Credit card search and comparison site, CardHub.com, recently released its list of the best gas credit cards. With gas prices rising during prime summer holiday season, you might want to consider using one of these cards when you fill your tank.
Generic Gas Saving Credit Card or Station-Specific
Card Hub explains that are two types of credit cards that save you money on gas purchases. Generic gas cards are offered by regional or large banks and can be used to get cash back on gas at any gas station. Station-affiliated cards can only be used at a specific brand gas station, like Chevron.
Obviously, using a generic card with cash back on gas is the most convenient option, and these cards usually offer a cash back percentage for other purchases such as travel or dining out. Cash back can be used to pay your credit card bill or to purchases at discount shopping networks that the banks that offer the cards are often affiliated with.
If you almost always use the same name brand gas station, then using that brand's card could be a better option, depending on whether you will reach the spending limits that these cards often require before you receive benefits. Because you may need to spend quite a bit on gas to get meaningful savings with a station-specific card, read the terms carefully before signing up to avoid disappointment. Be sure that a number of the gas stations where the card can be used are located on your usual routes to work or running errands for convenience.
Whether a card is generic or station-affiliated, some will have a direct percentage cash back bonus or will reduce the cost per gallon at the pump, while others use a point system to determine the percentage you will save on gas. Read terms carefully, this can get confusing. Be sure to note fees since these aren't always free accounts.
Best Generic Gas Credit Cards of 2014
Card Hub's top choices for generic credit cards with money saving benefits on gas are:
- Pentagon Federal Credit Union Platinum Rewards Card: Points equivalent of 5 percent cash back on gas purchases, 3 percent on supermarket purchases.
- Blue Cash Preferred Card from American Express: 3 percent cash back at gas stations and select department stores, 6 percent at supermarkets, 1 percent everywhere else. $75 annual fee
- TrueEarnings Card from Costco and American Express: 3 percent cash back on all gas purchases up to $4,000 and 1 percent thereafter, 2 percent on restaurants, 2 percent on travel, 1 percent on everything else. No annual fee for Costco members.
Card Hub selected two station-affiliated cards for gas savings:
- Marathon Credit Card: Twenty-five cent rebate on each gallon at Marathon stations when you charge a minimum of $1,000 per month. Fifteen cent rebate per gallon when you spend between $500 and $999.99. Five cents off each gallon for monthly totals under $500.
- Chevron & Texaco Credit Card: Thirty cents per gallon discount on Chevron and Texaco gas for first 60 days and twenty cents off per gallon thereafter on months you spend at least $1,000 on qualifying purchases. Ten cents per gallon off when you spent between $300 and $1,000.
To get more details about the cards mentioned above, like fees and balance transfer rates, see Card Hub's Best Gas Credit Cards of 2014. Compare credit cards and find the best one for your needs at CardHub.com.