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4 Credit Cards That Fight High Gas Prices

Earn up to 10% cash back with these gas rewards credit cards.With gasoline prices on the rise again, it’s a good time to take a look at credit cards that can help you defray at least some of those higher prices.

The cards below have some of the most generous rewards on gasoline purchases but also carry a warning: Many come with very high annual percentage rates.

Here are some of the best gas rewards credit cards:

PenFed Platinum Cashback Rewards Visa Card

The best gas rewards card isn’t issued by an oil company but by Pentagon Federal Credit Union, one of our favorite financial institutions.

The card pays 5% back on gasoline purchases at the pump, no matter where you fill up.

In addition, it has one of the lowest APRs around: 9.99% on purchases through June 30, 2014, after which it can change if the prime rate does.

Through March 31, there’s a 1.99% APR on balance transfers for 24 months. Along with that low rate, the balance transfer fee is only 1% until March 31, after which it rises to a still-low 3%.

This card only pays if you use it to buy gas.

You earn 1% back on all other purchases, but only until Feb. 1, 2012, when the cash-back rebate on non-gas purchases will be cut to 0.25%.

There is no annual fee.

It’s easy to become a member of this credit union. Here are all of the ways you can qualify to join PenFed.

BP Visa Card

You earn 5% back on your first $500 of monthly purchases at BP and Amoco stations with the BP Visa Card from Chase. You also earn 2% back on travel and dining purchases and 1% on all other purchases.

During the first 60 days, you earn double cash back on all your purchases or 10% on gasoline.

Every time you earn $25 in rebates, you can redeem the cash for a BP gift card, a check or a donation to the Conservation Fund. There’s no maximum amount of rebates you can earn.

You’ll pay no annual fee, but the APR is a high 19.24%, so make sure you pay your balance in full each month.

ExxonMobil Platinum MasterCard

You earn 15 cents a gallon on gasoline purchases at Exxon and Mobil stations nationwide with the ExxonMobil Platinum MasterCard. That works out to a hefty 3.75% discount if gasoline hits $4 a gallon again.

You also earn 0.5% back on your first $999 of other purchases, 1% up to $6,000, 2% on purchases up to $10,000 and 1% on everything over $10,000.

That’s at least as good or better than Discover and many other cash-back cards.

Once you’ve earned at least $10, your rewards are credited to your statement to use on future gasoline purchases.

This card carries no annual fee, but the APR is rather steep at 19.99%.

Chevron and Texaco Visa Card

You earn 10 cents a gallon on gasoline purchases at Chevron and Texaco stations with the Chevron and Texaco Visa Card. Assuming a price of $4 a gallon, that’s a 2.5% rebate.

In addition, you earn 3% back on all non-fuel purchases at Chevron and Texaco, plus 1% back on all other purchases.

The rebates are sent to you automatically in the form of a statement credit against your next month’s purchases of Chevron and Texaco fuel. There’s a $300 annual cap on the rebates you can earn.

This card carries no annual fee.

Be careful: The APR is a whopping 23.99%, so only use this card for buying gasoline, and don’t ever carry a balance.

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Comments (2)
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2 Existing Comments
  1. Will said:
    on January 24th at 12:25 pm

    I have the BP Visa card and the reward program is scheduled to change on March 3rd. It will effectively drop the rewards for gas down to 2% and less than 1% for everything else.

  2. Charles said:
    on January 27th at 02:02 pm

    Actually, the BP Visa rebate for BP gasoline drops to 1.5%. The mailing to existing customers is very misleading and I have complained to the Consumer Financial Protection Bureau.
    The letter says that the rebate is “15 cents per gallon for every $100 you spend at BP”. You might assume that once you spent $100 you get a 15 cents per gallon rebate. NO.
    The formula: 10 gallons at $3.50 = $1.50 rebate on a $35 gas tab. Then $35 over $100 or 35% of $1.50 or a rebate of 52.5 cents. Divide 52.5 cents by $35 and the rebate is 1.5%. No more rebate on dining (previously 2%) or other purchases (previously 1%).