In June of 2022, the national average gas price topped $5 per gallon, putting a strain on consumers' wallets. Using gas rewards cards can help you save money on your gas purchases.
According to the National Association of Convenience Stores, roughly two-thirds of consumers pay for gas with plastic. This means that many consumers would benefit from earning rewards when making their gas purchases.
Private label gas credit cards are issued by individual gas stations, while co-branded gas credit cards are issued by financial institutions and feature the MasterCard or Visa logo. For purchases made solely at the gas station, there are gas charge cards that are not affiliated with any other payment system.
It's also worth noting that some credit cards, even if they aren't co-branded with a gas station, provide bonus rewards for gas purchases.
According to the experts consulted for this piece, most gas purchase rebate cards offer discounts between 1% and 3%. Some cards provide discounts of 5% or more.
Even with a gas card, you may not be getting the best price for your fuel. Seven suggestions for making the most of gas credit cards.
Don't bother with a scale: According to Joe Ridout, a spokesman for Consumer Action in San Francisco, "a good rewards gas card is found money" as long as the balance is paid off in full each month.
Gas rewards cards, Ridout warns, aren't great for people who regularly carry a balance because their APRs are higher than those of standard credit cards.
Bankrate has compiled a list of the best gas rewards credit cards currently available. If you anticipate carrying a balance, comparing APRs is crucial before making a final decision.
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