Editor's Note: The original version of this story incorrectly stated the Pentagon Federal Platinum Cashback Rewards was from American Express and offered 1% cash back on non-gas purchases. It is actually a Visa card and it offers 0.25% back on non-gas purchases.
NEW YORK (MainStreet) — Gas prices are climbing again as skyrocketing crude oil prices have pushed the price of a gallon of regular gas to close to and even past the $4 mark in some cities. Fortunately for consumers, there are some tried and true ways to save, one of which involves leveraging your credit card rewards program.
Of course, some issuers offer better deals on gas than others and there are some caveats you need to be aware of in order to select the best card for you.
MainStreet asked experts to break down which cards on the market offer the best ways to save on gas.
If gas is taking up a big chunk of your monthly budget – and your credit is really good – you might want to apply for the Pentagon Federal Platinum Cashback Rewards card from Visa, which offers 5% back on gas purchases everywhere with no limit on monthly earnings. The card also features a low 9.99% annual percentage rate and $0 annual fee. However, Chen points out, while consumers won’t find much better universal gas earnings, the PenFed Platinum base rewards program, which offers 0.25% back on all other purchases, can be bested.
As such, Chen suggests that those looking for a more versatile rewards program opt for the American Express Costco True Earnings Business card, which offers 4% back on gas purchases anywhere – not just Costco – plus 2% back at restaurants and on travel and 1% back on everything else. The card also carries no annual fee (besides the one you pay for your Costco membership) and features a 15.24% APR.
There is a personal version of this Amex card that offers 3% back on purchases, 2% back on travel and restaurants and 1% back everywhere else. The annual fee and APR are the same as the business version.
Gas Station-Affiliated Cards
There are several gas station-affiliated credit cards out there that offer ample earnings on gas purchases to their regulars, according to Odysseas Papadimitriou, CEO of credit card comparison website CardHub.com.