Gas Rewards Credit Cards for 2023

Every motorist is familiar with the ever-fluctuating gas prices. While we may not have control over these changes, there’s a strategy to lessen the blow to our wallets: the gas rewards credit card. These cards, specifically tailored to reward you for fueling up, offer benefits ranging from cash back to redeemable points for travel, merchandise, or statement credits. If you’re considering getting one this year, here are some key aspects of the best gas rewards credit cards for 2023.

Earning Rate: This pertains to the cash back or points you will earn for every dollar spent on gas. The earning rate may be a flat rate or can vary depending on categories, such as purchases made at specific gas stations.

Annual Fee: Cards come with varied annual fees. While some are free, others charge a fee. It’s crucial to evaluate if the rewards you earn outweigh this fee.

Redemption Options: Once you’ve earned rewards, how can you use them? The flexibility of redemption options can differ between cards, so it’s another factor to consider.

Best Gas Rewards Credit Cards for 2023

To give you a head start on your research, we’ve collated a list of some of the top gas rewards credit cards for 2023, focusing on their earning rate, annual fee, and redemption options:

1. Blue Cash Preferred® Card from American Express

   • Earning Rate: Earn 3% cash back at U.S. supermarkets on up to $6,000 yearly. Once this limit is hit, it’s 1%. Get 3% cash back at U.S. gas stations and 1% cash back on other qualifying purchases.
   • Annual Fee: $95
   • Redemption Options: Cash back can be redeemed for statement credits, gift cards, or merchandise.

1. Citi® Double Cash Card

   • Earning Rate: Enjoy 2% cash back on all purchases: 1% as you make a purchase and 1% when you pay it off.
   • Annual Fee: $0
   • Redemption Options: Cash back can be converted into statement credits, gift cards, or merchandise.

2. Discover it® Cash Back

   • Earning Rate: Avail 5% cash back on up to $1,500 in quarterly rotating categories, and 1% on all other purchases. An added perk: Discover matches all your cash back at the close of your first year.
   • Annual Fee: $0
   • Redemption Options: Convert your cash back into statement credits, gift cards, or merchandise.

3. Chase Freedom Unlimited®

   • Earning Rate: Get 5% cash back on travel booked via Chase Ultimate Rewards®, 3% on dining and drugstores, and 1.5% on all other purchases.
   • Annual Fee: $0
   • Redemption Options: You can redeem your cash back for statement credits, travel, gift cards, or merchandise.

4. Bank of America® Cash Rewards credit card

   • Earning Rate: Select one category every month to earn 3% cash back, options include gas, online shopping, travel, dining, home improvement, drugstores, or other specific merchants. Moreover, earn 2% cash back at grocery stores and wholesale clubs (on up to $2,500 quarterly in combined buys, then 1%), and 1% cash back on all other purchases.
   • Annual Fee: $0
   • Redemption Options: Redeem your cash back as statement credits, gift cards, or merchandise.

How to Choose the Best Gas Rewards Credit Card for You

Picking the perfect gas rewards credit card is a personalized process. It must align with your spending habits and meet your reward expectations. Here are some strategies to help you make an informed decision:

1. Evaluate Your Spending Habits: Understand where most of your expenses lie. If you find yourself at the pump frequently, opt for a card emphasizing high gas purchase rewards. Simultaneously, if your expenses are spread across categories like groceries or travel, look for cards offering rewards for those spends too.
2. Compare Earning Rates: Different cards offer varied earning rates. It’s beneficial to juxtapose these rates to determine which card will provide the most lucrative rewards for your expenditure pattern.
3. Read the Fine Print: Terms and conditions, as tedious as they might seem, hold vital information. Delve into the details of the earning rates, annual fees, and redemption options to ensure you’re bagging the best deal available.

Conclusion

In the ever-evolving world of credit cards, the race to offer the best rewards is fierce. Gas rewards credit cards are a testament to that, providing consumers with multiple avenues to save on one of the most common expenses. However, like all financial products, they require careful consideration and responsible usage.

By understanding your spending habits, staying updated on card benefits, and using the card wisely, you can truly maximize your savings at the pump. As we navigate through 2023, these gas rewards credit cards stand out as top contenders, but always remember to reassess your choices periodically to ensure you’re getting the best deal. Safe driving and happy saving!