Last month, the U.S. inflation rate hit an all-time high. Over the past several months, gas prices have risen about 33%. If you are looking for some relief at the gas pump, several credit cards offer generous cash back rewards for gas purchases.
Here is our list of the best credit cards for gas rewards in 2022.
American Express Blue Cash Preferred Card
The American Express Blue Cash Preferred Card is one of my favorite rewards cards. It gives you 3% cash back on gas, and you can also get back 6% in rewards on groceries (up to $6,000 per year) and 6% cashback on streaming services.
The card does come with an annual fee of $95 after the first year. However, I have found the rewards earned on the card far outweigh the annual cost.
Bank of America Cash Rewards
The Bank of America Cash Rewards card can be used to save 3% on gas. The card allows you to choose a category to save from each month. You can choose from the following categories.
- Gas
- Online Shopping
- Dining
- Travel
- Drug Stores or,
- Home Improvement Stores
Kroger Fuel Rewards Credit Card
The Kroger Rewards World Elite Mastercard provides up to 0.25 per gallon in savings. For the first year, there are no stipulations on your ability to save the $0.25. After that, you must spend $6,000 a year to be eligible for the discount.
Reaching the $6,000 limit is not as hard as you think. Many families may spend that much on groceries every year. If you use your credit card to make everyday purchases, this can be an easy discount to obtain.
BP Visa Credit Card
BP is currently revamping its rewards program. However, right now, you can save $0.10 per gallon in fuel when you use your BP Visa Rewards card. The only downside is that you must purchase your gas at a BP or Amoco station.
Reaping Your Rewards
Rewards credit cards are a great way to get cash back into your pockets. However, misusing the cards will have the opposite effect.
Here are some things to keep in mind when using rewards credit cards to reap the maximum benefits.
- Read the fine print. Understand exactly how you earn rewards and which purchases are eligible.
- Pay the card in full each month. Reward cards are only beneficial if you do not carry a balance. Paying interest will wipe out any benefits you get from the rewards.
- Use rewards cards to buy things you would have purchased anyway. Do not use rewards as an excuse to overspend. Only use rewards to get back cash for items you would have bought anyway, such as groceries or gas.
