Card Comparison: Gas Rewards Credit Cards - July 2008
Crude oil price dramatically dropped on July 15th, national average gasoline price dropped favorably below $4. Don’t forget the reason for this drop is the perception of sharply decreased demand from developed world, especially US, for gasoline, which means as price goes down, the demand could go up easily, and hence this drop will not last long.
So what are news with gas credit cards? American Express dropped their cash rewards rate for SimplyCash card from 5% to 3%, and therefore the card slipped down from our top pick; as a result, our top two cards are: Discover Open Road for Student Card and TrueEarnings Business Card from American Express, both rewards 5% cash back for gas purchases, there are some limitations to these two cards: Discover has $100 monthly gas purchase limit, so you can’t spend more than $5 on gas rewards per month (Some people might ask what’s the difference between Discover Student Card and Discover Open Road card, this topic will be discussed in future posts.); TrueEarnings card is a business card, but you can apply even if you do not own a business, since you can apply as a “Sole Proprietorship”, what’s more, to apply for the card, you need to have Costco membership. For Costco members, American Express card is a good choice, since it doesn’t have gas purchase limits similar to Discover card does.
In the next tier of 3% cash rewards cards, Chase Freedom stands out with no annual fee, 15 categories of spending that are qualified for 3% rewards including gas purchase.
For Consumers…
| Card Name | Reward on each $1 spent on gas | Regular APR | |
 |
Chase FreedomSM Credit Card |
3% cash back | 14.99% |
 |
TrueEarnings® Card from Costco and American Express |
3% cash back (requires Costco membership) | 15.99% |
 |
Capital One® No Hassle MilesSM Rewards For Travel & Gas |
3 miles | 13.99% |
 |
Capital One® No Hassle PointsSM Rewards |
5 points ($29 annual fee) | 16.99% |
 |
The Chase® PerfectCardTM (Gas Rebate Credit Card) |
3% cash back (6% for first 90 days) | 10.99% |
 |
BP Visa® Rewards Card |
5% cash back on BP purchases (10% for the first 60 days) | 11.99% |
 |
Citi® Dividend Platinum Select® MasterCard |
2% cash back (5% for first 6 months) | 10.99% |
 |
Capital One® No Hassle PointsSM Rewards |
2 points | 16.90% |
 |
Citi® Diamond Preferred® Rewards Card |
1 point (5 points for first 12 months) | 10.49% |
 |
Citi® Professional(SM) Card with ThankYou(SM) Network |
3 ThankYou Points | 10.99% |
 |
Discover® Open Road Card |
5% cash back ($100 gas spending limit per month) | 10.99% |
For Students…
| Card Name | Reward on each $1 spent on gas | Regular APR | |
 |
The Discover® Open RoadSM Card for Students |
5% cash back ($100 gas spending limit per month) | 16.99% |
 |
Citi® Driver’s Edge® Card for College Students |
3% cash back | 14.99% |
 |
Discover® Student Card |
5% cash back | 16.99% |
For Businesses…
| Card Name | Reward on each $1 spent on gas | Regular APR | |
 |
TrueEarnings® Business Card from Costco and American Express |
5% cash back (requires Costco membership) | 15.99% |
 |
Chase Business Rebate Visa® Card |
3% cash back | 10.99% |
 |
American Express SimplyCash® Business Credit Card |
3% cash back | 5.25% |
 |
Discover® Business Card |
2% cash back | 13.99% |
 |
Discover® Business Miles Card |
2 miles | 13.99% |
Important Disclaimer: the credit cards information in this post were accurate as of the date of publishing, some or all of the card programs may be discontinued, their terms may be changed after wards.
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