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Some Credit Cards Save Money on Gas

May 23, 2011
Plain English Version

Gas prices are rising. The average price for a gallon of regular is $3.97. There is some good news. There are gas reward credit cards that give up to 5 percent back to the customer.

There are dangers. The card may have a high interest rate. If you do not pay the balance in full each month, you will pay more in interest than you save on gas. The details of the rewards may be hard to follow. The rules can change. The card may only work at certain gas stations.

A gas reward card may work if you:

  • Drive many miles each week
  • Can follow the rules
  • Can pay the full amount each month

The web site: NerdWallet.com recommends:

  • PenFed Platinum Cashback Rewards: This card gives you 5% cash back on gas purchases with no limits on the amount of gas. At 13.99%, the APR is low. This card is hard to qualify for.
  • Chase BP: This card also gives you 5% cash back on gas, but only at BP pumps.
  • Amex Blue Cash Preferred: This gives 3% cash back on gas, 6% on groceries and 3% on department stories, with no limits. However, the card carries an annual fee of $75.

Saving money on gas is very important. Apply for a gas rewards credit card only if you know you what you are doing.

The Wall Street Journal

 

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