#5- How does 5 percent cash back on all your gas sound like?
Let’s assume you’re a part of the 50 percent of Americans that pays off your credit card every month in full and doesn’t incur any APR charges. Then it would behoove you to take advantage of the cash back rewards these credit cards have. Listed below are a couple of cards out there with some of the best rates.
- Sallie Mae Mastercard- 5 percent cash back on gas and groceries for the first $250. Great if you’re a student
- Back of America- 3 percent on gas and 2 percent on groceries up to $1200 a quarter.
- Amex Blue Cash Preferred- 2 percent on gas up to $6,000 a tear
- Discover IT- 5 percent off a few of their rotating categories (gas is usually included.)
In addition, there are a few gas station credit cards that offer some kind of cash back although their rates aren’t nearly as good as credit cards. Keep in mind that you most likely have to purchase a minimum amount of gas, for example if you use Exxon’s card a minimum of 45 gallons is needed a month. No problem if you drive a Suburban (which has a fuel tank capacity of 31 gallons.)