With gas prices on the rise and war in Ukraine creating further uncertainty for consumers’ budgets, the personal-finance website WalletHub today released its editors’ picks for2022’s Best Gas Credit Cardsto help drivers save money, along with anew surveyto gauge consumer sentiment.
- Lower Gas Demand:53% of Americans plan to buy less gas in 2022 compared to 2021.
- Planning Travel Around the Pump:70% of people consider the price of gas when making travel plans.
- Most Wanted Reward: 72% of Americans want rewards on gas more than any other type of travel purchase.
- Mandatory Test to Get a Credit Card:34% of Americans think each individual should have to take a test to get a credit card, just like a driver’s license.
- Monthly Savings to Justify a Gas Card:Almost 1 in 4 people would get a gas credit card if they could save at least $15 at the pump monthly.
- Price Dictates Gas-Station Selection:55% of Americans choose where to get gas based on price.
- Gas Prices vs. Bad Traffic:141 million people dislike high gas prices more than bad traffic.
- Best Gas Rewards Credit Card:TheUSAA® Cashback Rewards Plus American Express® Cardis the best gas rewards credit card, offering 5% cash back on up to $3,000 spent per year on gas and an initial bonus of $200 after spending $1,000 in the first 90 days.
- Best Gas Station Credit Card:TheSpeedway Credit Cardis the best gas station credit card, offering 50 points / $1 spent on both gas and in-store purchases made at Speedway, as well as an initial bonus of 25,000 points after spending $500 in the first 3 billing cycles.
Q&A with WalletHub
Are people planning to buy more or less gas in 2022 than 2021?“A new WalletHub survey found that 53% of Americans plan to buy less gas in 2022 compared to 2021. Two clear reasons for soft consumer fuel demand are inflation and the expectation for additional price hikes due to the war in Ukraine,” said Jill Gonzalez, WalletHub analyst.
Do consumers consider the price of gas when making travel plans?
“Around 70% of people consider the price of gas when making travel plans, according to a new WalletHub survey, and that’s good news for their wallets. Gas is one of the most important and underrated travel expenses to account for, considering that most people travel by car, whether they’re planning a day trip or a long vacation,” said Jill Gonzalez, WalletHub analyst.
Are gas rewards popular among credit card users?
“WalletHub’s latest consumer survey found that 72% of Americans want rewards on gas more than any other type of travel purchase. A preference for gas rewards is to be expected, considering the inflation we’ve seen at the pump and recent world events. For example, the national average price of gas has gone up by 11% in the past 2 months alone,” said Jill Gonzalez, WalletHub analyst.
Should people take a test to get a credit card, just like a driver’s license?
“Surprisingly, 34% of Americans think each individual should have to take a test to get a credit card, just like a driver’s license. That would be unwieldy in practice, but the sentiment is important. People know too little about personal-finance cornerstones like credit cards, and there should be improved financial literacy education in schools to correct that,” said Jill Gonzalez, WalletHub analyst.
How much would people need to save monthly at the pump to get a gas credit card?
“Nearly 1 in 4 people say they would get a gas credit card if they could save at least $15 per month at the pump. Fortunately for them, thebest gas rewards credit cardssave the average person about $17 per month,” said Jill Gonzalez, WalletHub analyst. “That’s one way to help offset inflation.”
Do people consider the price of gas when choosing a gas station?
“Most Americans (around 55%) choose where to get gas based on price, WalletHub’s latest consumer survey found. Gas-price sensitivity is expected given that national average gas prices are up 33% year over year,” said Jill Gonzalez, WalletHub analyst. “When budgets get pressured, hunting for savings becomes paramount.”
What is the best type of gas rewards credit card?
“The best type of gas rewards credit card is one that offers bonus rewards on gas from any gas station regardless of brand, in addition to bonus rewards in other common spending categories. Most people don’t want to be tied down to a particular gas station chain,” said Jill Gonzalez, WalletHub analyst. “TheUSAA Cashback Rewards Plus American Express Cardis a great card to consider, for example.”
FAQs
The Citi Custom Cash® Card is the best gas credit card because it offers 5% cash back on up to $500 in gas purchases each month when gas is your highest spending category. This is the highest rate on gas of all the cards on our list, and you won't have to pay an annual fee.
What is the best gas card right now? ›
Best gas credit cards: Summary
- Best for cash back: Chase Freedom Unlimited®
- Best for fair credit: Capital One QuicksilverOne Cash Rewards Credit Card.
