Best Gas Rebate Credit Cards - 2010 Edition

If you're like most Americans, you've been thinking a lot about what you spend on gas. This summer, it seems that every gas station has its own credit card or loyalty card promotion, promising you everything from a few cents off per gallon to an occasional free fill-up if you make their pumps part of your weekly routine. However, if you really want to save some money on gas, check out some of these bank-issued gas rebate cards that reward you no matter whose canopy you park under.

Chase Freedom Visa Card

Chase's recent revamp of its reward credit cards has produced some great values, including a Freedom Card that can save you some money if you spend a lot of money at the pump. Unlike the other gas rebate cards reviewed here, you'll only get 5% cash back on your gas purchases during one of Chase's rotating focus periods. Otherwise, you'll get 1% back. However, Chase has partnered with dozens of merchants that offer limited-time reward offers of up to 20% off and is currently offering a $100 sign-up bonus after you make $799 in purchases within the first three months. Your gas rebate might not be as predictable with Chase Freedom as with other credit cards, but your spending and shopping habits could potentially earn you more rewards over time.

PenFed VISA Platinum Gas/Cash Rewards Card

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It's no wonder that bank executives have been complaining to the New York Times and the Wall Street Journal about big credit unions. PenFed's credit cards offer some of the best deals on balance transfers and foreign transaction fees, and this particular Visa rewards card gives you 5% back on gas purchases. There's no annual fee, and you'll pay no interest if you pay your entire balance by each cycle's due date. If you're driving an average vehicle and paying $3 per gallon, that's an extra two dollars in your pocket every time you fill up. If you're not connected to the military, you can still join PenFed by making a membership donation to an affiliated non-profit organization.

True Earnings Card from Costco and American Express

Of our four featured cards, this one most closely resembles a traditional gas rebate credit card. That's because many Costco locations now sell gas, often at a few cents per gallon cheaper than nearby competitors. Whether you buy your gas at Costco or not, you'll earn three percent in cash back rewards on the first $3,000 you spend at the pump. After that, you'll earn just 1%. Max out your gas rebate, and you'll almost earn enough to cover Costco's $100 Executive Membership fee. (Which, coincidentally, unlocks another 2% rebate on anything you buy at their warehouses.) Even though this card has no annual fee, you'll want to avoid carrying a balance to get the most from True Earnings. APRs for most small business owners ride up to 20% or higher, depending on the prime rate.

Capital One No Hassle Cash Rewards

Gas and grocery purchases on this fee-free card earn 2% in cash back rebates. Unlike other cards, you won't get these rebates credited to your statement automatically. They'll sit in a special account that you can access from Capital One's Web site, where you can redeem them or exchange them for value-added promotions. The rebates don't expire, but you'll lose them if you miss a minimum payment or go over your credit limit. Really, the only hassle about the gas rebate version of Capital One's popular reward card is that you'll need a nearly-spotless credit report to get one.

Credit card issuers design gas rebate cards like these to lure attractive accounts away from their competitors. They're hoping you'll justify the costs of a balance transfer, sometimes as high as five percent, by reminding yourself that you're getting up to five percent off your new purchases. If you've got a few blemishes on your credit report, you may still find some great deals on gas rebate cards. Just prepare to pay higher annual fees while locking yourself in to an affinity partner's pumps.

Important Note! The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we can not guarantee the accuracy of the information in this article. Please verify all terms and conditions of any credit card prior to applying.