We’re all trying to deal with soaring gasoline prices. A rewards credit card is one way to reduce some of that pain at the pump. But which one?
A credit card from one of the big oil companies may seem like the way to go – they typically offer discounts of 3 to 10 cents a gallon. But credit card experts say you’d do better with a general-purpose cash back credit card.
“I like the idea of earning credit card rewards at the gas station, but the cards offered by the gas stations themselves are not the best deals,” said Ted Rossman, senior industry analyst at Bankrate.com. “They usually only offer something like 5 or 10 cents off per gallon. A better choice would be to get a general-purpose credit card – maybe one from Sam’s Club or Costco, or there’s plenty of other examples – that give 4 or 5% cash back, and that percentage is worth a lot more than just a flat 5 or 10 cents.”
Here’s one way to double dip get a discount of 5 or 10 cents a gallon by using the oil company’s mobile app, but pay with a general-purpose rewards card.
More Info: Saving on Gas: Which Rewards Credit Cards Offer the Best Deals at the Pump?
(This story includes links to top-rated gasoline credit cards, and my full interview with Ted Rossman).