- Best for families: Blue Cash Everyday® Card from American Express.
- Best for rewards: Citi Premier® Card.
- Best for Costco members: Costco Anywhere Visa® Card by Citi.
Yes, it is better to use a credit card for gas if you drive a lot and you have a rewards card that saves you money. Credit cards also let you buy gas at any time without having cash on hand, help you track your expenses, and provide better consumer protections than other payment methods.
What is the easiest fuel card to get approved for? ›
Here's a Summary of the Best Gas Credit Cards For Bad Credit
- Rates & Fees. ...
- Bank of America® Customized Cash Rewards Secured Credit Card *
- Bank of America® Unlimited Cash Rewards Secured Credit Card *
- Rates & Fees. ...
- U.S. Bank Cash+® Secured Visa® Card *
- Chase Freedom Rise *
- U.S. Bank Altitude® Go Secured Visa® Card *
Best gas station rewards programs
- BPme Rewards: Best for savings at BP and Amoco stations. ...
- Exxon Mobil Rewards+: Best for savings at Exxon Mobil stations. ...
- Shell Fuel Rewards: Best for multiple earning opportunities. ...
- Circle K Inner Circle: Best for simplicity. ...
- Speedway Speedy Rewards: Best for flexibility.
Is it better to pay for gas with cash or a credit card? One form of payment over the other is not necessarily better. Paying with cash means you're saving a bit on the total transaction, and because you're not using credit, there's no chance of accruing any interest charges.
Who has the best deal on gas cards? ›
Best Gas Credit Cards
| Credit card | NerdWallet rating |
|---|
| Blue Cash Everyday® Card from American Express Apply Now on American Express' website on American Express' website Rates & Fees | 4.9/5 Best for Families — no annual fee |
| Chase Freedom Flex℠ Apply Now on Chase's website on Chase's website | 5.0/5 Best for Strategic quarterly use |
6 more rowsLeverage bonus categories
When you're buying gas, the Costco Anywhere Visa® Card by Citi is a good card to use because it earns 4% cash back on gas and EV charging purchases on up to $7,000 of spending a year (1% after that).
Is Costco gas card good? ›
This card is worth it for Costco members who spend a lot on gas, travel and dining. Bottom Line The Costco Credit Card is worth it for Costco members with excellent credit, especially those who spend a lot of money on gas, travel and dining.
Should I use my credit card at the gas pump? ›
Why use a credit card at gas stations? Security: Credit cards offer robust protection against identity theft and fraud. Many credit cards come with chips or contactless payment options, and both of these enhance security.
Gas Gift Card - Walmart.com.
What credit score do you need for a gas card? ›
For example, to qualify for a premier gas rewards card, you should aim for a good-to-excellent credit score, or a FICO® Score of 670 or higher. If your credit could use improvement, learn about how to build credit faster.
Should I use fuel card or credit card? ›
Go for a fuel credit card that offers discounts and provides the best interest rate. As it will help you in repaying the borrowing amount without any problem and with ease. 2. Analyze and examine the fuel charges every month before applying for a fuel credit card.
Is there a gas card for gas only? ›
One of the best credit cards for gas purchases only is the Shell Gas Card. This card can only be used at Shell stations, and it has a $0 annual fee as well as excellent rewards on Shell purchases, including at least 10¢ / gallon off every time you get gas.
What gas card do truckers use? ›
The Best Fuel Card for Hard-Working Truckers
TCS Fuel Card clients get complete fuel card account management that includes: $0 transaction fees at more than 1,800 in-network locations. $0 activation, membership, monthly, or annual fees. A user-friendly mobile app.
How to get cash back for gas? ›
Checkout 51
Best for: Getting cash back on gas purchases in the form of a check. How it works: Checkout 51 is another app that pays out cash back on a variety of purchases, including gas. Similar to Upside, you use the app to find and claim offers of up to 25 cents back per gallon at nearby gas stations.
How does cash back work at gas station? ›
When you make a purchase at the gas station, you can request a specific amount of cash to be added to your transaction. The cashier will include the cash back amount, and you can receive the cash along with your purchases.
Can you get cashback when buying gas? ›
Yes, you can typically get cashback with a credit card at many gas stations, but it's subject to the station's policies, and it often involves making a purchase in addition to requesting Cashback.
