As fuel prices continue to rise, finding ways to save on gas expenses becomes increasingly important. One effective strategy is to use a credit card that offers attractive rewards and cashback on gas purchases. With a wide range of credit cards available, it can be overwhelming to choose the right one. In this article, we will explore the best credit cards for gas in 2023, taking into account their rewards, benefits, and overall value.
1. Chase Freedom Unlimited
The Chase Freedom Unlimited credit card is a popular choice for individuals looking to maximize their gas rewards. This card offers a generous 3% cashback on all purchases in the first year, up to $20,000 spent. After the first year, cardholders earn an unlimited 1.5% cashback on all purchases, including gas. The cashback rewards can be redeemed for statement credits or deposited directly into a bank account, providing flexibility and convenience.
2. Bank of America Cash Rewards
The Bank of America Cash Rewards credit card is another excellent option for gas rewards. It offers 3% cashback on gas purchases, making it an attractive choice for frequent drivers. Additionally, the card provides 2% cashback at grocery stores and wholesale clubs, and 1% cashback on all other purchases. Bank of America customers can enjoy even greater rewards by enrolling in the Preferred Rewards program, which offers additional bonuses on cashback earnings.
3. Discover it Chrome
The Discover it Chrome credit card is designed specifically for individuals who spend a significant amount on gas and restaurant purchases. Cardholders earn 2% cashback on up to $1,000 spent quarterly at gas stations and restaurants, making it a great choice for everyday fuel expenses. Furthermore, Discover matches all the cashback earned in the first year, effectively doubling the rewards. The card also provides 1% cashback on all other purchases.
4. Citi Double Cash
The Citi Double Cash credit card is renowned for its simplicity and flexibility in earning cashback rewards. Cardholders earn 1% cashback on every purchase and an additional 1% cashback when they pay off those purchases. Although the card does not offer specific gas rewards, its straightforward earning structure makes it an attractive option for individuals who want a reliable cashback card for all their expenses, including gas purchases.
5. Costco Anywhere Visa Card by Citi
The Costco Anywhere Visa Card by Citi is an excellent choice for frequent Costco shoppers and gas station visitors. It offers 4% cashback on gas purchases, including purchases at Costco gas stations, up to $7,000 per year. Cardholders also earn 3% cashback on dining and travel, 2% cashback on Costco purchases, and 1% cashback on all other purchases. This card does require a Costco membership, but the rewards can easily offset the membership fee for avid Costco shoppers.
Factors to Consider When Choosing a Gas Credit Card
While the aforementioned credit cards are among the best for gas rewards, it’s essential to consider several factors before making a final decision:
Gas Rewards Structure
Evaluate the rewards structure of the credit card to ensure it aligns with your gas spending habits. Some cards offer a flat cashback rate on all purchases, while others provide higher rewards specifically for gas expenses.
Look for credit cards that offer additional benefits such as sign-up bonuses, introductory APR periods, or discounts on other related expenses like car maintenance or auto insurance.
Consider whether the credit card charges an annual fee. While some cards offer exceptional rewards, the annual fee may offset the benefits, especially for individuals with lower gas expenses.
Examine the redemption options available for the cashback rewards. Some cards offer statement credits, direct deposits, or the ability to redeem rewards towards future gas purchases.
Finding the best credit card for gas can help you save significantly on your fuel expenses. The Chase Freedom Unlimited, Bank of America Cash Rewards, Discover it Chrome, Citi Double Cash, and Costco Anywhere Visa Card by Citi are all top choices for individuals seeking rewards and cashback on gas purchases. Consider your spending habits, preferences, and additional benefits when selecting the card that best suits your needs. With careful consideration, you can enjoy substantial savings on your gas expenses while using a credit card that offers great value and rewards.