Limited oil supplies around the world, as a result of the ongoing war in Iran, are having a major impact on gas prices across the United States.
As of March 30, the national average cost of gasoline had increased 2.4 cents per gallon week over week and 97.9 cents per gallon over the past month, according to data from GasBuddy. Americans now pay $3.95 per gallon for gasoline and $5.369 per gallon for diesel fuel. AAA data tells a similar story. The current national average price for AAA gasoline is approximately $3.98, a total increase of $1.00 from the previous month.
Those rising prices could continue to rise in the coming weeks.
“The situation remains highly volatile and unpredictable, but upward pressure on fuel prices is likely to persist as long as global oil supplies are constrained by the continued disruption in the Strait (of Hormuz),” Patrick De Haan, head of oil analysis at GasBuddy, said in the analysis. “We are likely to see the national average for gasoline surpass the $4 per gallon mark, while diesel could approach $6 per gallon and potentially set new records if conditions do not improve.”
You may not see lower gas prices anytime soon, but you can take steps to lower the price you pay at the pump with a gas rewards credit card.
A gas rewards credit card can help you earn cash back or points for every fill-up. Today’s top gas credit cards offer around 3%-5% (or 3x-5x) returns on your spending at the pump. It may be a small amount with each purchase, but it can add up over time, especially when fuel prices are high.
Be sure to check the details of any rewards card that offers gas station spending as a bonus category. Some cards may limit bonus rewards to a certain maximum amount spent per month or year, while other cards have unlimited rewards. Depending on how much your regular gas bill is, these limits could make a difference in how much you can earn.
Don’t forget the card’s other rewards categories, too. Many gas rewards credit cards are great everyday cards with rewards in common spending categories, like groceries, dining out, streaming services, and more. If you can find a card that helps you save gas along with other items in your regular budget, you’ll be able to save even more over time.
Finally, consider the card’s annual fee. Many gas rewards cards (especially cash back cards) have no annual fee, so every dollar you earn in rewards can help you save on gas station expenses. But if your card has an annual fee, you’ll want to make sure you’re earning enough rewards each year to offset the cost of the fee and more. Otherwise, your rewards card may not be worth paying for.
Read more: Which credit card is best for me? A guide to help you choose
One way to build up your savings at the pump is by joining a gas rewards program from popular gas station chains.
For example, the Shell Fuel Rewards program offers cents off every gallon of gas you buy at a Shell station, depending on your state. As a Silver member, you’ll get 3 cents off per gallon. That increases to 5 cents per gallon when you reach Gold status and 10 cents with Platinum status. Your status increases as you complete refueling at Shell stations; Make at least six fill-ups of at least 10 gallons within three months for Gold status and twelve fill-ups within three months for Platinum status.
Exxon Mobil Rewards+ is similar. You’ll earn rewards for your Exxon Mobil purchases, including 3 points per gallon of fuel you purchase. You can redeem every 100 points you earn for $1 in savings. If you purchase 100 or more gallons of Synergy fuel within a calendar month, you can earn Frequent Fill-up status and earn 1 extra point per gallon of fuel for the rest of the month and the following month (although you can earn this status every month).
Gas stations with rewards programs often have retail credit cards that you can use to increase the rewards you earn at the pump. But you can also maximize your rewards by participating in a rewards program while using your regular gas rewards credit card.
For example, let’s say gas costs $4.00 per gallon and your gas station’s loyalty program offers you a 10-cent discount at the pump. You need 12 gallons of gasoline to fill your car. In total, you’ll pay $46.80 to $3.90 per gallon and save $1.20 in rewards.
On top of that, use your rewards credit card with 3% cash back at gas stations. You’ll get about $1.40 in cash back on your $46.80 purchase. Altogether, that’s a savings of $2.60 on a single trip to the gas station.
With multiple trips per month, that can quickly lead to significant savings, especially as prices increase.
The best gas credit cards offer maximum rewards for spending at the pump. These are some of our favorite options today.
Read more: The best credit cards for gas.
