By Jim Donovan
PHILADELPHIA (CBS) — With gas prices inching closer each week to $4 per gallon, drivers are looking for ways to lessen the pain at the pump.
3 On Your Side Consumer Reporter Jim Donovan finds that some consumers may want to look into getting a gas credit card that pays them back. In fact credit card comparison website, Cardhub.com, has just released a timely list of some of the best gas reward credit cards on the market.
As prices at the pump continue to rise, one thing is for certain according to Odysseas Papadimitriou, CEO of Card Hub, “More and more people are realizing that they need to find ways to save.” Card Hub reports that more and more consumers may be considering getting a gas reward credit card. Papadimitriou says, “We have seen around 30 percent increase on searches for gas related credit cards.”
There are two basic types of gas cards. Gas store cards are tied to a particular gas station, while gas credit cards can be used at any gas station. Papadimitriou says, “Our advice to consumers is if you’re already brand loyal then consider getting the one that is tied to that gas station because most likely you will get a better deal. But if you’re not already brand loyal, then don’t think that you’ll change your habits.”
According to Card Hub, among the best gas rewards cards with no annual fee are:
Blue Cash Everyday from American Express. Card holders will get 2% cash back on gas purchases.
BP Credit Card customers get 10% cash back for BP gas purchases for the first 60 days. After that, they get 5% cash back.
ExxonMobil Mastercard offers a 15-cent rebate for each gallon of ExxonMobil gas.
Don’t forget to look into credit union cards too. For instance the Pentagon Federal Credit Union Platinum Cash Rewards Credit Card offers 5% back on gas purchased at any station. You must have a PenFed membership, which costs $15, to be eligible for this card. But when you factor in what you’re getting back, it may be a good investment.
For more information on the cards mentioned in this report as well as others, click on the links below:
(bp card) http://www.bp.com/
(blue cash) http://www304.americanexpress.com/
(exxonmobil mastercard) http://www.citibank.com/
(costco true earnings) https://www262.americanexpress.com/