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Whenever you stop to fuel up your car, you probably see an ad at the pump offering a gas credit card. If the price per gallon is particularly high, you may be tempted to fill out the application right on the spot. However, it is important to research the different gas credit cards before you apply. Whenever you fill out an application for a card, the issuer will make a hard pull on your credit, and if you have too many of these in a short period of time, your credit score will suffer.
To help you make your decision, here is a look at some of the best gas credit cards on the market.
Chevron and Texaco Techron Advantage
The Chevron and Texaco Techron Advantage Visa card is accepted at all Chevron and Texaco stations. You will always earn $0.03 off each gallon, but you can earn additional discounts by shopping inside the gas stations. When you spend $300 on non-gas purchases, you will earn an additional $0.10 credit per gallon—for a total of $0.13 off, and when you spend $1,000 per month, you will earn an additional $0.20 credit—for a total of $0.23 off. Cardholders will also receive periodic offers and discounts on merchandise.
Sunoco Rewards Credit Card
The Sunoco Rewards credit card will only work at Sunoco stations, so if you do not have a fueling station nearby, it is probably not worth opening the card. If you do often fill up at Sunoco, you can earn $0.05 off per gallon. The discount is automatically applied when you sign up. You can also get an unlimited amount of extra cards for family members.
The Costco Anywhere Visa® card offers a wonderful 4% cash back on eligible gas purchases worldwide, including gas purchased at Costco. These rewards apply to your first $7,000 spent on gas purchases made each year, and you’ll receive 1% cash back on all additional gas. 3% cash back is earned on all restaurant and eligible travel purchases worldwide, and 2% cash back from all Costco purchases. 1% cash back is earned on all other purchases. Rewards are earned in the form of a coupon that cardholders receive once a year in February, so long as their account is open and in good standing. The coupon can be redeemed at any Costco store by the end of the year for merchandise or cash. The standard variable interest rate of 17.24%* (Variable). There is no annual fee for this card with your paid Costco membership, and no foreign transaction fee.
The Citi Premier℠ Card has some attractive rewards. Cardholders earn 50,000 bonus points once they spend $4,000 during the first three months of having the account. Ongoing rewards include three points for every dollar spent on travel and gas, two points for each dollar spent on dining out and entertainment, and one point for all other transactions. You can transfer the points to use at participating airline and hotel loyalty programs. The card has an APR between 18.24%-26.24% (Variable) depending on your credit worthiness. There is a $95 annual fee which is waived during the first year of membership.
The Capital One® Quicksilver® Cash Rewards card offers customers the same rewards on all purchases with no limits, 1.5% cash back. Rewards never expire, and you can redeem your rewards in any amount and at any time. New applicants also receive a $150 cash bonus when they use their card to spend $500 on new purchases within the first three months of account opening. This card also offers new applicants 15 months of 0% APR promotional financing on both new purchases and balance transfers, with a 3% balance transfer fee. After the promotional financing period expires, the standard interest rate of 16.24% - 26.24% (Variable) for purchases will apply, and the rate you receive will be based on your creditworthiness when you applied.
The Citi® Double Cash card offers you the chance to earn cash back twice, once when you make a purchase and again when you pay. You earn 1% cash back on all purchases at the time of the transaction and another 1% when payment is made for a total of 2% cash back. This card also offers 18 months of 0% APR introductory financing on balance transfers, with a 3% balance transfer fee. Once the promotional financing rate expires, a standard interest rate of 15.99%– 25.99% (Variable) will apply.
The Bank of America® Cash Rewards Credit Card is an outstanding cash back card. It offers 1% cash back on all purchases, but 2% on transactions made at grocery stores and at wholesale clubs, and 3% on a category of your choice: gas, online shopping, dining, travel, home improvement/furnishings or drug stores. These increased payouts are applicable on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter. Cardholders can update their choice category for future purchases once each calendar month using the Mobile banking app or Online banking, or do nothing and the category stays the same. If you’re a Bank of America Preferred Rewards client, you can receive a 25% – 75% rewards bonus on every purchase. New customers can earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days of opening an account. In addition, new applicants will get 15 billing cycles of 0% APR on both new purchases and balance transfers. The balance transfers must be completed within 60 days of account opening, and a 3% balance transfer fee applies. The card has an APR ranging from 15.99% - 25.99% Variable APR on purchases, depending on your credit worthiness. The card has no annual fee but there is a 3% foreign transaction fee on transactions made outside of the United States.
The Citi Rewards+℠ Card is a new and unique rewards card. Citi rounds up the ThankYou points earned with each purchase to the nearest 10. For instance, if a purchase qualifies for 15 ThankYou Points, that reward will be rounded up to 20 points. This occurs for every transaction, no matter how small. The card features a 15,000 ThankYou Point sign-up bonus. To earn the extra rewards, cardholders must spend $1,000 on the card during the first three months of card membership. The card earns two points per $1 spent at gas stations and supermarkets, for the first $6,000 in annual purchases made in those categories. All other transactions earn one point per $1. Cardholders will also get back 10% of their rewards on the first 100,000 points they redeem each year. The Citi Rewards+℠ Card has an introductory APR on purchases and balance transfers of 0% for the first 12 months. The standard APR is 15.49% - 25.49% (Variable), depending on credit worthiness. There is no annual fee on this card.
Discover it Chrome
The Discover it Chrome card pays 2% cash back on fuel and dining purchases—up to $1,000 each quarter. All other purchases earn unlimited 1% cash back. Discover will also double your cash back rewards earned during the first year. While there is no sign-on bonus, there is also no annual fee, and cardholders can enjoy 0% APR on purchases and balance transfers for 14 months.
Should you get a gas station branded card or one of the more general gas rewards credit cards? The answer depends. If you frequently fuel up at a certain station, you can enjoy less expensive gas. However, if you often use a variety of gas stations, you may be better off with a general credit card.