- Annual fee
$0
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welcome offer
Earn up to $200 cash back after spending $2,000 within the first 6 months (welcome offers vary and you may not be eligible for an offer; cash back is received as reward dollars, redeemable for statement credit or at checkout on amazon.com)
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APR for introductory purchases
0% on purchases for 15 months
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APR on current purchases
19.49%-28.49% Variable
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Introductory Balance Transfer APR
0% on balance transfers for 15 months
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Ongoing Balance Transfer APR
19.49%-28.49% Variable
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Reward Rate
- 3% cash back at US supermarkets (up to $6,000 per year on eligible purchases, then 1%)
- 3% cash back on US online retail purchases (up to $6,000 per year on eligible purchases, then 1%)
- 3% cash back at US gas stations (up to $6,000 per year on eligible purchases, then 1%)
- 1% cash back on all other purchases
- Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or on Amazon.com at checkout.
Why we like it: The Blue Cash Everyday Card has no annual fee and earns (among other bonus categories) up to 3% cash back on up to $6,000 in annual gas station spending. If you spend the maximum of $6,000, that’s a total of $180 in cash back at the pump. After that, you will continue to earn 1% at the gas stations.
Read our full review of the Amex Blue Cash Everyday Card
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Annual fee
$0
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welcome offer
Earn 20,000 bonus points after you spend $1,000 in the first 3 months (for a cash redemption value of $200)
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Introductory APR
0% introductory APR on purchases for the first 12 months, 18.49%, 24.49% or 28.49% variable APR thereafter
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Purchase APR
18.49%, 24.49% or 28.49% variable APR
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Reward Rate
- 3x points on restaurants, travel, fuel and electric vehicle charging stations, public transportation, popular streaming services, and phone plans
- 1x points on all other purchases
Why we like it: Instead of cash back, the Wells Fargo Autograph Card earns points that you can redeem for travel, gift cards, account credits, and more. You’ll earn triple points across multiple bonus categories, including gas stations. There is no limit to 3x bonus rewards, so you’ll continue to earn that amount no matter how much you spend on gas during the year.
Read our full review of the Wells Fargo Autograph Card
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Annual fee
$95
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welcome offer
Limited-time offer: Enjoy $250 to use on Capital One Travel in your first year as a cardholder, plus earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months, which is equivalent to $1,000 in travel.
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Purchase APR
19.49% – 28.49% variables
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Reward Rate
- 5x more miles on hotels, vacation rentals, and rental cars booked through Capital One Travel
- 2x miles on all other purchases
Why we like it: Capital One Venture is another travel rewards card. You can use the miles you earn by spending on future travel, transfer them to Capital One travel partners, redeem them for statement credits, and more. This card doesn’t have a specific gas rewards category, but you’ll earn 2x unlimited miles on every purchase you make, including gas. Unlike the others on our list, Capital One Venture has a $95 annual fee. Compare your expenses to make sure you’re earning enough rewards each year to offset the cost and still maximize savings on gas and other purchases.
Read our full review of the Capital One Venture Rewards Credit Card
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Annual fee
$0
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welcome offer
Earn $200 in cash back after you spend $1,500 on purchases in the first 6 months (bonus offer will be fulfilled with 20,000 ThankYou® points, which can be redeemed for $200 in cash back)
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Introductory APR
0% introductory APR on balance transfers for the first 18 months
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Purchase APR
Check the issuer’s site for the current APR
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Reward Rate
- 5% cash back on purchases in your eligible major spending category each billing cycle (up to the first $500 spent, 1% cash back after that)
- 4% cash back on hotels, car rentals and attractions booked at Citi Travel℠
- Unlimited 1% cash back on all other purchases
Why we like it: The Citi Custom Cash Card works a little differently than the other gas rewards cards on our list. With no annual fee, you can earn 5% cash back on your eligible major spending category each billing cycle. 5% applies to the first $500 you spend in a month, then you’ll earn 1% cash back. You don’t need to worry about selecting categories each billing cycle – rewards will automatically adjust based on your spending. If you spend enough on gas each month to make it your regular top category and maximize the $500 bonus spend, you could earn a total of $300 cash back in gas bonus rewards each year.
Read our full Citi Custom Cash Card review
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