There are certainly ways to save money at the pump when you use particular credit cards. In the past year alone, gasoline has gone up by about $1 a gallon, and putting a pinch on many consumers’ budgets. If that’s not enough, the price hikes are predicted to continue, and some experts say prices could jump as high as $6 a gallon.
What are my options to save money?
Your best bet is to check out both credit cards offered by your favorite brand of gasoline, and credit cards offered by providers like Visa and MasterCard, which offer cash back for gasoline and other purchases.
What kind of discounts do oil companies offer?
In the “old days,” many customers carried credit cards from companies like Shell and Mobil in their wallets. Now these cards offer discounts on your gas purchases. One Shell credit card, for example, let’s you save 5 cents per gallon for each month you purchase at least 45 gallons of gas. The discount is good on up to 100 gallons per month, and comes in the form of statement credits. In other cases, customers who have specific branded credit cards, like BP or Citgo, may pay less at the pump than someone using a general American Express card or Visa card. And some oil companies have paired with companies like MasterCard and Visa to offer a gasoline-branded credit card, but with wider usability than a traditional gas credit card.
What about gasoline reward credit cards?
If you’re looking for a general purpose credit card, some offer specific gasoline rewards. One Capital One MasterCard, for example, offers 2 percent cash back on gasoline purchases. Or American Express offers Costco members 3 percent cash back on gasoline, and many other options are available.
What else do I need to know?
Just as you would with any other type of credit card, make sure to read all the terms and fine print, and understand the interest rate that applies if you don’t pay off your balance each month.
About the Writer
Susan Ladika has been a writer and editor for 25 years. Her freelance work has covered everything from business to travel to science to international issues, and have appeared in such publications as Science, Town & Country, HR Magazine, Developer, The Wall Street Journal-Europe, The San Francisco Chronicle, and many others. She has also done extensive editing as a newspaper and wire service editor holding positions such as the Tampa Tribune Bureau Chief.
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