Gasoline prices have been low for nearly two years now but in recent weeks have been creeping up again. No one thinks they're going back to the way they were a couple of years ago, but getting an extra break at the gas pump would be nice.
Using a credit card that pays extra rewards for gasoline purchases might be a way to accomplish that. Here are four cards that might help:
Blue Cash Preferred Card from American Express
The Blue Cash Preferred Card from American Express is a good card for all-around purchases, and one feature is a generous cash back reward for spending at the gas pump.
One drawback is a $75 annual fee. Paying an annual fee normally cuts into any rewards you might receive.
However, the American Express card pays a bonus of $150 if you charge at least $1,000 in the first three months. That will cover the first two years of annual fees.
If you use the card to make gasoline purchases, you'll get 3% cash back. As a bonus, you'll get 6% back on the first $6,000 you spend on groceries.
BankAmericard Cash Rewards Credit Card
The BankAmericard Cash Rewards card is another way to get rewarded for filling your tank. Using this card at the gas pump will also earn 3% cash back on the first $2,500 of gas, groceries, and warehouse club purchases each quarter – a total of $10,000 per year.
In addition, the card pays 2% cash back on groceries and 1% on all other purchases. Unlike the American Express card, it carries no annual fee – a big bonus.
Hilton HHonors Card from American Express
The Hilton HHonors Card from American Express is a good choice for those who travel a lot, in addition to driving a lot. The card racks up points rather than returning cash to you.
You get five times the points for each dollar spent on gas, as well as on groceries. It earns seven times the points for each dollar spent at a participating hotel or resort within the Hilton portfolio.
You start off with 50,000 points if you spend $750 in purchases on the card during your first three months of card membership, and there is no annual fee.
Discover It Secured Card
Credit not so good? Even if that's the case, there's a card that can help you save on gas purchases.
The Discover It Secured Card is secured with a deposit in your account. If you deposit $500, you can charge $500 each billing cycle.
You earn 2% cash back on combined gasoline and restaurant purchases of up to $1,000 each quarter and 1% cash back on all other purchases. At the end of the first year, Discover matches the total amount of your cash back earnings.
There is no annual fee and, if you pay your bill on time each month, you'll rebuild your credit so that you'll soon have more credit card options.