One big difference that road travelers will notice between this summer and last, is that gas prices have risen sharply in the last few months. In an effort to help motorists get the most ‘bang for their buck,’ CardHub and WalletHub released their 2016 Best Gas Credit Cards survey, comparing over 1,000 card offers based on their fees and rewards yield per dollar spent on gas, in order to identify the best gas credit cards on the market.
“It’s important to not only compare gas rewards earning rates, but also how the other rewards they offer match up with your biggest expenses,” say study researchers.
“It’s also important to note that you shouldn’t be swayed by cards offering 5% rewards in rotating categories, even if they are listed on other best gas credit card lists. Gas prices are trending upward, and such cards won’t guarantee that you’ll have a competitive earning rate on fuel purchases when the costs are highest,” they add.
As for those that offer the best rewards, CardHub and WalletHub, identified the following:
This card rewards you with 3% cash back on gas and 2% on groceries for the first $2,500 spent in those categories each quarter, plus 1% cash back on everything else. There’s no annual fee, either, and you can get a $100 initial bonus if you apply online.
- Discover it® Secured Credit Card (For Bad Credit)
A rare secured credit card that offers rewards, this offer includes 2% cash back on the first $1,000 you spend at restaurants and gas stations each quarter, plus 1% on all other purchases. Better still, Discover will double your first-year earnings. There is no annual fee, but you will have to place a refundable security deposit of at least $200 to open an account.
This card provides a 50-cent rebate (20.8% cash back) for each gallon of Marathon gas purchased during months that you charge at least $1,000. If you don’t meet that threshold, you’ll still earn $0.30/gal. (12.5%) for spending at least $500 and $0.10 (4.16% cash back) otherwise. There is no annual fee.