Best reward cards to use at the pump
Gas prices continue to climb, but drivers can reduce what they pay at the pump by using a rewards credit card.
Some rewards cards are more valuable than others, though. For example, gas station cards that promise a discount on every gallon you buy are less valuable when prices are high.
For example, credit cards from BP and ExxonMobil offer a standard rate of 10 cents off per gallon — higher than that of many competing station cards. But with gas recently running at a national average of $4.60 a gallon, according to AAA, the return with those cards is only 2.2%. That compares with 5% on some other cards.
So, which are the best reward cards at the pump? Here are the top two in the most recent survey by Kiplinger’s Personal Finance magazine.
First place: Abound Credit Union Platinum Visa
Annual fee: None
Typical annual rebate: $406
This card offers 5% cash back on fuel purchases paid at the pump, plus 5% back in quarterly rotating categories. In 2022, the categories are health and fitness (such as fitness clubs and sporting goods stores) in the first quarter; travel in the second quarter; streaming, phone, cable and internet services in the third quarter; and Amazon purchases in the fourth quarter.
Cash back is limited to $100 a month in the rotating categories. After that you earn 1%, and all other spending on the card gets 1% back. Cash back is automatically credited to your monthly statement.
Anyone nationwide can become a member of Abound CU by joining nonprofit organization USA Cares (no fee), paying a one-time, $10 membership fee to the credit union and depositing $5 into a savings account.
Second place: Sam’s Club Mastercard
Annual fee: None, but you must have a
Sam’s Club membership ($45 annually for Club or $100 annually for Plus)
Sign-up bonus: $30 back if you make $30 in Sam’s Club purchases within 30 days of opening your card account
Typical annual rebate: $360 for those with Club memberships; $384 for those with Plus memberships
If you belong to wholesale retailer Sam’s Club, this card is a worthy contender for the 5% back it offers on up to $6,000 spent yearly at gas stations. You also get 3% back at restaurants and, if you have a Plus membership, on Sam’s Club purchases. All other spending — including Sam’s Club purchases, for those who are not Plus members — gets 1% back.
Cash-back earnings are limited to $5,000 per calendar year, and the previous year’s rewards are issued to your membership account each February. You can use cash back to make purchases at Sam’s Club stores and SamsClub.com