00:00 Speaker A
You can save up to $100 a year at the pump if you choose the right gas rewards credit card.
00:09 Speaker A
There are three basic choices. Cashback credit cards earn a percentage on what you charge. So, on a card that earns 2% cashback, you could earn 2 cents for every dollar spent. And that can apply to gas. Cards that offer bonuses or higher cashback rates towards gas purchases. For example, currently, the Costco credit card offers 5% cashback on gas purchased there. And American Express, Bank of America, Wells Fargo, and others offer cashback rates at gas stations for some of their most popular credit cards. Gas station credit cards. Your gas station offers them. And Shell or Exxon Mobil cards are among those that can give you a discount of up to 10 cents a gallon.
00:57 Speaker A
So, what’s best? If you like a particular gas station because it’s close to your home or work, and it has competitive prices, a gas station credit card may be for you. They’re also a good first card because they’re easier to get, but be aware, they typically have high interest rates on any balance you carry, low credit limits, and inflexible rules. On the other hand, if you have lots of different expenses and spend just an average amount on gas, cashback rewards credit cards or a card with specific gas station perks might be your best choice. Americans spend about $2,400 a year on gasoline, and Yahoo Finance analysis shows a card that earns three times or 3% or more at the pump can save you about $100 each year. Want more details? Scan the QR code for more information on the best gas rewards credit card.