First off, you are crazy stupid not to pay for gas without using a card. People like to equate credit cards with debt but when used properly they are the exact opposite.
Right now I use my AMEX Gold Card to buy gas. It gives me 2% back in the form of double points. However, I have noticed that there are much better options out there now and I am curious as to what others are using.
First off, let me explain my situation. I drive about 25,000 miles a year in my Protege5 and get roughly 29mpg. I'll assume for the moment that gas prices are averaging $2.40/ gallon over the course of the year. This summer we were up to $3.00 in my area but they have dropped to $2.00 recently. So my annual gas cost is 25,000mi / 29mpg * $2.40 = $2070.
Right now I get $41/yr from my 2% rewards.
Here are some of the deals I found online.
Discover Gas Card:
The Hype: Claims 5% back on gas and up to 1% back on other purchases. You can also get double rewards by purchasing gift cards for their partners.
The Verdict: You only get 5% back on the first $1200 (equal to $60). The next $300 you get 0.25% (equal to 75 cents) and then you get 0.50% for the next $1500 (still chump change). However, that $60 doubles to $120 when you purchase a gift card so this card could be considered 10% back on your first $1200 in gas. Not bad...but we can do better...
Citi Driver's Edge:
The Hype: 6% rebates on gas and auto maintenence for the first year and 3% after that. Rebates on mileage and othe purchases.
The Verdict: Rebates can only be used towards the purchase of a new or used car or maintenence. Your rebates max out at $1000 per year and expire after 5 years. I would get $124 back the first year on just gas and $62 back after that. I would also get $250 for driving 25K each year which makes this card a great deal as long as I plan to buy a car in the next 5 years or I require expensive maintenence to my existing car. I'm still trying to figure out if there is a catch on this card...but AFAIK it's all good.
So what else is out there?
Right now I use my AMEX Gold Card to buy gas. It gives me 2% back in the form of double points. However, I have noticed that there are much better options out there now and I am curious as to what others are using.
First off, let me explain my situation. I drive about 25,000 miles a year in my Protege5 and get roughly 29mpg. I'll assume for the moment that gas prices are averaging $2.40/ gallon over the course of the year. This summer we were up to $3.00 in my area but they have dropped to $2.00 recently. So my annual gas cost is 25,000mi / 29mpg * $2.40 = $2070.
Right now I get $41/yr from my 2% rewards.
Here are some of the deals I found online.
Discover Gas Card:
The Hype: Claims 5% back on gas and up to 1% back on other purchases. You can also get double rewards by purchasing gift cards for their partners.
The Verdict: You only get 5% back on the first $1200 (equal to $60). The next $300 you get 0.25% (equal to 75 cents) and then you get 0.50% for the next $1500 (still chump change). However, that $60 doubles to $120 when you purchase a gift card so this card could be considered 10% back on your first $1200 in gas. Not bad...but we can do better...
Citi Driver's Edge:
The Hype: 6% rebates on gas and auto maintenence for the first year and 3% after that. Rebates on mileage and othe purchases.
The Verdict: Rebates can only be used towards the purchase of a new or used car or maintenence. Your rebates max out at $1000 per year and expire after 5 years. I would get $124 back the first year on just gas and $62 back after that. I would also get $250 for driving 25K each year which makes this card a great deal as long as I plan to buy a car in the next 5 years or I require expensive maintenence to my existing car. I'm still trying to figure out if there is a catch on this card...but AFAIK it's all good.
So what else is out there?
