In my quest to sell my current car and buy a new car I’ve identified one of my criteria as good gas mileage. Meeting this criteria doesn’t eliminate the need to buy gas however!
Save Money on Gas
That’s where we’ve found that cashback credit cards come in handy. In Leaving Money on the Table I mentioned that we use a credit card to get 5% back on our gas purchases. It’s a nice reward since we usually spend $245 on gas each month.
Unfortunately the card we have now is no longer offered so I mentioned a similar card. A reader, Karen, noticed that the card I mentioned had a limit on the rewards. I told Karen I’d search for some better gas cards… here they are!
Gas Reward Credit Cards
BP Visa Rewards Card: Earn a 5% rebate on BP gas purchases; a 2% rebate on purchases at dining establishments, airlines, lodging facilities, and on car rentals; and a 1% rebate on all other purchases. The rewards are doubled for the first two billing cycles (10% for BP gas). You redeem the rewards in $25 BP gift cards.
Chase Perfectcard Mastercard: Earn a 6% rebate on all gasoline purchases for the first 90 days. Earn a 3% rebate on gasoline purchases after the first 90 days and a 1% rebate on all other purchases. The maximum rebate you can earn for gas purchases on a monthly statement is $15. ($500 in gas spending at the 3% level).
American Express SimplyCash Business: Earn 5% cash back on gas, office supplies, and wireless services, and 1% cash back on virtually all other purchases.
American Express Blue Cash: Earn 5% cash back for supermarkets, gas stations and drugstores after you spend $6,500 in the year. 1% for spending between $0 and $6,500. All other purchases earn 0.5% ($0-$6,500) and 1.5% (over $6,500).
Pentagon Federal Visa Platinum Rewards: Earn 5% cash back from gas purchases paid at the pump. 1.25% - 2% on other purchases. If you don’t qualify for membership at Pentagon Federal you can join the National Military Family Association for $20. Students can join the Society of American Military Engineers for free.
Discover Open Road: Earn 5% on the first $100 of gas or automotive expenses per month (or $1,200 per year). This was the card that Karen referenced above.
You may also want to check out my list of the best cash rewards credit cards to save you money on everything you purchase!
This article is featured in the Money Hacks Carnival.
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Hey Madison,
Ron@TheWisdomJournalGreat job on compiling such a thorough list. Even a credit-phobe like me has to wonder if I shouldn’t use some of these programs.
February 27th, 2008 at 1:16 pm
Thanks Madison! I’m going to click on these links to learn if one will be just what we need.
KarenM in NC
Karen MoellerFebruary 27th, 2008 at 8:20 pm
You know I have considered getting a card for one or two of the gas stations I frequent most. I currently use the AMEX:Blue Cash card that you mentioned. I know I can get higher % back through those cards, but then I’ve got extra accounts to keep up with, and it cuts into my overall cash back spending, too.
A thorough list nonetheless!
No Debt PlanFebruary 29th, 2008 at 6:57 pm
Kroger customer card gives .10 to .50 off a gallon for 4 fill ups per month at their gas stations. The amount off is based on how much you spent on groceries the previous month.
We frequently get .50 off a gallon. Last month they offered an addt’l two fill-ups for a total of 6. We were $50 away from the .50 off a gallon tier so I purchased a $50 gift card to one of our favorite restaruants to ensure we got the maximum .50 off a gallon.
My truck has a 24 gal tank and I typically get 23 gallons at fill up. I saved $69 on gas for the month, plus 3% rewards on gas and groceries with my rewards credit card. I also received 3% reward for the restaurant since the gift card was bought at the grocery store!
KenMarch 1st, 2008 at 2:18 pm
Good list. I use Discover Open Road for gas purchases only, and it’s been great. I only drive to/from work, so it comes out under $100 a month. I don’t normally spend enough to earn higher rewards on AmEx card but I keep it around for when I need to buy items for which I want to use their warranty protection - I used it for a TV in December.
kittyMarch 2nd, 2008 at 8:12 pm
Thanks for this list, Madison. I’ve got to look into one of these cards for gasoline purchases. Between Mr. A’s business, and personal gasoline purchased, we spent $1600 during the month of April. We could have gotten back $80 with that American Express card!
Mrs. AccountabilityMay 23rd, 2008 at 5:00 pm