After you’ve purchased a new vehicle, you’re going to encounter numerous ongoing costs that are related to your ownership.
The #1 ongoing expense is almost always fuel. Although the prices of gasoline have retreated from their record high levels in North America over the past couple of years, it is still a major budget expense that everyone must pay.
Without fuel, after all, it may be difficult to commute to work, take a vacation, or run to the store to buy some groceries.
Most gas stations today offer a specific credit card program that will allow you to earn cash back on every gallon of fuel you purchase. There are also credit cards that offer increased rewards on fuel purchases to help you save money on your car ownership responsibilities. Here are the best credit cards in this category right now.
#1. Chase Freedom
The Chase Freedom credit card offers a rotating selection of bonus categories which earn 5% cash back on up to $1,500 of spending. One of these categories does include fuel. You’ll also receive unlimited 1% cash back on all other purchases. New account holders may qualify for a $150 bonus after spending $500 on purchases. Just remember to activate your bonus category every month.
#2. American Express Blue Cash Preferred
This credit card does have an annual fee of $95, but in return you’ll receive an unlimited 3% cash back on your fuel purchases. You’ll also receive 6% cash back on any grocery purchases you make with this credit card, with a spending cap of $6,000 on that reward.
All other purchases qualify for 1% cash back. New accounts may qualify for an introductory 0% APR on purchases and balance transfers for 12 months. You may also qualify for a $150 bonus in statement credits on the first $1,000 you spend within the first 3 months of the account opening.
#3. Discover IT
This version of the Discover card puts the 5% cash back into rotating bonus categories each quarter as well. The cap for spending in each category is $1,500 and this credit card also provides 1% cash back on every other purchase. New account holders may also qualify for a 0% introductory APR for up to 6 months on purchases and up to 18 months on balance transfers. As an extra bonus, there are currently no foreign transaction fees associated with this card.
View Discover IT Credit Card.
#4. PenFed Platinum Cash
This credit card is issued by a credit union, so your household must either be a member of the US armed forces or you can opt to join non-profits like Voices for America’s Troops or the NMFA [National Military Families Association] with a one-time fee to qualify for membership. If you enroll with an account, then this credit card can qualify to help you earn an unlimited 5% cash back on all of your fuel purchases.
When you own a vehicle, you’ve got to pay for fuel. With the right credit card giving you rewards for these purchases, you can get a little help with your car ownership responsibilities. That’s why these programs are so advantageous today.