 

Who’s this card for?

 

Someone who drives often, regularly shops in department stores and spends a lot on groceries. Someone who wants a great range of rewards and does not mind paying an annual fee to get them.

 

American Express Blue Cash Preferred: The Facts

 

  • 3% cash back at gas stations

  • 6% cash back at grocery stores on your first $6000 spent annually

  • 3% cash back at selected US department stores

  • 1% cash back everywhere else

  • $200 cash back sign up bonus after spending $1000 in the first 3 months

  • Annual Fee: $95

  • Requires excellent credit (approximately 740+ FICO Score 8)

 

American Express Blue Cash Preferred: The Summary

 

The Amex  Blue Cash Preferred is the only card with an annual fee in this list, being $95 per annum. However, as seen above, the rewards are significant. Not only do you get 3% unlimited cash back on gas station and at department stores, but also 6% cash back for your first $6000 spent on groceries in a year. This means you can potentially earn $360 cash back on groceries in one year alone.

 

The Amex Blue Cash Preferred also comes with a 0% introductory APR on balance transfers and purchases for the first year.

 

The additional benefits for this card are fairly run of the mill. The benefits consist of basic shopping and travel protections, such as  purchase and fraud protections, and extended warranties. You will also be able to avail of Amex Offers program, which offers alternating deals on different products and services.

 

Overall, the Amex Blue Cash Preferred offers a great suite of rewards and not only in the gas category. Are you an individual who spends a lot on gas, department stores, and groceries? Then the Amex Blue Cash Preferred could definitely be worth the annual fee.

There is no way for you to avoid the gas price increases aside from riding a bike, investing in an electric car, or being close family friends with the Saudi Arabian Royal family. However, a great gas credit card can help you make the best of a bad situation by getting you cash back or points on all your gas purchases. Whether driving your own car or a luxury rental, you can claim rewards with these cards as long as you’re at the pump.

While all four of these cards are fantastic gas credit cards, there isn’t one that is objectively better than the rest. When choosing the right gas credit card, compare and contrast the rewards and benefits, check for an annual fee, and consider the other rewards categories apart from gas that best suit your lifestyle.