Cash back credit cards are not new on the market and mostly all of us know that we can get some money back on our purchases, spending and every time we swipe our credit card if it is eligible for cash back. You might be using one of the cash back credit cards to buy groceries, daily use items and on gas but do you know what credit card gives the most cash back on gas?
While gas prices are significantly low compared to the previous years, still you can save a lot on your gas spending by getting cash back from various credit card companies.
Credit cards that save you money on gas are offered by various companies but which gas credit card is suitable for your needs can be difficult to decide sometimes.
Today, we will help you find out the best credit card that gives the most cash back on gas as we all spend pretty much every alternate day on gas.
Let’s understand How cash back cards work
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Cash back is nothing but a percentage of the purchases you make on the card whether online or at the supermarket or a gas station.
Every time you make a purchase through your credit card, you receive cash back based on your credit card’s eligibility issued by the bank such as 1%, 2% or upto 5%.
Credit Card companies are able to pay cash back because merchants pay an interchange fee on each transaction.
E.g. when you pay a merchant $50 with a credit card, the merchant only receives about $48.5’.
There are several types of Cash back cards that offer cash back in different formats such as bonus category, tiered rewards and flat percentage.
While you may find a flat rate cash back card more convenient as it offers flat percentage cash back each time you use the card for a purchase but bonus category and tiered rewards cards offer more rewards but it requires more work to maximize cash back in select spending categories.
With a flat rate cash back credit cards, every purchase earns the same percentage cash back.
However, with a category bonus cards and tiered bonus cards, different types of spending earn more cash back.
List of credit Cards that give the most cash back on gas
Gas is something on which we spend frequently because without gas we cannot imagine driving our vehicles.
5 Best Cash Back Credit cards for Beginners in 2019
What could be more rewarding that getting a cash back on gas, every time we spend on gas at the gas station.
There are various credit cards that save you money on gas and today in this post we will help you choose the best cashback on fuel credit card.
Bank of America® Cash Rewards credit card
Bank of America Cash Rewards credit card gives the most cash back on gas and not only gas it offers the maximum cash back on things that you purchase frequently. This credit card can also be a great choice for the average consumer who spends moderately and is looking for a good general credit card with cash back on gas purchases.
A consumer will earn 3% cash back on gas purchases and 2% cash back at grocery stores and wholesale clubs.
Additionally, the Bank of America® Cash Rewards credit card has no special eligibility requirements and charges no annual fee which makes this a good choice for an average consumer looking for rewards on purchases.
Benefits and Features of the Bank of America Cash Rewards Credit Card
- $200 online cash rewards bonus after making at least $500 in purchases in the first 90 days of your account opening.
- It offers 1% cash back on every purchase, 2% at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter.
- There’s no annual fee, no expiration on rewards and with no changing categories to follow, you always know where and how you’re earning rewards.
Interest Rates & Fees Summary of the Bank of America Cash Rewards credit card
| Introductory APR | Standard APR
| Annual Fee | Balance Transfer Fee |
| 0% for 12 billing cycles | 15.49% – 25.49% | $0 | 3%
|
| Applies to purchases and to any balance transfers made within 60 days of opening your account | Variable | of each transaction (minimum $10) |
PenFed Platinum Rewards VISA Signature® Card
When it comes to credit cards that save you money on gas, some credit unions also offer cash back on fuel credit cards.
The PenFed Platinum Rewards VISA Signature® Card gets you 4.3% cash back at gas stations and 2.6% cash back at grocery stores.
The cash back percentage that this card offers is significantly better than most of the cash back on fuel credit cards and especially those with no annual fee.
There are many ways to join the PedFed credit union, if you are affiliated with a number of military or government branches, make a small donation to the National Military Family Association or the Voices for America’s Troops or volunteer for the Red Cross then you can apply to join.
Benefits and Features of the PenFed Platinum Rewards VISA Signature® Card
- 5x / 3xPoints**on gas at the pump / on groceries
- 1xPoints**on all other purchases
- $100Statement Credit when you spend $1,500 in first 90 days
- 0%Promo APR on balance transfers for 12 Months. 3% balance transfer fee. Subject to credit approval
- Easily add to your digital wallet
Interest Rates & Fees Summary of the PenFed Platinum Rewards VISA Signature® Card
| ANNUAL PERCENTAGE RATE (APR) FOR PURCHASES AND CASH ADVANCES | 11.74% to 17.99% when you open your account, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate. |
| APRS FOR BALANCE TRANSFERS | 0% promotional balance transfer rate for 12 Months on transfers made between January 1, 2019 – March 31, 2019. After that, the APR for the unpaid balance and any new balance transfers will be 11.74% to 17.99% on your creditworthiness and will vary with the market based on the Prime Rate. A 3% balance transfer fee applies to each transfer. |
| PENALTY APR AND WHEN IT APPLIES | 17.99% if your minimum payment is not received within 60 days, your entire account is subject to change to the non-variable penalty APR. The penalty APR will remain in place until you make three consecutive monthly payments on or before the due date. |
You can view pricing lists & cardholder agreements here.
Costco Anywhere Visa® Card by Citi
The Costco Anywhere Visa® Card by Citi offers the gas rewards rate of 4% with some of the lowest gasoline prices per gallon. The can also be the best credit card for you if you shop at Costco, often.
Apart from the rewards and benefits that you get on gas purchases, this cash back card also offers huge rewards and cash back for Costco shoppers exclusively.
You’ll earn up to 4% cash back in refueling at any other gas station and beyond that you can also earn 3% cash back on restaurant and travel spending and 2% back on Costco purchases.
Benefits and Features of the Costco Anywhere Visa Card by Citi
- No matter where you’re traveling, when you use your Costco Anywhere Visa Card by Citi there are no foreign transaction fees on purchases.
- No annual fee with your paid Costco membership.
- 4% CASH BACK ON ELIGIBLE GAS WORLDWIDE, INCLUDING GAS AT COSTCO, for the first $7,000 per year and then 1% thereafter.
- 3% CASH BACK ON RESTAURANT AND ELIGIBLE TRAVEL PURCHASE WORLDWIDE.
- 2% CASH BACK ON ALL OTHER PURCHASES FROM COSTCO AND COSTCO.COM
- 1% CASH BACK ON ALL OTHER PURCHASES
Interest Rates & Fees Summary of the Costco Anywhere Visa Card by Citi
| Annual Percentage Rate for Purchases (APR) | 17.49% This APR will vary with the market based on the Prime Rate. |
| APR for Balance Transfers | 17.49%. Balance transfers must be completed within 2 months from date of account opening. |
| APR for Cash Advances | 27.49% |
| Annual fee | No annual fee for this credit card with your paid Costco Membership. |
You can view the complete details about the interest rates and fees here.
Bottom Line
It can be tricky and confusing to decide which gas credit card to go for with some many options and lucrative offers from the credit companies.
For choosing credit cards that save you money on gas you have to consider your spending on gas annually.
Most cash back on fuel credit cards do not have an annual fee while some charge an annual fee and they may offer better value in terms of cash back rewards.
What credit card gives the most cash back on gas sometimes depends on your annual spending and in order to reap the maximum benefits out of any gas credit card, you must go through their terms & conditions carefully before applying.
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