Gasoline prices hover around $4.00 a gallon for the least expensive grade at several gas stations in the nation’s capital on April 11, 2022 in Washington, DC. The high fuel prices are a combination of the lingering effects of the coronavirus pandemic, supply chain breakdowns, high inflation and the ongoing invasion of Ukraine by Russia. (Photo by Chip Somodevilla/Getty Images)
With gas prices still hovering near record highs — many people are looking for new ways to save such as using a gas credit card or joining a warehouse club. But some options are better than others to get the most mileage for the money.
Depending on where you live, you're likely paying anywhere from about $3 to more than $5 for a gallon of gas.
“I just filled up yesterday and it was $70 and I haven’t ever spent over $55," one woman told News4.
“Definitely some sticker shock when you fill up,” a man said.
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There are, of course, apps like Gasbuddy, AAA and Gas Guru that can help drivers find the lowest prices at the pump.
But what about applying for a credit card issued by a gas station or oil company?
“Many gas cards pay you back a few cents per gallon of gas, like 5 cents or 10 cents, rather than a percentage of your purchase. So, when gas prices are moving up from $3 to $4 or $5, that benefit is worth a lot less,” Consumer Reports Money Editor Penny Wang said.
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Instead, Consumer Reports says to look for a credit card with no annual fee that offers rewards such as 5% cash back on gas purchases.
Although many gas stations offer a lower price if you pay with cash instead of using a card, a cash back reward from a credit card could likely be a better deal.
One example is the Citi Custom Cash Card, which gives 5% cash back on your top spending category each billing cycle for up to $500 in purchases, including gas.
“Warehouse clubs such as Sam’s Club or Costco offer their own credit cards that pay you back a percentage on your gas purchases,” Wang said.
Those who drive a lot and might reach the credit card's cap can also consider using that card only when buying gas.
If you don't belong to a warehouse club, it's a good time to consider it because their gas prices are almost always lower than traditional gas stations.
The gas discounts alone might be worth the membership cost, although individual savings will vary depending on location and mileage.
Consumer Reports says to max out discounts, try to combine them with other rewards programs whenever possible.
Many gas brands have apps that offer a few cents off per gallon and don’t require a gas-branded credit card so you can use your rewards credit card instead.
