As gas prices continue to rise, finding ways to save on fuel expenses is becoming more and more important. One way to do this is by using a fuel credit card. These cards offer cashback or rewards points for purchases made at gas stations, which can add up to significant savings over time. In this article, we will take a closer look at the best fuel credit cards of 2023.
What are Fuel Credit Cards?
Fuel credit cards are credit cards that offer rewards, discounts, or cashback on gasoline purchases. They are issued by various banks and financial institutions in collaboration with gas station networks like ExxonMobil, Shell, BP, and others. Some fuel credit cards also offer rewards for other types of purchases, but their primary focus is on fuel-related expenses.
Benefits of Fuel Credit Cards
Using a fuel credit card has several benefits:
- Discounts on fuel purchases
- Cashback or rewards points
- No annual fees or foreign transaction fees
- Fraud protection and security features
- Improved credit score through responsible use
If you’re someone who spends a significant amount on fuel every month, a fuel credit card can help you save money on those expenses.
How to Choose the Best Fuel Credit Card?
Choosing the right fuel credit card can be overwhelming due to the numerous options available. Here are some factors to consider when selecting the best fuel credit card:
- Rewards: Look for a card that offers rewards or cashback on fuel purchases.
- APR: Choose a card with a low or 0% introductory APR if you plan to carry a balance.
- Fees: Avoid cards with high annual fees or foreign transaction fees.
- Gas Station Network: Select a card that works with gas stations where you frequently refuel.
- Other Perks: Consider additional benefits such as travel insurance, roadside assistance, or purchase protection.
Best Fuel Credit Cards of 2023
We have researched and reviewed the top fuel credit cards available in 2023. Here are our recommendations:
1. Chase Freedom Flex
The Chase Freedom Flex card offers 5% cashback on up to $1,500 spent in quarterly bonus categories, including gas stations. It also provides 1% cashback on all other purchases. The card has no annual fee and comes with a 0% introductory APR for the first 15 months. Additionally, it offers a $200 sign-up bonus after spending $500 within the first three months.
2. Citi Double Cash Card
The Citi Double Cash Card offers 2% cashback on all purchases, including gas. This card has no annual fee and comes with a 0% introductory APR for the first 18 months. It also provides fraud protection and security features like contactless payment options.
3. Wells Fargo Propel American Express Card
The Wells Fargo Propel American Express Card offers 3x rewards points on gas purchases, along with dining, travel, and streaming services. It also provides 1x point per dollar spent on all other purchases. The card has no annual fee and comes with a 0% introductory APR for the first 12 months. Additionally, it offers a $200 sign-up bonus after spending $1,000 within the first three months.
4. Bank of America Cash Rewards Credit Card
The Bank of America Cash Rewards Credit Card offers 3% cashback on gas purchases, along with 2% cashback on grocery store and wholesale club purchases. It also provides 1% cashback on all other purchases. There is no annual fee for this card, and it comes with a 0% introductory APR for the first 15 billing cycles. Additionally, it offers a $200 sign-up bonus after spending $1,000 within the first 90 days.
5. ExxonMobil™ Smart Card
The ExxonMobil™ Smart Card offers six cents off per gallon of gas purchased at Exxon and Mobil stations. The card has no annual fee, and there are no minimum purchase requirements or transaction fees. Additionally, it provides access to exclusive offers and promotions for cardholders.
Frequently Asked Questions (FAQs)
Q1. Can I use a fuel credit card for non-fuel purchases?
A: Yes, most fuel credit cards can be used for non-fuel purchases as well. However, they may offer lower rewards or cashback rates for non-fuel purchases compared to fuel-related expenses.
Q2. What is the difference between a fuel credit card and a gas station credit card?
A: A fuel credit card is issued by a bank or financial institution that offers rewards or cashback on gasoline purchases made at any gas station network. On the other hand, a gas station credit card is issued by a specific gas station company and only offers discounts or rewards for purchases made at their locations.
Q3. Can I redeem myfuel credit card rewards for cash?
A: It depends on the terms and conditions of your specific fuel credit card. Some cards may offer the option to redeem rewards for cash, while others may only allow them to be used towards future purchases.
Q4. Are there any fees associated with fuel credit cards?
A: Some fuel credit cards may have annual fees or foreign transaction fees. It is crucial to read the terms and conditions before applying for a fuel credit card to ensure that you understand all associated fees.
Q5. Can a fuel credit card improve my credit score?
A: Yes, using a fuel credit card responsibly by making timely payments and keeping low balances can improve your credit score over time.
Fuel credit cards can be an excellent way to save money on gasoline purchases, especially if you’re someone who spends a significant amount on fuel every month. When selecting the best fuel credit card for your needs, consider factors such as rewards, fees, gas station network, and additional perks. Our top five picks for the best fuel credit cards of 2023 are Chase Freedom Flex, Citi Double Cash Card, Wells Fargo Propel American Express Card, Bank of America Cash Rewards Credit Card, and ExxonMobil™ Smart Card. By choosing the right fuel credit card, you can maximize your savings and make your fuel expenses more manageable.